FNDF vs. VEA

Last updated Aug 2, 2026

FNDF (Schwab Fundamental International Equity ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both Foreign Large Cap Equities funds - FNDF tracks the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) while VEA tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, FNDF returned 11.86%/yr vs 10.05%/yr for VEA. Their 0.97 correlation means they have historically moved very closely together. FNDF charges 0.25%/yr vs 0.03%/yr for VEA.

Performance

FNDF vs. VEA - Performance Comparison

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

Returns By Period

In the year-to-date period, FNDF achieves a 20.14% return, which is significantly higher than VEA's 13.84% return. Over the past 10 years, FNDF has outperformed VEA with an annualized return of 11.86%, while VEA has yielded a comparatively lower 10.05% annualized return.

FNDF

• 1D: -0.59%
• 1M: 2.41%
• 6M: 11.85%
• YTD: 20.14%
• 1Y: 40.23%
• 3Y*: 21.76%
• 5Y*: 14.24%
• 10Y*: 11.86%
• ALL TIME*: 9.07%

VEA

• 1D: -0.66%
• 1M: -0.27%
• 6M: 7.42%
• YTD: 13.84%
• 1Y: 29.71%
• 3Y*: 18.08%
• 5Y*: 9.76%
• 10Y*: 10.05%
• ALL TIME*: 5.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNDF Schwab Fundamental International Equity ETF	$75.61M	$73.89M	$78.20M
VEA Vanguard FTSE Developed Markets ETF	$674.44M	$796.70M	$806.62M

FNDF vs. VEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Equity ETF	20.14%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
VEA Vanguard FTSE Developed Markets ETF	13.84%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between FNDF and VEA is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.97

The correlation between FNDF and VEA has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

FNDF vs. VEA - Sectors Allocation Comparison

Sectors	FNDF	VEA
Financial Services	20.2%	23.1%
Industrials	12.8%	17.9%
Technology	11.5%	18.4%
Energy	10.6%	4.5%
Basic Materials	10.0%	6.9%
Consumer Cyclical	8.2%	7.3%
Consumer Defensive	6.2%	5.3%
Healthcare	6.0%	7.9%
Utilities	4.3%	3.1%
Communication Services	3.4%	3.2%
Real Estate	0.9%	2.5%

Return for Risk

FNDF vs. VEA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNDF

FNDF Risk / Return Rank: 91
FNDF Sharpe Ratio Rank: 93
FNDF Sortino Ratio Rank: 91
FNDF Omega Ratio Rank: 92
FNDF Calmar Ratio Rank: 90
FNDF Martin Ratio Rank: 88

VEA

VEA Risk / Return Rank: 75
VEA Sharpe Ratio Rank: 76
VEA Sortino Ratio Rank: 74
VEA Omega Ratio Rank: 75
VEA Calmar Ratio Rank: 73
VEA Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNDF vs. VEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) and Vanguard FTSE Developed Markets ETF (VEA). 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	VEA	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.71	+0.77
Sortino ratio: Return per unit of downside risk	3.25	2.37	+0.88
Omega ratio: Gain probability vs. loss probability	1.45	1.31	+0.14
Calmar ratio: Return relative to maximum drawdown	3.78	2.53	+1.25
Martin ratio: Return relative to average drawdown	13.23	9.44	+3.79

FNDF vs. VEA - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.47, which is higher than the VEA Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FNDF and VEA, 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. VEA - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for FNDF and VEA.

Drawdown Indicators

	FNDF	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-60.68%	+20.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-11.63%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-13.45%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-29.71%	+4.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-35.73%	-4.41%
Current Drawdown Current decline from peak	-1.55%	-2.45%	+0.90%
Average Drawdown Average peak-to-trough decline	-7.59%	-13.20%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.10%	-0.08%

Volatility

FNDF vs. VEA - Volatility Comparison

The current volatility for Schwab Fundamental International Equity ETF (FNDF) is 4.54%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 5.40%. This indicates that FNDF experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	5.40%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	14.24%	15.40%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	17.25%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.34%	16.84%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	17.21%	+0.22%

FNDF vs. VEA - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is higher than VEA'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. VEA - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 3.03%, more than VEA's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	3.03%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
VEA Vanguard FTSE Developed Markets ETF	2.57%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both FNDF and VEA in my portfolio?

With a correlation of 0.96, FNDF and VEA 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 VEA?

VEA has higher volatility (5.40%) compared to FNDF (4.54%). In terms of maximum drawdown, FNDF dropped -40.14% vs VEA's -60.68%.

Which ETF is better, FNDF or VEA?

On 10-year performance, FNDF leads with 11.86% vs 10.05% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, FNDF has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or VEA?

Over the 10-year period, FNDF has performed better with a 11.86% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or VEA?

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

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

FNDF has the higher dividend yield at 3.03%, compared with 2.57% for VEA.

What is the main difference between FNDF and VEA?

FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: Charles Schwab and Vanguard. Their fees differ too: 0.25% for FNDF and 0.03% for VEA.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.47 vs 1.71), 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.