FSLR vs. FNDF

Last updated Jun 13, 2026

FSLR (First Solar, Inc.) is a stock, while FNDF (Schwab Fundamental International Equity ETF) is Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Over the past 10 years, FSLR returned 18.76%/yr vs 12.34%/yr for FNDF. At a 0.40 correlation, their price movements are largely independent.

Performance

FSLR vs. FNDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Solar, Inc. (FSLR) and Schwab Fundamental International Equity ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLR achieves a 2.33% return, which is significantly lower than FNDF's 19.66% return. Over the past 10 years, FSLR has outperformed FNDF with an annualized return of 18.76%, while FNDF has yielded a comparatively lower 12.34% annualized return.

FSLR

• 1D: -1.42%
• 1M: 15.41%
• YTD: 2.33%
• 6M: 4.91%
• 1Y: 52.57%
• 3Y*: 10.90%
• 5Y*: 27.42%
• 10Y*: 18.76%

FNDF

• 1D: 0.39%
• 1M: 0.88%
• YTD: 19.66%
• 6M: 21.60%
• 1Y: 41.60%
• 3Y*: 22.69%
• 5Y*: 13.11%
• 10Y*: 12.34%

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

FSLR vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLR First Solar, Inc.	2.33%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%
FNDF Schwab Fundamental International Equity ETF	19.66%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%

Correlation

The correlation between FSLR and FNDF is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.40

The correlation between FSLR and FNDF shifts across timeframes, from 0.30 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSLR vs. FNDF — Risk / Return Rank

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

FSLR

FSLR Risk / Return Rank: 72
FSLR Sharpe Ratio Rank: 74
FSLR Sortino Ratio Rank: 70
FSLR Omega Ratio Rank: 72
FSLR Calmar Ratio Rank: 74
FSLR Martin Ratio Rank: 71

FNDF

FNDF Risk / Return Rank: 85
FNDF Sharpe Ratio Rank: 88
FNDF Sortino Ratio Rank: 85
FNDF Omega Ratio Rank: 86
FNDF Calmar Ratio Rank: 82
FNDF Martin Ratio Rank: 82

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.

FSLR vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Solar, Inc. (FSLR) and Schwab Fundamental International Equity ETF (FNDF). 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.

	FSLR	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.53	-1.51
Sortino ratio: Return per unit of downside risk	1.63	3.30	-1.68
Omega ratio: Gain probability vs. loss probability	1.22	1.45	-0.23
Calmar ratio: Return relative to maximum drawdown	1.70	3.82	-2.12
Martin ratio: Return relative to average drawdown	3.57	14.27	-10.69

FSLR vs. FNDF - Sharpe Ratio Comparison

The current FSLR Sharpe Ratio is 1.02, which is lower than the FNDF Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FSLR and FNDF, 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

FSLR vs. FNDF - Drawdown Comparison

The maximum FSLR drawdown since its inception was -96.22%, which is greater than FNDF's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for FSLR and FNDF.

Drawdown Indicators

	FSLR	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-96.22%	-40.14%	-56.08%
Max Drawdown (1Y) Largest decline over 1 year	-35.10%	-10.60%	-24.50%
Max Drawdown (3Y) Largest decline over 3 years	-59.97%	-13.89%	-46.08%
Max Drawdown (5Y) Largest decline over 5 years	-59.97%	-25.56%	-34.41%
Max Drawdown (10Y) Largest decline over 10 years	-61.26%	-40.14%	-21.12%
Current Drawdown Current decline from peak	-16.01%	-1.94%	-14.07%
Average Drawdown Average peak-to-trough decline	-63.20%	-7.63%	-55.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.63%	2.84%	+13.79%

Volatility

FSLR vs. FNDF - Volatility Comparison

First Solar, Inc. (FSLR) has a higher volatility of 23.37% compared to Schwab Fundamental International Equity ETF (FNDF) at 6.65%. This indicates that FSLR's price experiences larger fluctuations and is considered to be riskier than FNDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLR	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.37%	6.65%	+16.72%
Volatility (6M) Calculated over the trailing 6-month period	41.98%	13.64%	+28.34%
Volatility (1Y) Calculated over the trailing 1-year period	58.23%	16.00%	+42.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.07%	16.35%	+37.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.84%	17.71%	+33.13%

Dividends

FSLR vs. FNDF - Dividend Comparison

FSLR has not paid dividends to shareholders, while FNDF's dividend yield for the trailing twelve months is around 2.87%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	2.87%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
FSLR First Solar, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLR and FNDF in my portfolio?

FSLR and FNDF have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLR or FNDF?

FSLR has higher volatility (23.37%) compared to FNDF (6.65%). In terms of maximum drawdown, FSLR dropped -96.22% vs FNDF's -40.14%.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.53 vs 1.02), 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.