FNDX vs. SCMB
FNDX (Schwab Fundamental U.S. Large Company Index ETF) and SCMB (Schwab Municipal Bond ETF) are both exchange-traded funds - FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index, while SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FNDX returned 20.28%/yr vs 3.26%/yr for SCMB. At a 0.16 correlation, their price movements are largely independent. FNDX charges 0.25%/yr vs 0.03%/yr for SCMB.
Performance
FNDX vs. SCMB - Performance Comparison
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Returns By Period
In the year-to-date period, FNDX achieves a 15.49% return, which is significantly higher than SCMB's 1.07% 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%
SCMB
- 1D
- 0.00%
- 1M
- 1.12%
- YTD
- 1.07%
- 6M
- 1.59%
- 1Y
- 6.26%
- 3Y*
- 3.26%
- 5Y*
- —
- 10Y*
- —
FNDX vs. SCMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FNDX Schwab Fundamental U.S. Large Company Index ETF | 15.49% | 16.94% | 16.77% | 18.23% | 10.62% |
SCMB Schwab Municipal Bond ETF | 1.07% | 3.78% | 0.91% | 5.86% | 2.88% |
Correlation
The correlation between FNDX and SCMB is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022 | 0.16 |
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Return for Risk
FNDX vs. SCMB — Risk / Return Rank
FNDX
SCMB
FNDX vs. SCMB - 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 Municipal Bond ETF (SCMB). 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 | SCMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.44 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.23 | 2.08 | +3.15 |
| Martin ratioReturn relative to average drawdown | 20.31 | 6.87 | +13.44 |
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Drawdowns
FNDX vs. SCMB - Drawdown Comparison
The maximum FNDX drawdown since its inception was -37.72%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for FNDX and SCMB.
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Drawdown Indicators
| FNDX | SCMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.72% | -6.13% | -31.59% |
Max Drawdown (1Y)Largest decline over 1 year | -6.06% | -2.92% | -3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -16.30% | -5.57% | -10.73% |
Max Drawdown (5Y)Largest decline over 5 years | -19.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.72% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.87% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -1.32% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.56% | 0.88% | +0.68% |
Volatility
FNDX vs. SCMB - Volatility Comparison
Schwab Fundamental U.S. Large Company Index ETF (FNDX) has a higher volatility of 3.18% compared to Schwab Municipal Bond ETF (SCMB) at 0.96%. This indicates that FNDX's price experiences larger fluctuations and is considered to be riskier than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNDX | SCMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 0.96% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.58% | 2.16% | +5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.45% | 2.89% | +7.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.21% | 4.15% | +11.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 4.15% | +13.36% |
FNDX vs. SCMB - Expense Ratio Comparison
FNDX has a 0.25% expense ratio, which is higher than SCMB'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
FNDX vs. SCMB - Dividend Comparison
FNDX's dividend yield for the trailing twelve months is around 1.44%, less than SCMB's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SCMB Schwab Municipal Bond ETF | 3.54% | 3.36% | 3.34% | 3.10% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FNDX and SCMB have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNDX has higher volatility (3.18%) compared to SCMB (0.96%). In terms of maximum drawdown, FNDX dropped -37.72% vs SCMB's -6.13%.
On 3-year performance, FNDX leads with 20.28% vs 3.26% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, SCMB has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FNDX has performed better with a 20.28% return vs 3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCMB is cheaper with a 0.03% expense ratio, compared with 0.25% for FNDX.
SCMB has the higher dividend yield at 3.54%, compared with 1.44% for FNDX.
FNDX is categorized as Large Cap Value Equities, while SCMB is Municipal Bonds. FNDX tracks RAFI Fundamental High Liquidity US Large Index, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Their fees differ too: 0.25% for FNDX and 0.03% for SCMB.
FNDX currently has the higher Sharpe Ratio (3.03 vs 2.11), 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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