TVAL vs. FNDX

Last updated Jun 3, 2026

TVAL (T. Rowe Price Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds. TVAL is actively managed, while FNDX is passively managed. Over the past year, TVAL returned 29.12% vs 32.32% for FNDX. With a 0.95 correlation, they move nearly in lockstep. TVAL charges 0.33%/yr vs 0.25%/yr for FNDX.

Performance

TVAL vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Value ETF (TVAL) 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, TVAL achieves a 15.47% return, which is significantly higher than FNDX's 14.57% return.

TVAL

• 1D: 0.77%
• 1M: 3.30%
• YTD: 15.47%
• 6M: 17.77%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TVAL vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TVAL T. Rowe Price Value ETF	15.47%	15.59%	14.54%	8.28%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.57%	16.94%	16.77%	9.20%

Correlation

The correlation between TVAL and FNDX is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.95

The correlation between TVAL and FNDX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

TVAL vs. FNDX - Sectors Allocation Comparison

Sectors	TVAL	FNDX
Financial Services	18.9%	14.1%
Technology	16.7%	19.1%
Industrials	12.2%	9.3%
Healthcare	11.4%	12.0%
Energy	8.5%	10.3%
Communication Services	7.7%	10.1%
Consumer Cyclical	7.1%	9.2%
Consumer Defensive	6.1%	7.4%
Utilities	4.8%	3.2%
Basic Materials	3.6%	3.7%
Real Estate	3.0%	1.8%

Return for Risk

TVAL vs. FNDX — Risk / Return Rank

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

TVAL

TVAL Risk / Return Rank: 82
TVAL Sharpe Ratio Rank: 83
TVAL Sortino Ratio Rank: 85
TVAL Omega Ratio Rank: 81
TVAL Calmar Ratio Rank: 79
TVAL Martin Ratio Rank: 83

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.

TVAL vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Value ETF (TVAL) 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.

	TVAL	FNDX	Difference
Sharpe ratio Return per unit of total volatility	2.75	3.18	-0.44
Sortino ratio Return per unit of downside risk	3.85	4.47	-0.61
Omega ratio Gain probability vs. loss probability	1.50	1.59	-0.09
Calmar ratio Return relative to maximum drawdown	4.11	5.35	-1.24
Martin ratio Return relative to average drawdown	17.29	20.97	-3.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TVAL vs. FNDX - Sharpe Ratio Comparison

The current TVAL Sharpe Ratio is 2.75, which is comparable to the FNDX Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of TVAL 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

	TVAL	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.18	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	0.79	+0.69

Drawdowns

TVAL vs. FNDX - Drawdown Comparison

The maximum TVAL drawdown since its inception was -14.84%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for TVAL and FNDX.

Drawdown Indicators

	TVAL	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-14.84%	-37.72%	+22.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-6.06%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.72%	—
Current Drawdown Current decline from peak	-0.34%	-0.13%	-0.21%
Average Drawdown Average peak-to-trough decline	-2.06%	-3.55%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.55%	+0.15%

Volatility

TVAL vs. FNDX - Volatility Comparison

T. Rowe Price Value ETF (TVAL) has a higher volatility of 3.27% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.25%. This indicates that TVAL'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

	TVAL	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	2.25%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	8.26%	7.25%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.65%	10.22%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	15.18%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	17.50%	-4.90%

TVAL vs. FNDX - Expense Ratio Comparison

TVAL has a 0.33% expense ratio, which is higher than FNDX's 0.25% expense ratio.

Dividends

TVAL vs. FNDX - Dividend Comparison

TVAL's dividend yield for the trailing twelve months is around 1.00%, less 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%
TVAL T. Rowe Price Value ETF	1.00%	1.15%	1.16%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TVAL and FNDX in my portfolio?

With a correlation of 0.93, TVAL 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, TVAL or FNDX?

TVAL has higher volatility (3.27%) compared to FNDX (2.25%). In terms of maximum drawdown, TVAL dropped -14.84% vs FNDX's -37.72%.

Which ETF is better, TVAL or FNDX?

On 1-year performance, FNDX leads with 32.32% vs 29.12% for TVAL. On fees, FNDX is cheaper at 0.25% 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, TVAL or FNDX?

Over the 1-year period, FNDX has performed better with a 32.32% return vs 29.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TVAL or FNDX?

FNDX is cheaper with a 0.25% expense ratio, compared with 0.33% for TVAL.

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

FNDX has the higher dividend yield at 1.45%, compared with 1.00% for TVAL.

What is the main difference between TVAL and FNDX?

They also come from different issuers: T. Rowe Price and Charles Schwab. Their fees differ too: 0.33% for TVAL and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.18 vs 2.75), 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.