IVSX vs. FNDC

Last updated Jun 5, 2026

IVSX (Applied Finance IVS International SMID ETF) and FNDC (Schwab Fundamental International Small Co. Index ETF) are both Foreign Small & Mid Cap Equities funds. IVSX is actively managed, while FNDC is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. IVSX charges 0.75%/yr vs 0.39%/yr for FNDC.

Performance

IVSX vs. FNDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance IVS International SMID ETF (IVSX) and Schwab Fundamental International Small Co. Index ETF (FNDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IVSX

• 1D: 1.01%
• 1M: 2.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNDC

• 1D: 0.42%
• 1M: 0.40%
• YTD: 11.83%
• 6M: 14.14%
• 1Y: 26.84%
• 3Y*: 18.52%
• 5Y*: 7.26%
• 10Y*: 8.64%

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

IVSX vs. FNDC - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	-1.66%
FNDC Schwab Fundamental International Small Co. Index ETF	-0.82%

Correlation

The correlation between IVSX and FNDC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 23, 2026	0.94

Return for Risk

IVSX vs. FNDC — Risk / Return Rank

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

FNDC

FNDC Risk / Return Rank: 55
FNDC Sharpe Ratio Rank: 57
FNDC Sortino Ratio Rank: 57
FNDC Omega Ratio Rank: 56
FNDC Calmar Ratio Rank: 49
FNDC Martin Ratio Rank: 53

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.

IVSX vs. FNDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) and Schwab Fundamental International Small Co. Index ETF (FNDC). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IVSX	FNDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.90	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.50	-0.78

Drawdowns

IVSX vs. FNDC - Drawdown Comparison

The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum FNDC drawdown of -43.22%. Use the drawdown chart below to compare losses from any high point for IVSX and FNDC.

Drawdown Indicators

	IVSX	FNDC	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-43.22%	+31.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-12.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.22%	—
Current Drawdown Current decline from peak	-2.37%	-1.68%	-0.69%
Average Drawdown Average peak-to-trough decline	-4.96%	-8.45%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.98%	—

Volatility

Volatility by Period

	IVSX	FNDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	14.24%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	15.97%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	16.80%	+3.77%

IVSX vs. FNDC - Expense Ratio Comparison

IVSX has a 0.75% expense ratio, which is higher than FNDC's 0.39% expense ratio.

Dividends

IVSX vs. FNDC - Dividend Comparison

IVSX has not paid dividends to shareholders, while FNDC's dividend yield for the trailing twelve months is around 3.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDC Schwab Fundamental International Small Co. Index ETF	3.45%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%
IVSX Applied Finance IVS International SMID ETF	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 IVSX and FNDC in my portfolio?

With a correlation of 0.94, IVSX and FNDC 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 ETF is better, IVSX or FNDC?

On fees, FNDC is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVSX or FNDC?

FNDC is cheaper with a 0.39% expense ratio, compared with 0.75% for IVSX.

Which ETF pays a higher dividend yield, IVSX or FNDC?

FNDC has the higher dividend yield at 3.45%, compared with 0.00% for IVSX.

What is the main difference between IVSX and FNDC?

They also come from different issuers: Applied Finance and Charles Schwab. Their fees differ too: 0.75% for IVSX and 0.39% for FNDC.