IVOV vs. FNDX

Last updated Jun 12, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both exchange-traded funds - IVOV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 10 years, IVOV returned 10.71%/yr vs 14.32%/yr for FNDX. Their correlation of 0.90 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.25%/yr for FNDX.

Performance

IVOV vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) 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, IVOV achieves a 10.95% return, which is significantly lower than FNDX's 14.46% return. Over the past 10 years, IVOV has underperformed FNDX with an annualized return of 10.71%, while FNDX has yielded a comparatively higher 14.32% annualized return.

IVOV

• 1D: 1.80%
• 1M: 4.00%
• YTD: 10.95%
• 6M: 8.24%
• 1Y: 21.29%
• 3Y*: 13.74%
• 5Y*: 7.86%
• 10Y*: 10.71%

FNDX

• 1D: 1.47%
• 1M: 1.97%
• YTD: 14.46%
• 6M: 13.13%
• 1Y: 30.72%
• 3Y*: 20.21%
• 5Y*: 12.91%
• 10Y*: 14.32%

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

IVOV vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	10.95%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.46%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between IVOV and FNDX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
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	0.90

The correlation between IVOV and FNDX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

IVOV vs. FNDX - Sectors Allocation Comparison

Sectors	IVOV	FNDX
Financial Services	21.9%	14.1%
Industrials	18.8%	9.3%
Consumer Cyclical	13.5%	9.2%
Real Estate	9.6%	1.8%
Technology	9.2%	19.1%
Energy	7.4%	10.3%
Basic Materials	6.0%	3.7%
Consumer Defensive	5.5%	7.4%
Utilities	4.2%	3.2%
Healthcare	3.5%	12.0%
Communication Services	0.5%	10.1%

Return for Risk

IVOV vs. FNDX — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 48
IVOV Sharpe Ratio Rank: 47
IVOV Sortino Ratio Rank: 51
IVOV Omega Ratio Rank: 45
IVOV Calmar Ratio Rank: 48
IVOV Martin Ratio Rank: 49

FNDX

FNDX Risk / Return Rank: 93
FNDX Sharpe Ratio Rank: 94
FNDX Sortino Ratio Rank: 93
FNDX Omega Ratio Rank: 92
FNDX Calmar Ratio Rank: 92
FNDX Martin Ratio Rank: 92

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.

IVOV vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) 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.

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.

	IVOV	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.96	-1.57
Sortino ratio: Return per unit of downside risk	2.11	4.11	-2.00
Omega ratio: Gain probability vs. loss probability	1.24	1.54	-0.30
Calmar ratio: Return relative to maximum drawdown	2.02	5.09	-3.07
Martin ratio: Return relative to average drawdown	6.96	19.73	-12.77

IVOV vs. FNDX - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.40, which is lower than the FNDX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of IVOV 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.

Drawdowns

IVOV vs. FNDX - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for IVOV and FNDX.

Drawdown Indicators

	IVOV	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-37.72%	-8.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-6.06%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-16.30%	-6.31%
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	-19.06%	-3.55%
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	-37.72%	-8.27%
Current Drawdown Current decline from peak	0.00%	-0.77%	+0.77%
Average Drawdown Average peak-to-trough decline	-5.42%	-3.55%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	1.56%	+1.51%

Volatility

IVOV vs. FNDX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) has a higher volatility of 4.08% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 3.07%. This indicates that IVOV's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	3.07%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	7.63%	+3.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	10.42%	+4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	15.22%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	17.51%	+4.22%

IVOV vs. FNDX - Expense Ratio Comparison

IVOV has a 0.10% 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

IVOV vs. FNDX - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.64%, 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%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.64%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%

Frequently Asked Questions

Can I hold both IVOV and FNDX in my portfolio?

IVOV and FNDX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOV or FNDX?

IVOV has higher volatility (4.08%) compared to FNDX (3.07%). In terms of maximum drawdown, IVOV dropped -45.99% vs FNDX's -37.72%.

Which ETF is better, IVOV or FNDX?

On 10-year performance, FNDX leads with 14.32% vs 10.71% for IVOV. On fees, IVOV is cheaper at 0.10% per year. On volatility, FNDX has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or FNDX?

Over the 10-year period, FNDX has performed better with a 14.32% return vs 10.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or FNDX?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.25% for FNDX.

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

IVOV has the higher dividend yield at 1.64%, compared with 1.45% for FNDX.

What is the main difference between IVOV and FNDX?

IVOV is categorized as Mid Cap Value Equities, while FNDX is Large Cap Value Equities. IVOV tracks S&P MidCap 400 Value Index, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: Vanguard and Charles Schwab. Their fees differ too: 0.10% for IVOV and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (2.96 vs 1.40), 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.