IVE vs. FNDX

Last updated Jun 4, 2026

IVE (iShares S&P 500 Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds - IVE tracks the S&P 500 Value Index while FNDX tracks the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 10 years, IVE returned 11.76%/yr vs 14.26%/yr for FNDX. With a 0.97 correlation, they move nearly in lockstep. IVE charges 0.18%/yr vs 0.25%/yr for FNDX.

Performance

IVE vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Value ETF (IVE) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVE achieves a 7.46% return, which is significantly lower than FNDX's 14.57% return. Over the past 10 years, IVE has underperformed FNDX with an annualized return of 11.76%, while FNDX has yielded a comparatively higher 14.26% annualized return.

IVE

• 1D: -0.35%
• 1M: 2.24%
• YTD: 7.46%
• 6M: 7.74%
• 1Y: 21.15%
• 3Y*: 15.57%
• 5Y*: 10.54%
• 10Y*: 11.76%

FNDX

• 1D: -0.13%
• 1M: 3.88%
• YTD: 14.57%
• 6M: 14.58%
• 1Y: 32.32%
• 3Y*: 20.90%
• 5Y*: 12.82%
• 10Y*: 14.26%

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

IVE vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVE iShares S&P 500 Value ETF	7.46%	13.02%	12.03%	22.07%	-5.41%	24.72%	1.22%	31.62%	-9.22%	15.24%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.57%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between IVE and FNDX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.97

The correlation between IVE and FNDX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

IVE vs. FNDX - Sectors Allocation Comparison

Sectors	IVE	FNDX
Technology	19.6%	19.1%
Financial Services	15.2%	14.1%
Healthcare	11.6%	12.0%
Consumer Cyclical	11.0%	9.2%
Industrials	10.7%	9.3%
Consumer Defensive	9.5%	7.4%
Energy	7.6%	10.3%
Utilities	4.6%	3.2%
Real Estate	3.5%	1.8%
Basic Materials	3.4%	3.7%
Communication Services	3.3%	10.1%

Return for Risk

IVE vs. FNDX — Risk / Return Rank

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

IVE

IVE Risk / Return Rank: 66
IVE Sharpe Ratio Rank: 64
IVE Sortino Ratio Rank: 64
IVE Omega Ratio Rank: 63
IVE Calmar Ratio Rank: 68
IVE Martin Ratio Rank: 69

FNDX

FNDX Risk / Return Rank: 90
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 89
FNDX 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.

IVE vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Value ETF (IVE) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	IVE	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.18	-1.01
Sortino ratio: Return per unit of downside risk	3.03	4.47	-1.43
Omega ratio: Gain probability vs. loss probability	1.39	1.59	-0.20
Calmar ratio: Return relative to maximum drawdown	3.43	5.35	-1.92
Martin ratio: Return relative to average drawdown	13.10	20.97	-7.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVE vs. FNDX - Sharpe Ratio Comparison

The current IVE Sharpe Ratio is 2.17, which is lower than the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of IVE and FNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IVE	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	3.18	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.85	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.82	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.79	-0.40

Drawdowns

IVE vs. FNDX - Drawdown Comparison

The maximum IVE drawdown since its inception was -61.32%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for IVE and FNDX.

Drawdown Indicators

	IVE	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-61.32%	-37.72%	-23.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-6.06%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-16.30%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-18.04%	-19.06%	+1.02%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-37.72%	+0.68%
Current Drawdown Current decline from peak	-0.55%	-0.13%	-0.42%
Average Drawdown Average peak-to-trough decline	-10.10%	-3.55%	-6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.55%	+0.07%

Volatility

IVE vs. FNDX - Volatility Comparison

The current volatility for iShares S&P 500 Value ETF (IVE) is 2.00%, while Schwab Fundamental U.S. Large Company Index ETF (FNDX) has a volatility of 2.25%. This indicates that IVE experiences smaller price fluctuations and is considered to be less risky than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVE	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	2.25%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	7.02%	7.25%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	10.22%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	15.18%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	17.50%	-0.54%

IVE vs. FNDX - Expense Ratio Comparison

IVE has a 0.18% expense ratio, which is lower than FNDX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVE vs. FNDX - Dividend Comparison

IVE's dividend yield for the trailing twelve months is around 1.52%, more than FNDX's 1.45% 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%
IVE iShares S&P 500 Value ETF	1.52%	1.61%	2.04%	1.65%	2.10%	1.81%	2.37%	2.11%	2.74%	2.12%	2.26%	2.44%

Frequently Asked Questions

Can I hold both IVE and FNDX in my portfolio?

With a correlation of 0.95, IVE and FNDX 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, IVE or FNDX?

FNDX has higher volatility (2.25%) compared to IVE (2.00%). In terms of maximum drawdown, IVE dropped -61.32% vs FNDX's -37.72%.

Which ETF is better, IVE or FNDX?

On 10-year performance, FNDX leads with 14.26% vs 11.76% for IVE. On fees, IVE is cheaper at 0.18% per year. On volatility, IVE has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVE or FNDX?

Over the 10-year period, FNDX has performed better with a 14.26% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVE or FNDX?

IVE is cheaper with a 0.18% expense ratio, compared with 0.25% for FNDX.

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

IVE has the higher dividend yield at 1.52%, compared with 1.45% for FNDX.

What is the main difference between IVE and FNDX?

IVE tracks S&P 500 Value Index, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.18% for IVE and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs 2.17), 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.