IWX vs. FNDX

Last updated Jun 4, 2026

IWX (iShares Russell Top 200 Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds - IWX tracks the Russell Top 200 Value Index while FNDX tracks the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 10 years, IWX returned 11.66%/yr vs 14.26%/yr for FNDX. Their correlation of 0.95 suggests significant overlap in exposure. IWX charges 0.20%/yr vs 0.25%/yr for FNDX.

Performance

IWX vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) 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, IWX achieves a 13.79% return, which is significantly lower than FNDX's 14.57% return. Over the past 10 years, IWX has underperformed FNDX with an annualized return of 11.66%, while FNDX has yielded a comparatively higher 14.26% annualized return.

IWX

• 1D: 0.01%
• 1M: 4.49%
• YTD: 13.79%
• 6M: 14.63%
• 1Y: 28.65%
• 3Y*: 18.86%
• 5Y*: 11.06%
• 10Y*: 11.66%

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)

IWX vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	13.79%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
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 IWX and FNDX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.95

The correlation between IWX and FNDX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

IWX vs. FNDX - Sectors Allocation Comparison

Sectors	IWX	FNDX
Financial Services	21.5%	14.1%
Technology	14.2%	19.1%
Healthcare	12.5%	12.0%
Industrials	11.3%	9.3%
Communication Services	11.0%	10.1%
Consumer Defensive	8.2%	7.4%
Consumer Cyclical	6.8%	9.2%
Energy	6.4%	10.3%
Utilities	3.2%	3.2%
Basic Materials	3.0%	3.7%
Real Estate	1.9%	1.8%

Return for Risk

IWX vs. FNDX — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 85
IWX Sharpe Ratio Rank: 86
IWX Sortino Ratio Rank: 88
IWX Omega Ratio Rank: 85
IWX Calmar Ratio Rank: 82
IWX Martin Ratio Rank: 87

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.

IWX vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) 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.

	IWX	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.87	3.18	-0.31
Sortino ratio: Return per unit of downside risk	4.06	4.47	-0.40
Omega ratio: Gain probability vs. loss probability	1.52	1.59	-0.06
Calmar ratio: Return relative to maximum drawdown	4.37	5.35	-0.99
Martin ratio: Return relative to average drawdown	18.76	20.97	-2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWX vs. FNDX - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.87, which is comparable to the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of IWX 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

	IWX	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	3.18	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.85	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.82	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.79	-0.09

Drawdowns

IWX vs. FNDX - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for IWX and FNDX.

Drawdown Indicators

	IWX	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-37.72%	+1.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-6.06%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-16.30%	+2.93%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-19.06%	+0.93%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-37.72%	+1.96%
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.82%	-3.55%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.55%	-0.02%

Volatility

IWX vs. FNDX - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 2.83% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.25%. This indicates that IWX'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

	IWX	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.25%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	7.25%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	10.22%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	15.18%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.51%	17.50%	-0.99%

IWX vs. FNDX - Expense Ratio Comparison

IWX has a 0.20% 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

IWX vs. FNDX - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.48%, 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%
IWX iShares Russell Top 200 Value ETF	1.48%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%

Frequently Asked Questions

Can I hold both IWX and FNDX in my portfolio?

With a correlation of 0.95, IWX 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, IWX or FNDX?

IWX has higher volatility (2.83%) compared to FNDX (2.25%). In terms of maximum drawdown, IWX dropped -35.76% vs FNDX's -37.72%.

Which ETF is better, IWX or FNDX?

On 10-year performance, FNDX leads with 14.26% vs 11.66% for IWX. On fees, IWX is cheaper at 0.20% per year. On volatility, FNDX has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or FNDX?

Over the 10-year period, FNDX has performed better with a 14.26% return vs 11.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or FNDX?

IWX is cheaper with a 0.20% expense ratio, compared with 0.25% for FNDX.

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

IWX has the higher dividend yield at 1.48%, compared with 1.45% for FNDX.

What is the main difference between IWX and FNDX?

IWX tracks Russell Top 200 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: 0.20% for IWX and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs 2.87), 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.