IMFL vs. FNDE

Last updated Aug 2, 2026

IMFL (Invesco International Developed Dynamic Multifactor ETF) and FNDE (Schwab Fundamental Emerging Markets Equity ETF) are both exchange-traded funds - IMFL is a Global Equities fund tracking the FTSE Developed ex US Invesco Dynamic Multifactor Index, while FNDE is a Emerging Markets Equities fund tracking the RAFI Fundamental High Liquidity Emerging Markets Index (Net). Both are passively managed. Over the past 5 years, IMFL returned 9.05%/yr vs 10.74%/yr for FNDE. Their 0.71 correlation means they have sometimes moved together and sometimes differently. IMFL charges 0.34%/yr vs 0.39%/yr for FNDE.

Performance

IMFL vs. FNDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco International Developed Dynamic Multifactor ETF (IMFL) and Schwab Fundamental Emerging Markets Equity ETF (FNDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMFL achieves a 16.64% return, which is significantly higher than FNDE's 15.01% return.

IMFL

• 1D: -0.84%
• 1M: 0.47%
• 6M: 8.85%
• YTD: 16.64%
• 1Y: 31.79%
• 3Y*: 15.43%
• 5Y*: 9.05%
• 10Y*: —
• ALL TIME*: 9.47%

FNDE

• 1D: 0.66%
• 1M: 4.72%
• 6M: 6.81%
• YTD: 15.01%
• 1Y: 29.41%
• 3Y*: 19.09%
• 5Y*: 10.74%
• 10Y*: 10.16%
• ALL TIME*: 7.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNDE Schwab Fundamental Emerging Markets Equity ETF	$29.51M	$30.86M	$33.63M
IMFL Invesco International Developed Dynamic Multifactor ETF	$3.20M	$3.16M	$2.56M

IMFL vs. FNDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IMFL Invesco International Developed Dynamic Multifactor ETF	16.64%	30.89%	-3.57%	25.51%	-17.32%	7.00%
FNDE Schwab Fundamental Emerging Markets Equity ETF	15.01%	29.46%	12.10%	14.99%	-15.58%	5.77%

Correlation

The correlation between IMFL and FNDE is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Feb 24, 2021	0.71

The correlation between IMFL and FNDE has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

IMFL vs. FNDE - Sectors Allocation Comparison

Sectors	IMFL	FNDE
Industrials	1.8%	4.6%
Financial Services	1.2%	25.0%
Healthcare	1.1%	0.4%
Consumer Cyclical	0.8%	8.9%
Consumer Defensive	0.7%	3.3%
Energy	0.5%	13.2%
Basic Materials	0.3%	12.0%
Utilities	0.3%	2.4%
Communication Services	0.2%	6.6%
Technology	0.1%	22.3%
Real Estate	0.0%	1.4%

Return for Risk

IMFL vs. FNDE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMFL

IMFL Risk / Return Rank: 77
IMFL Sharpe Ratio Rank: 80
IMFL Sortino Ratio Rank: 77
IMFL Omega Ratio Rank: 78
IMFL Calmar Ratio Rank: 75
IMFL Martin Ratio Rank: 73

FNDE

FNDE Risk / Return Rank: 77
FNDE Sharpe Ratio Rank: 79
FNDE Sortino Ratio Rank: 76
FNDE Omega Ratio Rank: 78
FNDE Calmar Ratio Rank: 79
FNDE Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMFL vs. FNDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco International Developed Dynamic Multifactor ETF (IMFL) and Schwab Fundamental Emerging Markets Equity ETF (FNDE). 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.

	IMFL	FNDE	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.79	+0.05
Sortino ratio: Return per unit of downside risk	2.49	2.41	+0.08
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.64	2.82	-0.18
Martin ratio: Return relative to average drawdown	9.10	8.93	+0.17

IMFL vs. FNDE - Sharpe Ratio Comparison

The current IMFL Sharpe Ratio is 1.84, which is comparable to the FNDE Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of IMFL and FNDE, 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

IMFL vs. FNDE - Drawdown Comparison

The maximum IMFL drawdown since its inception was -33.26%, smaller than the maximum FNDE drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for IMFL and FNDE.

Drawdown Indicators

	IMFL	FNDE	Difference
Max Drawdown Largest peak-to-trough decline	-33.26%	-43.55%	+10.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.77%	-10.23%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.52%	-18.40%	+4.88%
Max Drawdown (5Y) Largest decline over 5 years	-33.26%	-29.44%	-3.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.93%	—
Current Drawdown Current decline from peak	-1.54%	-2.07%	+0.53%
Average Drawdown Average peak-to-trough decline	-7.09%	-11.62%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.22%	+0.19%

Volatility

IMFL vs. FNDE - Volatility Comparison

Invesco International Developed Dynamic Multifactor ETF (IMFL) and Schwab Fundamental Emerging Markets Equity ETF (FNDE) have volatilities of 4.40% and 4.42%, 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.

Volatility by Period

	IMFL	FNDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.42%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	13.64%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	16.16%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	17.08%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	19.13%	-3.02%

IMFL vs. FNDE - Expense Ratio Comparison

IMFL has a 0.34% expense ratio, which is lower than FNDE's 0.39% expense ratio.

Dividends

IMFL vs. FNDE - Dividend Comparison

IMFL's dividend yield for the trailing twelve months is around 2.90%, less than FNDE's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Equity ETF	3.60%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
IMFL Invesco International Developed Dynamic Multifactor ETF	2.90%	2.88%	3.56%	3.85%	3.35%	3.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMFL and FNDE in my portfolio?

IMFL and FNDE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMFL or FNDE?

FNDE has higher volatility (4.42%) compared to IMFL (4.40%). In terms of maximum drawdown, IMFL dropped -33.26% vs FNDE's -43.55%.

Which ETF is better, IMFL or FNDE?

On 5-year performance, FNDE leads with 10.74% vs 9.05% for IMFL. On fees, IMFL is cheaper at 0.34% per year. 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, IMFL or FNDE?

Over the 5-year period, FNDE has performed better with a 10.74% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMFL or FNDE?

IMFL is cheaper with a 0.34% expense ratio, compared with 0.39% for FNDE.

Which ETF pays a higher dividend yield, IMFL or FNDE?

FNDE has the higher dividend yield at 3.60%, compared with 2.90% for IMFL.

What is the main difference between IMFL and FNDE?

IMFL is categorized as Global Equities, while FNDE is Emerging Markets Equities. IMFL tracks FTSE Developed ex US Invesco Dynamic Multifactor Index, while FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net). They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.34% for IMFL and 0.39% for FNDE.

Which has better risk-adjusted returns?

IMFL currently has the higher Sharpe Ratio (1.84 vs 1.79), 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.