USNZ vs. FNDX

Last updated Jun 6, 2026

USNZ (Xtrackers Net Zero Pathway Paris Aligned US Equity ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both exchange-traded funds - USNZ is a Large Cap Blend Equities fund tracking the Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Both are passively managed. Over the past 3 years, USNZ returned 20.40%/yr vs 20.40%/yr for FNDX. Their correlation of 0.84 suggests significant overlap in exposure. USNZ charges 0.10%/yr vs 0.25%/yr for FNDX.

Performance

USNZ vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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, USNZ achieves a 8.17% return, which is significantly lower than FNDX's 13.43% return.

USNZ

• 1D: -2.77%
• 1M: 1.00%
• YTD: 8.17%
• 6M: 7.70%
• 1Y: 25.78%
• 3Y*: 20.40%
• 5Y*: —
• 10Y*: —

FNDX

• 1D: -1.66%
• 1M: 1.92%
• YTD: 13.43%
• 6M: 13.56%
• 1Y: 30.40%
• 3Y*: 20.40%
• 5Y*: 12.60%
• 10Y*: 14.02%

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

USNZ vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	8.17%	17.76%	21.96%	27.76%	0.74%
FNDX Schwab Fundamental U.S. Large Company Index ETF	13.43%	16.94%	16.77%	18.23%	4.76%

Correlation

The correlation between USNZ and FNDX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 29, 2022	0.84

The correlation between USNZ and FNDX has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

USNZ vs. FNDX - Sectors Allocation Comparison

Sectors	USNZ	FNDX
Technology	41.9%	19.1%
Communication Services	13.4%	10.1%
Healthcare	11.2%	12.0%
Financial Services	10.5%	14.1%
Consumer Cyclical	10.5%	9.2%
Industrials	3.5%	9.3%
Consumer Defensive	3.4%	7.4%
Real Estate	3.3%	1.8%
Basic Materials	1.3%	3.7%
Utilities	1.1%	3.2%
Energy	0.0%	10.3%

Return for Risk

USNZ vs. FNDX — Risk / Return Rank

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

USNZ

USNZ Risk / Return Rank: 59
USNZ Sharpe Ratio Rank: 62
USNZ Sortino Ratio Rank: 61
USNZ Omega Ratio Rank: 62
USNZ Calmar Ratio Rank: 50
USNZ Martin Ratio Rank: 61

FNDX

FNDX Risk / Return Rank: 90
FNDX Sharpe Ratio Rank: 91
FNDX Sortino Ratio Rank: 92
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.

USNZ vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) 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.

	USNZ	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	3.09	-1.15
Sortino ratio: Return per unit of downside risk	2.67	4.29	-1.62
Omega ratio: Gain probability vs. loss probability	1.35	1.57	-0.22
Calmar ratio: Return relative to maximum drawdown	2.34	5.28	-2.94
Martin ratio: Return relative to average drawdown	10.28	20.64	-10.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNZ vs. FNDX - Sharpe Ratio Comparison

The current USNZ Sharpe Ratio is 1.95, which is lower than the FNDX Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of USNZ 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

	USNZ	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	3.09	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.79	+0.37

Drawdowns

USNZ vs. FNDX - Drawdown Comparison

The maximum USNZ drawdown since its inception was -19.16%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for USNZ and FNDX.

Drawdown Indicators

	USNZ	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-37.72%	+18.56%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-6.06%	-5.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-16.30%	-2.86%
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	-3.14%	-1.66%	-1.48%
Average Drawdown Average peak-to-trough decline	-3.31%	-3.55%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	1.55%	+0.97%

Volatility

USNZ vs. FNDX - Volatility Comparison

Xtrackers Net Zero Pathway Paris Aligned US Equity ETF (USNZ) has a higher volatility of 4.17% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.76%. This indicates that USNZ'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

	USNZ	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	2.76%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	7.47%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	10.36%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	15.19%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	17.50%	-0.83%

USNZ vs. FNDX - Expense Ratio Comparison

USNZ has a 0.10% expense ratio, which is lower than FNDX'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

USNZ vs. FNDX - Dividend Comparison

USNZ's dividend yield for the trailing twelve months is around 0.96%, less than FNDX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.46%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF	0.96%	1.02%	1.14%	1.19%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USNZ and FNDX in my portfolio?

USNZ and FNDX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNZ or FNDX?

USNZ has higher volatility (4.17%) compared to FNDX (2.76%). In terms of maximum drawdown, USNZ dropped -19.16% vs FNDX's -37.72%.

Which ETF is better, USNZ or FNDX?

On 3-year performance, FNDX leads with 20.40% vs 20.40% for USNZ. On fees, USNZ is cheaper at 0.10% per year. On volatility, FNDX has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USNZ or FNDX?

Over the 3-year period, FNDX has performed better with a 20.40% return vs 20.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNZ or FNDX?

USNZ is cheaper with a 0.10% expense ratio, compared with 0.25% for FNDX.

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

FNDX has the higher dividend yield at 1.46%, compared with 0.96% for USNZ.

What is the main difference between USNZ and FNDX?

USNZ is categorized as Large Cap Blend Equities, while FNDX is Large Cap Value Equities. USNZ tracks Solactive ISS ESG United States Net Zero Pathway Enhanced Index - Benchmark TR Net, while FNDX tracks RAFI Fundamental High Liquidity US Large Index. They also come from different issuers: Xtrackers and Charles Schwab. Their fees differ too: 0.10% for USNZ and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.09 vs 1.95), 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.