FNDX vs. FNDB

Last updated Jun 23, 2026

FNDX (Schwab Fundamental U.S. Large Company Index ETF) and FNDB (Schwab Fundamental U.S. Broad Market Index ETF) are both Large Cap Value Equities funds from Charles Schwab - FNDX tracks the RAFI Fundamental High Liquidity US Large Index while FNDB tracks the RAFI Fundamental High Liquidity US All Index. Both are passively managed. Over the past 10 years, FNDX returned 14.53%/yr vs 14.31%/yr for FNDB. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

FNDX vs. FNDB - 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 Schwab Fundamental U.S. Broad Market Index ETF (FNDB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FNDX having a 14.79% return and FNDB slightly higher at 14.93%. Both investments have delivered pretty close results over the past 10 years, with FNDX having a 14.53% annualized return and FNDB not far behind at 14.31%.

FNDX

• 1D: 0.19%
• 1M: 0.94%
• YTD: 14.79%
• 6M: 14.33%
• 1Y: 31.80%
• 3Y*: 20.50%
• 5Y*: 13.48%
• 10Y*: 14.53%

FNDB

• 1D: 0.16%
• 1M: 1.20%
• YTD: 14.93%
• 6M: 14.34%
• 1Y: 32.00%
• 3Y*: 20.27%
• 5Y*: 13.07%
• 10Y*: 14.31%

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

FNDX vs. FNDB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.79%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%
FNDB Schwab Fundamental U.S. Broad Market Index ETF	14.93%	16.23%	16.25%	18.42%	-7.53%	31.55%	9.40%	28.88%	-8.20%	16.94%

Correlation

The correlation between FNDX and FNDB 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.98

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

FNDX vs. FNDB - Sectors Allocation Comparison

Sectors	FNDX	FNDB
Technology	22.1%	20.8%
Financial Services	13.3%	12.7%
Healthcare	11.9%	11.9%
Communication Services	9.9%	8.9%
Energy	9.3%	9.3%
Consumer Cyclical	9.1%	9.2%
Industrials	9.1%	10.0%
Consumer Defensive	7.0%	6.9%
Basic Materials	3.6%	3.7%
Utilities	3.0%	3.0%
Real Estate	1.7%	2.2%

Return for Risk

FNDX vs. FNDB — Risk / Return Rank

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

FNDX

FNDX Risk / Return Rank: 91
FNDX Sharpe Ratio Rank: 92
FNDX Sortino Ratio Rank: 92
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 90
FNDX Martin Ratio Rank: 91

FNDB

FNDB Risk / Return Rank: 90
FNDB Sharpe Ratio Rank: 91
FNDB Sortino Ratio Rank: 91
FNDB Omega Ratio Rank: 89
FNDB Calmar Ratio Rank: 89
FNDB Martin Ratio Rank: 90

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. FNDB - 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 Schwab Fundamental U.S. Broad Market Index ETF (FNDB). 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	FNDB	Difference
Sharpe ratio: Return per unit of total volatility	3.06	2.94	+0.12
Sortino ratio: Return per unit of downside risk	4.22	4.06	+0.16
Omega ratio: Gain probability vs. loss probability	1.56	1.53	+0.03
Calmar ratio: Return relative to maximum drawdown	5.27	5.11	+0.16
Martin ratio: Return relative to average drawdown	20.40	19.46	+0.94

FNDX vs. FNDB - Sharpe Ratio Comparison

The current FNDX Sharpe Ratio is 3.06, which is comparable to the FNDB Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of FNDX and FNDB, 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. FNDB - Drawdown Comparison

The maximum FNDX drawdown since its inception was -37.72%, roughly equal to the maximum FNDB drawdown of -38.17%. Use the drawdown chart below to compare losses from any high point for FNDX and FNDB.

Drawdown Indicators

	FNDX	FNDB	Difference
Max Drawdown Largest peak-to-trough decline	-37.72%	-38.17%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-6.29%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-16.83%	+0.53%
Max Drawdown (5Y) Largest decline over 5 years	-19.06%	-19.29%	+0.23%
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	-38.17%	+0.45%
Current Drawdown Current decline from peak	-1.02%	-1.01%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.55%	-3.65%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.65%	-0.09%

Volatility

FNDX vs. FNDB - Volatility Comparison

Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Schwab Fundamental U.S. Broad Market Index ETF (FNDB) have volatilities of 3.29% and 3.33%, 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

	FNDX	FNDB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.33%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	7.96%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.47%	10.97%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	15.35%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	17.50%	+0.02%

FNDX vs. FNDB - Expense Ratio Comparison

Both FNDX and FNDB have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FNDX vs. FNDB - Dividend Comparison

FNDX's dividend yield for the trailing twelve months is around 1.45%, which matches FNDB's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDB Schwab Fundamental U.S. Broad Market Index ETF	1.44%	1.62%	1.74%	1.80%	1.98%	1.63%	2.15%	2.23%	2.41%	1.91%	2.06%	2.26%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	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 FNDB in my portfolio?

With a correlation of 0.99, FNDX and FNDB 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, FNDX or FNDB?

FNDB has higher volatility (3.33%) compared to FNDX (3.29%). In terms of maximum drawdown, FNDX dropped -37.72% vs FNDB's -38.17%.

Which ETF is better, FNDX or FNDB?

On 10-year performance, FNDX leads with 14.53% vs 14.31% for FNDB. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDX or FNDB?

Over the 10-year period, FNDX has performed better with a 14.53% return vs 14.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDX or FNDB?

FNDX and FNDB have the same expense ratio: 0.25% per year.

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

FNDX has the higher dividend yield at 1.45%, compared with 1.44% for FNDB.

What is the main difference between FNDX and FNDB?

FNDX tracks RAFI Fundamental High Liquidity US Large Index, while FNDB tracks RAFI Fundamental High Liquidity US All Index.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.06 vs 2.94), 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.