SCMB vs. FNDF

Last updated Jun 4, 2026

SCMB (Schwab Municipal Bond ETF) and FNDF (Schwab Fundamental International Large Company Index ETF) are both exchange-traded funds - SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross, while FNDF is a Foreign Large Cap Equities fund tracking the Russell Fundamental Developed ex-U.S. Large Company Index. Both are passively managed. Over the past 3 years, SCMB returned 3.37%/yr vs 24.10%/yr for FNDF. At a 0.22 correlation, their price movements are largely independent. SCMB charges 0.03%/yr vs 0.25%/yr for FNDF.

Performance

SCMB vs. FNDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Municipal Bond ETF (SCMB) and Schwab Fundamental International Large Company Index ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCMB achieves a 1.07% return, which is significantly lower than FNDF's 21.21% return.

SCMB

• 1D: -0.12%
• 1M: 0.60%
• YTD: 1.07%
• 6M: 1.55%
• 1Y: 6.86%
• 3Y*: 3.37%
• 5Y*: —
• 10Y*: —

FNDF

• 1D: -0.67%
• 1M: 6.97%
• YTD: 21.21%
• 6M: 24.72%
• 1Y: 44.71%
• 3Y*: 24.10%
• 5Y*: 13.35%
• 10Y*: 11.93%

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

SCMB vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCMB Schwab Municipal Bond ETF	1.07%	3.78%	0.91%	5.86%	3.05%
FNDF Schwab Fundamental International Large Company Index ETF	21.21%	40.99%	2.29%	20.22%	17.81%

Correlation

The correlation between SCMB and FNDF is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.22

SCMB vs. FNDF - Sectors Allocation Comparison

Sectors	SCMB	FNDF
Financial Services	8.9%	16.7%
Real Estate	3.4%	0.9%
Consumer Cyclical	2.6%	10.7%
Technology	0.9%	11.1%
Communication Services	0.5%	4.9%
Utilities	0.2%	3.8%
Industrials	0.2%	15.9%
Consumer Defensive	0.1%	6.9%
Healthcare	0.1%	5.5%
Basic Materials	0.0%	11.3%
Energy	0.0%	12.3%

Return for Risk

SCMB vs. FNDF — Risk / Return Rank

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

SCMB

SCMB Risk / Return Rank: 64
SCMB Sharpe Ratio Rank: 70
SCMB Sortino Ratio Rank: 75
SCMB Omega Ratio Rank: 81
SCMB Calmar Ratio Rank: 47
SCMB Martin Ratio Rank: 47

FNDF

FNDF Risk / Return Rank: 84
FNDF Sharpe Ratio Rank: 88
FNDF Sortino Ratio Rank: 85
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 80
FNDF Martin Ratio Rank: 80

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.

SCMB vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Municipal Bond ETF (SCMB) and Schwab Fundamental International Large Company Index 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.

	SCMB	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.99	-0.64
Sortino ratio: Return per unit of downside risk	3.45	3.89	-0.44
Omega ratio: Gain probability vs. loss probability	1.50	1.53	-0.04
Calmar ratio: Return relative to maximum drawdown	2.36	4.24	-1.88
Martin ratio: Return relative to average drawdown	7.89	16.19	-8.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCMB vs. FNDF - Sharpe Ratio Comparison

The current SCMB Sharpe Ratio is 2.34, which is comparable to the FNDF Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of SCMB and FNDF, 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

	SCMB	FNDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.99	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.54	+0.44

Drawdowns

SCMB vs. FNDF - Drawdown Comparison

The maximum SCMB drawdown since its inception was -6.13%, smaller than the maximum FNDF drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for SCMB and FNDF.

Drawdown Indicators

	SCMB	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-6.13%	-40.14%	+34.01%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-10.60%	+7.68%
Max Drawdown (3Y) Largest decline over 3 years	-5.57%	-13.89%	+8.32%
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	-0.87%	-0.67%	-0.20%
Average Drawdown Average peak-to-trough decline	-1.32%	-7.64%	+6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.77%	-1.90%

Volatility

SCMB vs. FNDF - Volatility Comparison

The current volatility for Schwab Municipal Bond ETF (SCMB) is 1.04%, while Schwab Fundamental International Large Company Index ETF (FNDF) has a volatility of 5.26%. This indicates that SCMB experiences smaller price fluctuations and is considered to be less risky than FNDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCMB	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	5.26%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	12.53%	-10.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	15.06%	-12.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	16.18%	-12.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	17.67%	-13.51%

SCMB vs. FNDF - Expense Ratio Comparison

SCMB has a 0.03% expense ratio, which is lower than FNDF'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

SCMB vs. FNDF - Dividend Comparison

SCMB's dividend yield for the trailing twelve months is around 3.54%, more than FNDF's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Large Company Index ETF	2.84%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
SCMB Schwab Municipal Bond ETF	3.54%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCMB and FNDF in my portfolio?

SCMB and FNDF have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMB or FNDF?

FNDF has higher volatility (5.26%) compared to SCMB (1.04%). In terms of maximum drawdown, SCMB dropped -6.13% vs FNDF's -40.14%.

Which ETF is better, SCMB or FNDF?

On 3-year performance, FNDF leads with 24.10% vs 3.37% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, SCMB has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCMB or FNDF?

Over the 3-year period, FNDF has performed better with a 24.10% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCMB or FNDF?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.25% for FNDF.

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

SCMB has the higher dividend yield at 3.54%, compared with 2.84% for FNDF.

What is the main difference between SCMB and FNDF?

SCMB is categorized as Municipal Bonds, while FNDF is Foreign Large Cap Equities. SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross, while FNDF tracks Russell Fundamental Developed ex-U.S. Large Company Index. Their fees differ too: 0.03% for SCMB and 0.25% for FNDF.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.99 vs 2.34), 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.