PZLV vs. FNDF

Last updated Jul 17, 2026

PZLV (Pzena U.S. Large Cap Value ETF) and FNDF (Schwab Fundamental International Equity ETF) are both exchange-traded funds - PZLV is a Large Cap Value Equities fund actively managed by Pzena, while FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). PZLV is actively managed, while FNDF is passively managed. At a 0.31 correlation, their price movements are largely independent. PZLV charges 0.60%/yr vs 0.25%/yr for FNDF.

Performance

PZLV vs. FNDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena U.S. Large Cap Value ETF (PZLV) and Schwab Fundamental International Equity ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PZLV

• 1D: 1.69%
• 1M: 4.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNDF

• 1D: -0.83%
• 1M: -2.35%
• 6M: 12.68%
• YTD: 17.52%
• 1Y: 36.69%
• 3Y*: 21.08%
• 5Y*: 14.05%
• 10Y*: 11.53%

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

PZLV vs. FNDF - Yearly Performance Comparison

	2026 (YTD)
PZLV Pzena U.S. Large Cap Value ETF	18.94%
FNDF Schwab Fundamental International Equity ETF	8.58%

Correlation

The correlation between PZLV and FNDF is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 1, 2026	0.31

Return for Risk

PZLV vs. FNDF — Risk / Return Rank

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

PZLV

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

FNDF

FNDF Risk / Return Rank: 84
FNDF Sharpe Ratio Rank: 87
FNDF Sortino Ratio Rank: 83
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 82
FNDF Martin Ratio Rank: 81

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.

PZLV vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena U.S. Large Cap Value ETF (PZLV) and Schwab Fundamental International Equity ETF (FNDF). 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.

	PZLV	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.27	—
Sortino ratio: Return per unit of downside risk	—	3.00	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	3.48	—
Martin ratio: Return relative to average drawdown	—	12.27	—

Drawdowns

PZLV vs. FNDF - Drawdown Comparison

The maximum PZLV drawdown since its inception was -2.81%, smaller than the maximum FNDF drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for PZLV and FNDF.

Drawdown Indicators

	PZLV	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-2.81%	-40.14%	+37.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.60%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.14%	—
Current Drawdown Current decline from peak	0.00%	-3.70%	+3.70%
Average Drawdown Average peak-to-trough decline	-0.73%	-7.60%	+6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.00%	—

Volatility

Volatility by Period

	PZLV	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	16.21%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	16.35%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.35%	17.41%	-3.06%

PZLV vs. FNDF - Expense Ratio Comparison

PZLV has a 0.60% expense ratio, which is higher than FNDF's 0.25% expense ratio.

Dividends

PZLV vs. FNDF - Dividend Comparison

PZLV has not paid dividends to shareholders, while FNDF's dividend yield for the trailing twelve months is around 3.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	3.10%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
PZLV Pzena U.S. Large Cap Value 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 PZLV and FNDF in my portfolio?

PZLV and FNDF have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PZLV or FNDF?

On fees, FNDF is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZLV or FNDF?

FNDF is cheaper with a 0.25% expense ratio, compared with 0.60% for PZLV.

Which ETF pays a higher dividend yield, PZLV or FNDF?

FNDF has the higher dividend yield at 3.10%, compared with 0.00% for PZLV.

What is the main difference between PZLV and FNDF?

PZLV is categorized as Large Cap Value Equities, while FNDF is Foreign Large Cap Equities. They also come from different issuers: Pzena and Charles Schwab. Their fees differ too: 0.60% for PZLV and 0.25% for FNDF.