FNDF vs. PXF

Last updated Jul 17, 2026

FNDF (Schwab Fundamental International Equity ETF) and PXF (Invesco RAFI Developed Markets ex-U.S. ETF) are both Foreign Large Cap Equities funds - FNDF tracks the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) while PXF tracks the RAFI Fundamental Select Developed ex-US 1000 Index. Both are passively managed. Over the past 10 years, FNDF returned 11.53%/yr vs 11.58%/yr for PXF. With a 0.98 correlation, they move nearly in lockstep. FNDF charges 0.25%/yr vs 0.43%/yr for PXF.

Performance

FNDF vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Equity ETF (FNDF) and Invesco RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FNDF having a 17.52% return and PXF slightly lower at 17.08%. Both investments have delivered pretty close results over the past 10 years, with FNDF having a 11.53% annualized return and PXF not far ahead at 11.58%.

FNDF

• 1D: -0.83%
• 1M: -2.35%
• 6M: 12.68%
• YTD: 17.52%
• 1Y: 36.69%
• 3Y*: 21.08%
• 5Y*: 14.05%
• 10Y*: 11.53%

PXF

• 1D: -0.84%
• 1M: -2.09%
• 6M: 12.62%
• YTD: 17.08%
• 1Y: 36.62%
• 3Y*: 22.24%
• 5Y*: 14.10%
• 10Y*: 11.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FNDF vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Equity ETF	17.52%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
PXF Invesco RAFI Developed Markets ex-U.S. ETF	17.08%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between FNDF and PXF is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.98

The correlation between FNDF and PXF has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

FNDF vs. PXF - Sectors Allocation Comparison

Sectors	FNDF	PXF
Financial Services	16.2%	19.1%
Industrials	15.5%	14.6%
Technology	14.4%	14.7%
Basic Materials	11.3%	10.1%
Energy	10.9%	9.5%
Consumer Cyclical	10.8%	10.4%
Consumer Defensive	6.5%	5.7%
Healthcare	5.2%	6.8%
Communication Services	4.9%	4.3%
Utilities	3.5%	3.2%
Real Estate	0.8%	1.6%

Return for Risk

FNDF vs. PXF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNDF

FNDF Risk / Return Rank: 84
FNDF Sharpe Ratio Rank: 87
FNDF Sortino Ratio Rank: 83
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 82
FNDF Martin Ratio Rank: 81

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 86
PXF Sortino Ratio Rank: 82
PXF Omega Ratio Rank: 84
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FNDF vs. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) and Invesco RAFI Developed Markets ex-U.S. ETF (PXF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FNDF	PXF	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.23	+0.04
Sortino ratio: Return per unit of downside risk	3.00	2.95	+0.05
Omega ratio: Gain probability vs. loss probability	1.41	1.40	+0.01
Calmar ratio: Return relative to maximum drawdown	3.48	3.37	+0.11
Martin ratio: Return relative to average drawdown	12.27	12.11	+0.17

FNDF vs. PXF - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.27, which is comparable to the PXF Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FNDF and PXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNDF vs. PXF - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for FNDF and PXF.

Drawdown Indicators

	FNDF	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-64.74%	+24.60%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-10.91%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-14.06%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-26.82%	+1.26%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-41.59%	+1.45%
Current Drawdown Current decline from peak	-3.70%	-3.45%	-0.25%
Average Drawdown Average peak-to-trough decline	-7.60%	-15.20%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.03%	-0.03%

Volatility

FNDF vs. PXF - Volatility Comparison

Schwab Fundamental International Equity ETF (FNDF) and Invesco RAFI Developed Markets ex-U.S. ETF (PXF) have volatilities of 4.49% and 4.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.70%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	14.53%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	16.49%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.35%	16.63%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.41%	17.75%	-0.34%

FNDF vs. PXF - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is lower than PXF's 0.43% expense ratio.

Dividends

FNDF vs. PXF - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 3.10%, less than PXF's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	3.10%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
PXF Invesco RAFI Developed Markets ex-U.S. ETF	3.14%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%

Frequently Asked Questions

Can I hold both FNDF and PXF in my portfolio?

With a correlation of 0.99, FNDF and PXF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNDF or PXF?

PXF has higher volatility (4.70%) compared to FNDF (4.49%). In terms of maximum drawdown, FNDF dropped -40.14% vs PXF's -64.74%.

Which ETF is better, FNDF or PXF?

On 10-year performance, PXF leads with 11.58% vs 11.53% for FNDF. On fees, FNDF is cheaper at 0.25% per year. On volatility, FNDF has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or PXF?

Over the 10-year period, PXF has performed better with a 11.58% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or PXF?

FNDF is cheaper with a 0.25% expense ratio, compared with 0.43% for PXF.

Which ETF pays a higher dividend yield, FNDF or PXF?

PXF has the higher dividend yield at 3.14%, compared with 3.10% for FNDF.

What is the main difference between FNDF and PXF?

FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while PXF tracks RAFI Fundamental Select Developed ex-US 1000 Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.25% for FNDF and 0.43% for PXF.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.27 vs 2.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.