FNDX vs. EMXC

Last updated Jun 14, 2026

FNDX (Schwab Fundamental U.S. Large Company Index ETF) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both exchange-traded funds - FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index, while EMXC is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index. Both are passively managed. Over the past 5 years, FNDX returned 13.11%/yr vs 12.14%/yr for EMXC. A 0.64 correlation means they provide meaningful diversification when combined. FNDX charges 0.25%/yr vs 0.49%/yr for EMXC.

Performance

FNDX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Large Company Index ETF (FNDX) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDX achieves a 15.49% return, which is significantly lower than EMXC's 37.25% return.

FNDX

• 1D: 0.90%
• 1M: 3.30%
• YTD: 15.49%
• 6M: 14.86%
• 1Y: 32.83%
• 3Y*: 20.28%
• 5Y*: 13.11%
• 10Y*: 14.45%

EMXC

• 1D: 0.55%
• 1M: 6.57%
• YTD: 37.25%
• 6M: 42.23%
• 1Y: 67.80%
• 3Y*: 26.47%
• 5Y*: 12.14%
• 10Y*: —

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

FNDX vs. EMXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDX Schwab Fundamental U.S. Large Company Index ETF	15.49%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	9.95%
EMXC iShares MSCI Emerging Markets ex China ETF	37.25%	35.14%	2.68%	18.96%	-19.56%	8.54%	12.76%	15.80%	-12.96%	7.16%

Correlation

The correlation between FNDX and EMXC is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.64

The correlation between FNDX and EMXC has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

FNDX vs. EMXC - Sectors Allocation Comparison

Sectors	FNDX	EMXC
Technology	22.1%	52.4%
Financial Services	13.3%	17.4%
Healthcare	11.9%	1.8%
Communication Services	9.9%	3.0%
Energy	9.3%	3.4%
Consumer Cyclical	9.1%	4.1%
Industrials	9.1%	6.9%
Consumer Defensive	7.0%	2.4%
Basic Materials	3.6%	6.0%
Utilities	3.0%	1.9%
Real Estate	1.7%	0.8%

Return for Risk

FNDX vs. EMXC — Risk / Return Rank

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

FNDX

FNDX Risk / Return Rank: 93
FNDX Sharpe Ratio Rank: 94
FNDX Sortino Ratio Rank: 93
FNDX Omega Ratio Rank: 92
FNDX Calmar Ratio Rank: 91
FNDX Martin Ratio Rank: 92

EMXC

EMXC Risk / Return Rank: 89
EMXC Sharpe Ratio Rank: 91
EMXC Sortino Ratio Rank: 86
EMXC Omega Ratio Rank: 90
EMXC Calmar Ratio Rank: 88
EMXC Martin Ratio Rank: 89

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.

FNDX vs. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Large Company Index ETF (FNDX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

	FNDX	EMXC	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.74	+0.29
Sortino ratio: Return per unit of downside risk	4.21	3.35	+0.87
Omega ratio: Gain probability vs. loss probability	1.56	1.50	+0.05
Calmar ratio: Return relative to maximum drawdown	5.23	4.55	+0.68
Martin ratio: Return relative to average drawdown	20.31	17.51	+2.79

FNDX vs. EMXC - Sharpe Ratio Comparison

The current FNDX Sharpe Ratio is 3.03, which is comparable to the EMXC Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of FNDX and EMXC, 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

FNDX vs. EMXC - Drawdown Comparison

The maximum FNDX drawdown since its inception was -37.72%, smaller than the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for FNDX and EMXC.

Drawdown Indicators

	FNDX	EMXC	Difference
Max Drawdown Largest peak-to-trough decline	-37.72%	-42.81%	+5.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-14.41%	+8.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-19.12%	+2.82%
Max Drawdown (5Y) Largest decline over 5 years	-19.06%	-28.91%	+9.85%
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	—	—
Current Drawdown Current decline from peak	0.00%	-4.12%	+4.12%
Average Drawdown Average peak-to-trough decline	-3.55%	-10.17%	+6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	3.74%	-2.18%

Volatility

FNDX vs. EMXC - Volatility Comparison

The current volatility for Schwab Fundamental U.S. Large Company Index ETF (FNDX) is 3.18%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 12.83%. This indicates that FNDX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNDX	EMXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	12.83%	-9.65%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	21.90%	-14.32%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	23.90%	-13.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	18.00%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	20.07%	-2.56%

FNDX vs. EMXC - Expense Ratio Comparison

FNDX has a 0.25% expense ratio, which is lower than EMXC's 0.49% expense ratio.

Dividends

FNDX vs. EMXC - Dividend Comparison

FNDX's dividend yield for the trailing twelve months is around 1.44%, less than EMXC's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMXC iShares MSCI Emerging Markets ex China ETF	2.05%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.44%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FNDX and EMXC in my portfolio?

FNDX and EMXC have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNDX or EMXC?

EMXC has higher volatility (12.83%) compared to FNDX (3.18%). In terms of maximum drawdown, FNDX dropped -37.72% vs EMXC's -42.81%.

Which ETF is better, FNDX or EMXC?

On 5-year performance, FNDX leads with 13.11% vs 12.14% for EMXC. On fees, FNDX is cheaper at 0.25% per year. On volatility, FNDX has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDX or EMXC?

Over the 5-year period, FNDX has performed better with a 13.11% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDX or EMXC?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.49% for EMXC.

Which ETF pays a higher dividend yield, FNDX or EMXC?

EMXC has the higher dividend yield at 2.05%, compared with 1.44% for FNDX.

What is the main difference between FNDX and EMXC?

FNDX is categorized as Large Cap Value Equities, while EMXC is Emerging Markets Equities. FNDX tracks RAFI Fundamental High Liquidity US Large Index, while EMXC tracks MSCI Emerging Markets ex China Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.25% for FNDX and 0.49% for EMXC.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.03 vs 2.74), 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.