SFENX vs. FNDE

Last updated Jun 4, 2026

SFENX (Schwab Fundamental Emerging Markets Large Company Index Fund) and FNDE (Schwab Fundamental Emerging Markets Large Company Index ETF) are both funds - SFENX is a Emerging Markets Diversified fund managed by Charles Schwab, while FNDE is a Emerging Markets Equities fund tracking the Russell Fundamental Emerging Markets Large Company Index. Over the past 10 years, SFENX returned 11.44%/yr vs 11.28%/yr for FNDE. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

SFENX vs. FNDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) and Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFENX achieves a 17.28% return, which is significantly higher than FNDE's 15.56% return. Both investments have delivered pretty close results over the past 10 years, with SFENX having a 11.44% annualized return and FNDE not far behind at 11.28%.

SFENX

• 1D: 1.76%
• 1M: 4.72%
• YTD: 17.28%
• 6M: 18.13%
• 1Y: 39.03%
• 3Y*: 22.38%
• 5Y*: 10.10%
• 10Y*: 11.44%

FNDE

• 1D: -1.61%
• 1M: 3.09%
• YTD: 15.56%
• 6M: 16.15%
• 1Y: 36.88%
• 3Y*: 21.61%
• 5Y*: 9.57%
• 10Y*: 11.28%

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

SFENX vs. FNDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFENX Schwab Fundamental Emerging Markets Large Company Index Fund	17.28%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	15.56%	29.46%	12.10%	14.99%	-15.58%	14.41%	-2.77%	19.75%	-10.37%	26.77%

Correlation

The correlation between SFENX and FNDE 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	0.95
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	0.94

The correlation between SFENX and FNDE has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

SFENX vs. FNDE — Risk / Return Rank

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

SFENX

SFENX Risk / Return Rank: 86
SFENX Sharpe Ratio Rank: 91
SFENX Sortino Ratio Rank: 85
SFENX Omega Ratio Rank: 83
SFENX Calmar Ratio Rank: 87
SFENX Martin Ratio Rank: 82

FNDE

FNDE Risk / Return Rank: 72
FNDE Sharpe Ratio Rank: 74
FNDE Sortino Ratio Rank: 71
FNDE Omega Ratio Rank: 74
FNDE Calmar Ratio Rank: 72
FNDE Martin Ratio Rank: 72

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.

SFENX vs. FNDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) and Schwab Fundamental Emerging Markets Large Company Index 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.

	SFENX	FNDE	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.47	+0.55
Sortino ratio: Return per unit of downside risk	4.03	3.28	+0.75
Omega ratio: Gain probability vs. loss probability	1.56	1.45	+0.11
Calmar ratio: Return relative to maximum drawdown	4.24	3.62	+0.62
Martin ratio: Return relative to average drawdown	15.52	13.71	+1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SFENX vs. FNDE - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 3.02, which is comparable to the FNDE Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of SFENX 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.

Sharpe Ratios by Period

	SFENX	FNDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	2.47	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.57	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.59	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.38	+0.07

Drawdowns

SFENX vs. FNDE - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, which is greater than FNDE's maximum drawdown of -43.55%. Use the drawdown chart below to compare losses from any high point for SFENX and FNDE.

Drawdown Indicators

	SFENX	FNDE	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-43.55%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-10.23%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-18.40%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-29.44%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-39.93%	+0.34%
Current Drawdown Current decline from peak	0.00%	-1.61%	+1.61%
Average Drawdown Average peak-to-trough decline	-12.89%	-11.71%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.70%	-0.12%

Volatility

SFENX vs. FNDE - Volatility Comparison

The current volatility for Schwab Fundamental Emerging Markets Large Company Index Fund (SFENX) is 4.55%, while Schwab Fundamental Emerging Markets Large Company Index ETF (FNDE) has a volatility of 5.34%. This indicates that SFENX experiences smaller price fluctuations and is considered to be less risky than FNDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	FNDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	5.34%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	12.30%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	15.00%	-1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	16.91%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	19.30%	-2.38%

SFENX vs. FNDE - Expense Ratio Comparison

Both SFENX and FNDE have an expense ratio of 0.39%.

Dividends

SFENX vs. FNDE - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.35%, less than FNDE's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDE Schwab Fundamental Emerging Markets Large Company Index ETF	3.62%	4.19%	4.82%	4.74%	5.59%	4.32%	2.50%	3.47%	2.98%	2.05%	1.65%	2.02%
SFENX Schwab Fundamental Emerging Markets Large Company Index Fund	3.35%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both SFENX and FNDE in my portfolio?

With a correlation of 0.95, SFENX 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.

Which is riskier, SFENX or FNDE?

FNDE has higher volatility (5.34%) compared to SFENX (4.55%). In terms of maximum drawdown, SFENX dropped -47.19% vs FNDE's -43.55%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (3.02 vs 2.47), 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.