FNDX vs. PWV
FNDX (Schwab Fundamental U.S. Large Company Index ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both Large Cap Value Equities funds - FNDX tracks the RAFI Fundamental High Liquidity US Large Index while PWV tracks the Dynamic Large Cap Value Intellidex Index (AMEX). Both are passively managed. Over the past 10 years, FNDX returned 14.48%/yr vs 12.39%/yr for PWV. Their correlation of 0.92 suggests significant overlap in exposure. FNDX charges 0.25%/yr vs 0.58%/yr for PWV.
Performance
FNDX vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, FNDX achieves a 14.31% return, which is significantly lower than PWV's 15.98% return. Over the past 10 years, FNDX has outperformed PWV with an annualized return of 14.48%, while PWV has yielded a comparatively lower 12.39% annualized return.
FNDX
- 1D
- -0.42%
- 1M
- 0.52%
- YTD
- 14.31%
- 6M
- 13.73%
- 1Y
- 30.33%
- 3Y*
- 20.33%
- 5Y*
- 13.24%
- 10Y*
- 14.48%
PWV
- 1D
- 1.05%
- 1M
- 2.93%
- YTD
- 15.98%
- 6M
- 15.58%
- 1Y
- 27.69%
- 3Y*
- 21.59%
- 5Y*
- 14.11%
- 10Y*
- 12.39%
FNDX vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNDX Schwab Fundamental U.S. Large Company Index ETF | 14.31% | 16.94% | 16.77% | 18.23% | -6.92% | 31.73% | 9.12% | 28.65% | -7.30% | 17.12% |
PWV Invesco Dynamic Large Cap Value ETF | 15.98% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | -3.77% | 29.84% | -14.12% | 16.98% |
Correlation
The correlation between FNDX and PWV is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013 | 0.92 |
The correlation between FNDX and PWV shifts across timeframes, from 0.77 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FNDX vs. PWV — Risk / Return Rank
FNDX
PWV
FNDX vs. PWV - 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 Invesco Dynamic Large Cap Value ETF (PWV). 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 | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.52 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.02 | 6.86 | -1.84 |
| Martin ratioReturn relative to average drawdown | 19.42 | 22.94 | -3.52 |
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Drawdowns
FNDX vs. PWV - Drawdown Comparison
The maximum FNDX drawdown since its inception was -37.72%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for FNDX and PWV.
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Drawdown Indicators
| FNDX | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.72% | -49.04% | +11.32% |
Max Drawdown (1Y)Largest decline over 1 year | -6.06% | -4.05% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -16.30% | -14.31% | -1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -19.06% | -16.36% | -2.70% |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | -37.67% | -0.05% |
Current DrawdownCurrent decline from peak | -1.43% | -0.05% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -9.48% | +5.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 1.21% | +0.36% |
Volatility
FNDX vs. PWV - Volatility Comparison
Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Invesco Dynamic Large Cap Value ETF (PWV) have volatilities of 3.33% and 3.42%, 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.
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Volatility by Period
| FNDX | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.33% | 3.42% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.63% | 7.04% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 9.57% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 14.33% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.48% | 17.15% | +0.33% |
FNDX vs. PWV - Expense Ratio Comparison
FNDX has a 0.25% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
FNDX vs. PWV - Dividend Comparison
FNDX's dividend yield for the trailing twelve months is around 1.45%, less than PWV's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PWV Invesco Dynamic Large Cap Value ETF | 1.73% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
FNDX and PWV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWV has higher volatility (3.42%) compared to FNDX (3.33%). In terms of maximum drawdown, FNDX dropped -37.72% vs PWV's -49.04%.
On 10-year performance, FNDX leads with 14.48% vs 12.39% for PWV. On fees, FNDX is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FNDX has performed better with a 14.48% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FNDX is cheaper with a 0.25% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.73%, compared with 1.45% for FNDX.
FNDX tracks RAFI Fundamental High Liquidity US Large Index, while PWV tracks Dynamic Large Cap Value Intellidex Index (AMEX). They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.25% for FNDX and 0.58% for PWV.
FNDX currently has the higher Sharpe Ratio (2.92 vs 2.92), 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.
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