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LDEM vs. FNDE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

LDEM vs. FNDE

Last updated Aug 2, 2026
Documentation

LDEM (iShares ESG MSCI EM Leaders ETF) and FNDE (Schwab Fundamental Emerging Markets Equity ETF) are both Emerging Markets Equities funds - LDEM tracks the MSCI EM Extended ESG Leaders 5% Issuer Capped Index while FNDE tracks the RAFI Fundamental High Liquidity Emerging Markets Index (Net). Both are passively managed. Over the past 5 years, LDEM returned 2.40%/yr vs 10.74%/yr for FNDE. Their correlation of 0.87 means they have usually moved in the same direction. LDEM charges 0.16%/yr vs 0.39%/yr for FNDE.

Performance

LDEM vs. FNDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG MSCI EM Leaders ETF (LDEM) and Schwab Fundamental Emerging Markets Equity ETF (FNDE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, LDEM achieves a 3.29% return, which is significantly lower than FNDE's 15.01% return.

LDEM

1D
0.21%
1M
1.22%
6M
-3.13%
YTD
3.29%
1Y
13.51%
3Y*
11.73%
5Y*
2.40%
10Y*
—
ALL TIME*
4.91%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FNDE

Schwab Fundamental Emerging Markets Equity ETF
$29.51M$30.86M$33.63M

LDEM

iShares ESG MSCI EM Leaders ETF
$33.47K$44.13K$91.64K

LDEM vs. FNDE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
LDEM
iShares ESG MSCI EM Leaders ETF		3.29%32.49%5.87%6.49%-22.46%-2.03%16.30%
FNDE
Schwab Fundamental Emerging Markets Equity ETF		15.01%29.46%12.10%14.99%-15.58%14.41%1.90%

Correlation

The correlation between LDEM and FNDE is 0.92, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.92

Correlation (3Y)
Balances recent behavior with more history.

0.91

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.89

Correlation (All Time)
Calculated using the full available price history since Feb 12, 2020

0.87

The correlation between LDEM and FNDE has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

LDEM vs. FNDE - Sectors Allocation Comparison

Sectors
LDEM
FNDE

Financial Services

24.8%
25.0%

Technology

23.9%
22.3%

Consumer Cyclical

12.0%
8.9%

Communication Services

9.9%
6.6%

Industrials

7.6%
4.6%

Basic Materials

6.7%
12.0%

Energy

4.4%
13.2%

Healthcare

3.6%
0.4%

Consumer Defensive

3.4%
3.3%

Utilities

2.5%
2.4%

Real Estate

1.4%
1.4%

Financial Services

LDEM
24.8%
FNDE
25.0%

Technology

LDEM
23.9%
FNDE
22.3%

Consumer Cyclical

LDEM
12.0%
FNDE
8.9%

Communication Services

LDEM
9.9%
FNDE
6.6%

Industrials

LDEM
7.6%
FNDE
4.6%

Basic Materials

LDEM
6.7%
FNDE
12.0%

Energy

LDEM
4.4%
FNDE
13.2%

Healthcare

LDEM
3.6%
FNDE
0.4%

Consumer Defensive

LDEM
3.4%
FNDE
3.3%

Utilities

LDEM
2.5%
FNDE
2.4%

Real Estate

LDEM
1.4%
FNDE
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares ESG MSCI EM Leaders ETF

Schwab Fundamental Emerging Markets Equity ETF

Often compared with LDEM:
LDEM vs. EMXFLDEM vs. DIVISLAB.NSLDEM vs. ESGELDEM vs. EEMLDEM vs. IEMGLDEM vs. AVEMLDEM vs. EIMI.L
Often compared with FNDE:
FNDE vs. SCHEFNDE vs. VWOFNDE vs. AVEMFNDE vs. AVESFNDE vs. DEMFNDE vs. SCHFFNDE vs. DFEVX

Return for Risk

LDEM vs. FNDE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
LDEM
LDEM Risk / Return Rank: 2828
Overall Rank
LDEM Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
LDEM Sortino Ratio Rank: 2727
Sortino Ratio Rank
LDEM Omega Ratio Rank: 2727
Omega Ratio Rank
LDEM Calmar Ratio Rank: 2929
Calmar Ratio Rank
LDEM Martin Ratio Rank: 2929
Martin Ratio Rank
FNDE
FNDE Risk / Return Rank: 7777
Overall Rank
FNDE Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
FNDE Sortino Ratio Rank: 7676
Sortino Ratio Rank
FNDE Omega Ratio Rank: 7878
Omega Ratio Rank
FNDE Calmar Ratio Rank: 7979
Calmar Ratio Rank
FNDE Martin Ratio Rank: 7373
Martin Ratio Rank
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.

LDEM vs. FNDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG MSCI EM Leaders ETF (LDEM) 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.

LDEMFNDEDifference
Sharpe ratioReturn per unit of total volatility
0.65
1.79

-1.14

Sortino ratioReturn per unit of downside risk
1.02
2.41

-1.39

Omega ratioGain probability vs. loss probability

1.13

1.32

-0.19

Calmar ratioReturn relative to maximum drawdown

0.97

2.82

-1.86

Martin ratioReturn relative to average drawdown

2.61

8.93

-6.32

LDEM vs. FNDE - Sharpe Ratio Comparison

The current LDEM Sharpe Ratio is 0.65, which is lower than the FNDE Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of LDEM 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.

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Drawdowns

LDEM vs. FNDE - Drawdown Comparison

The maximum LDEM drawdown since its inception was -40.82%, smaller than the maximum FNDE drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for LDEM and FNDE.

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Drawdown Indicators

LDEMFNDEDifference

Max Drawdown

Largest peak-to-trough decline

-40.82%

-43.55%

+2.73%

Max Drawdown (1Y)

Largest decline over 1 year

-13.21%

-10.23%

-2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-18.40%

+3.28%

Max Drawdown (5Y)

Largest decline over 5 years

-38.26%

-29.44%

-8.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.93%

—

Current Drawdown

Current decline from peak

-7.19%

-2.07%

-5.12%

Average Drawdown

Average peak-to-trough decline

-17.09%

-11.62%

-5.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.87%

3.22%

+1.65%

Volatility

LDEM vs. FNDE - Volatility Comparison

iShares ESG MSCI EM Leaders ETF (LDEM) has a higher volatility of 6.88% compared to Schwab Fundamental Emerging Markets Equity ETF (FNDE) at 4.42%. This indicates that LDEM's price experiences larger fluctuations and is considered to be riskier than FNDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LDEMFNDEDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.88%

4.42%

+2.46%

Volatility (6M)

Calculated over the trailing 6-month period

17.06%

13.64%

+3.42%

Volatility (1Y)

Calculated over the trailing 1-year period

19.51%

16.16%

+3.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.49%

17.08%

+2.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

19.13%

+1.79%

LDEM vs. FNDE - Expense Ratio Comparison

LDEM has a 0.16% expense ratio, which is lower than FNDE's 0.39% expense ratio.

Dividends

LDEM vs. FNDE - Dividend Comparison

LDEM's dividend yield for the trailing twelve months is around 2.97%, less than FNDE's 3.60% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
LDEM
iShares ESG MSCI EM Leaders ETF		2.97%3.26%2.64%3.20%4.93%1.82%1.89%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.92, LDEM and FNDE 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.

LDEM has higher volatility (6.88%) compared to FNDE (4.42%). In terms of maximum drawdown, LDEM dropped -40.82% vs FNDE's -43.55%.

On 5-year performance, FNDE leads with 10.74% vs 2.40% for LDEM. On fees, LDEM is cheaper at 0.16% per year. On volatility, FNDE has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FNDE has performed better with a 10.74% return vs 2.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LDEM is cheaper with a 0.16% expense ratio, compared with 0.39% for FNDE.

FNDE has the higher dividend yield at 3.60%, compared with 2.97% for LDEM.

LDEM tracks MSCI EM Extended ESG Leaders 5% Issuer Capped Index, while FNDE tracks RAFI Fundamental High Liquidity Emerging Markets Index (Net). They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.16% for LDEM and 0.39% for FNDE.

FNDE currently has the higher Sharpe Ratio (1.79 vs 0.65), 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.

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