FNDF vs. VEU

Last updated Jun 4, 2026

FNDF (Schwab Fundamental International Large Company Index ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - FNDF tracks the Russell Fundamental Developed ex-U.S. Large Company Index while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, FNDF returned 11.93%/yr vs 9.94%/yr for VEU. With a 0.95 correlation, they move nearly in lockstep. FNDF charges 0.25%/yr vs 0.04%/yr for VEU.

Performance

FNDF vs. VEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Large Company Index ETF (FNDF) and Vanguard FTSE All-World ex-US ETF (VEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDF achieves a 21.21% return, which is significantly higher than VEU's 14.60% return. Over the past 10 years, FNDF has outperformed VEU with an annualized return of 11.93%, while VEU has yielded a comparatively lower 9.94% annualized return.

FNDF

• 1D: -0.67%
• 1M: 6.97%
• YTD: 21.21%
• 6M: 24.72%
• 1Y: 44.71%
• 3Y*: 24.10%
• 5Y*: 13.35%
• 10Y*: 11.93%

VEU

• 1D: -0.98%
• 1M: 5.07%
• YTD: 14.60%
• 6M: 17.34%
• 1Y: 32.37%
• 3Y*: 19.62%
• 5Y*: 8.67%
• 10Y*: 9.94%

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

FNDF vs. VEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDF Schwab Fundamental International Large Company Index ETF	21.21%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%
VEU Vanguard FTSE All-World ex-US ETF	14.60%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%

Correlation

The correlation between FNDF and VEU is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.95

The correlation between FNDF and VEU has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FNDF vs. VEU - Sectors Allocation Comparison

Sectors	FNDF	VEU
Financial Services	16.7%	23.3%
Industrials	15.9%	15.7%
Energy	12.3%	5.2%
Basic Materials	11.3%	7.1%
Technology	11.1%	18.5%
Consumer Cyclical	10.7%	8.2%
Consumer Defensive	6.9%	5.1%
Healthcare	5.5%	7.1%
Communication Services	4.9%	4.6%
Utilities	3.8%	3.2%
Real Estate	0.9%	2.0%

Return for Risk

FNDF vs. VEU — 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: 88
FNDF Sortino Ratio Rank: 85
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 80
FNDF Martin Ratio Rank: 80

VEU

VEU Risk / Return Rank: 60
VEU Sharpe Ratio Rank: 62
VEU Sortino Ratio Rank: 61
VEU Omega Ratio Rank: 62
VEU Calmar Ratio Rank: 56
VEU Martin Ratio Rank: 61

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. VEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Large Company Index ETF (FNDF) and Vanguard FTSE All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.13	+0.86
Sortino ratio: Return per unit of downside risk	3.89	2.94	+0.95
Omega ratio: Gain probability vs. loss probability	1.53	1.39	+0.14
Calmar ratio: Return relative to maximum drawdown	4.24	2.85	+1.39
Martin ratio: Return relative to average drawdown	16.19	11.06	+5.13
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. VEU - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.99, which is higher than the VEU Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FNDF and VEU, 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	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.13	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.54	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.58	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.25	+0.28

Drawdowns

FNDF vs. VEU - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for FNDF and VEU.

Drawdown Indicators

	FNDF	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-61.52%	+21.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-11.43%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-13.89%	-13.69%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	-29.31%	+3.75%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-34.98%	-5.16%
Current Drawdown Current decline from peak	-0.67%	-0.98%	+0.31%
Average Drawdown Average peak-to-trough decline	-7.64%	-13.13%	+5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.93%	-0.16%

Volatility

FNDF vs. VEU - Volatility Comparison

The current volatility for Schwab Fundamental International Large Company Index ETF (FNDF) is 5.26%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.59%. This indicates that FNDF experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDF	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	5.59%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	13.04%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	15.29%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	16.07%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	17.21%	+0.46%

FNDF vs. VEU - Expense Ratio Comparison

FNDF has a 0.25% expense ratio, which is higher than VEU's 0.04% 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. VEU - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 2.84%, more than VEU's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Large Company Index ETF	2.84%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
VEU Vanguard FTSE All-World ex-US ETF	2.61%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both FNDF and VEU in my portfolio?

With a correlation of 0.94, FNDF and VEU 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 VEU?

VEU has higher volatility (5.59%) compared to FNDF (5.26%). In terms of maximum drawdown, FNDF dropped -40.14% vs VEU's -61.52%.

Which ETF is better, FNDF or VEU?

On 10-year performance, FNDF leads with 11.93% vs 9.94% for VEU. On fees, VEU is cheaper at 0.04% per year. On volatility, FNDF has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDF or VEU?

Over the 10-year period, FNDF has performed better with a 11.93% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDF or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.25% for FNDF.

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

FNDF has the higher dividend yield at 2.84%, compared with 2.61% for VEU.

What is the main difference between FNDF and VEU?

FNDF tracks Russell Fundamental Developed ex-U.S. Large Company Index, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: Charles Schwab and Vanguard. Their fees differ too: 0.25% for FNDF and 0.04% for VEU.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.99 vs 2.13), 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.