FNDF vs. SCMB

Last updated Jun 9, 2026

FNDF (Schwab Fundamental International Equity ETF) and SCMB (Schwab Municipal Bond ETF) are both exchange-traded funds - FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FNDF returned 22.42%/yr vs 3.23%/yr for SCMB. At a 0.22 correlation, their price movements are largely independent. FNDF charges 0.25%/yr vs 0.03%/yr for SCMB.

Performance

FNDF vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Equity ETF (FNDF) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDF achieves a 17.34% return, which is significantly higher than SCMB's 1.03% return.

FNDF

• 1D: 0.86%
• 1M: -0.45%
• YTD: 17.34%
• 6M: 20.48%
• 1Y: 39.17%
• 3Y*: 22.42%
• 5Y*: 12.75%
• 10Y*: 11.78%

SCMB

• 1D: -0.04%
• 1M: 0.25%
• YTD: 1.03%
• 6M: 1.39%
• 1Y: 6.78%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

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

FNDF vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNDF Schwab Fundamental International Equity ETF	17.34%	40.99%	2.29%	20.22%	17.81%
SCMB Schwab Municipal Bond ETF	1.03%	3.78%	0.91%	5.86%	3.05%

Correlation

The correlation between FNDF and SCMB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.22

FNDF vs. SCMB - Sectors Allocation Comparison

Sectors	FNDF	SCMB
Financial Services	16.7%	8.8%
Industrials	15.9%	0.2%
Energy	12.3%	0.0%
Basic Materials	11.3%	0.0%
Technology	11.1%	0.9%
Consumer Cyclical	10.7%	2.6%
Consumer Defensive	6.9%	0.1%
Healthcare	5.5%	0.1%
Communication Services	4.9%	0.5%
Utilities	3.8%	0.2%
Real Estate	0.9%	3.4%

Return for Risk

FNDF vs. SCMB — Risk / Return Rank

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

FNDF

FNDF Risk / Return Rank: 82
FNDF Sharpe Ratio Rank: 86
FNDF Sortino Ratio Rank: 81
FNDF Omega Ratio Rank: 83
FNDF Calmar Ratio Rank: 79
FNDF Martin Ratio Rank: 80

SCMB

SCMB Risk / Return Rank: 71
SCMB Sharpe Ratio Rank: 81
SCMB Sortino Ratio Rank: 85
SCMB Omega Ratio Rank: 88
SCMB Calmar Ratio Rank: 52
SCMB Martin Ratio Rank: 50

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. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) and Schwab Municipal Bond ETF (SCMB). 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.

	FNDF	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.34	+0.19
Sortino ratio: Return per unit of downside risk	3.26	3.44	-0.18
Omega ratio: Gain probability vs. loss probability	1.45	1.50	-0.04
Calmar ratio: Return relative to maximum drawdown	3.71	2.33	+1.38
Martin ratio: Return relative to average drawdown	14.05	7.75	+6.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNDF vs. SCMB - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.53, which is comparable to the SCMB Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FNDF and SCMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNDF	SCMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.34	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.97	-0.45

Drawdowns

FNDF vs. SCMB - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for FNDF and SCMB.

Drawdown Indicators

	FNDF	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-6.13%	-34.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-2.92%	-7.68%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-5.57%	-8.32%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	—	—
Current Drawdown Current decline from peak	-3.84%	-0.90%	-2.94%
Average Drawdown Average peak-to-trough decline	-7.64%	-1.32%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.88%	+1.92%

Volatility

FNDF vs. SCMB - Volatility Comparison

Schwab Fundamental International Equity ETF (FNDF) has a higher volatility of 5.97% compared to Schwab Municipal Bond ETF (SCMB) at 1.00%. This indicates that FNDF's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	1.00%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	13.19%	2.17%	+11.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	2.91%	+12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	4.16%	+12.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.71%	4.16%	+13.55%

FNDF vs. SCMB - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is higher than SCMB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNDF vs. SCMB - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 2.93%, less than SCMB's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	2.93%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
SCMB Schwab Municipal Bond ETF	3.54%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNDF and SCMB in my portfolio?

FNDF and SCMB have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDF or SCMB?

FNDF has higher volatility (5.97%) compared to SCMB (1.00%). In terms of maximum drawdown, FNDF dropped -40.14% vs SCMB's -6.13%.

Which ETF is better, FNDF or SCMB?

On 3-year performance, FNDF leads with 22.42% vs 3.23% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, SCMB has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or SCMB?

Over the 3-year period, FNDF has performed better with a 22.42% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or SCMB?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.25% for FNDF.

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

SCMB has the higher dividend yield at 3.54%, compared with 2.93% for FNDF.

What is the main difference between FNDF and SCMB?

FNDF is categorized as Foreign Large Cap Equities, while SCMB is Municipal Bonds. FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Their fees differ too: 0.25% for FNDF and 0.03% for SCMB.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.53 vs 2.34), 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.