VFSAX vs. FNDC

Last updated Jun 4, 2026

VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) and FNDC (Schwab Fundamental International Small Co. Index ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, VFSAX returned 6.13%/yr vs 7.17%/yr for FNDC. Their correlation of 0.94 suggests significant overlap in exposure. VFSAX charges 0.16%/yr vs 0.39%/yr for FNDC.

Performance

VFSAX vs. FNDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Schwab Fundamental International Small Co. Index ETF (FNDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VFSAX having a 11.72% return and FNDC slightly lower at 11.36%.

VFSAX

• 1D: 0.05%
• 1M: 1.80%
• YTD: 11.72%
• 6M: 14.53%
• 1Y: 28.52%
• 3Y*: 17.12%
• 5Y*: 6.13%
• 10Y*: —

FNDC

• 1D: -0.64%
• 1M: 1.12%
• YTD: 11.36%
• 6M: 13.51%
• 1Y: 27.62%
• 3Y*: 18.14%
• 5Y*: 7.17%
• 10Y*: 8.66%

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

VFSAX vs. FNDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	11.72%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%
FNDC Schwab Fundamental International Small Co. Index ETF	11.36%	35.65%	1.38%	14.92%	-14.71%	10.26%	6.58%	12.82%

Correlation

The correlation between VFSAX and FNDC is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.94

The correlation between VFSAX and FNDC has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VFSAX vs. FNDC - Sectors Allocation Comparison

Sectors	VFSAX	FNDC
Industrials	18.7%	25.8%
Technology	13.3%	8.7%
Basic Materials	12.1%	11.0%
Financial Services	10.8%	11.5%
Consumer Cyclical	9.3%	12.8%
Real Estate	7.3%	6.9%
Healthcare	6.2%	4.9%
Energy	4.9%	4.6%
Consumer Defensive	3.4%	6.3%
Utilities	2.5%	2.8%
Communication Services	2.3%	4.8%

Return for Risk

VFSAX vs. FNDC — Risk / Return Rank

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

VFSAX

VFSAX Risk / Return Rank: 47
VFSAX Sharpe Ratio Rank: 51
VFSAX Sortino Ratio Rank: 47
VFSAX Omega Ratio Rank: 50
VFSAX Calmar Ratio Rank: 42
VFSAX Martin Ratio Rank: 45

FNDC

FNDC Risk / Return Rank: 54
FNDC Sharpe Ratio Rank: 56
FNDC Sortino Ratio Rank: 57
FNDC Omega Ratio Rank: 56
FNDC Calmar Ratio Rank: 49
FNDC Martin Ratio Rank: 53

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.

VFSAX vs. FNDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Schwab Fundamental International Small Co. Index ETF (FNDC). 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.

	VFSAX	FNDC	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.95	+0.16
Sortino ratio: Return per unit of downside risk	2.88	2.75	+0.14
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.45	2.48	-0.02
Martin ratio: Return relative to average drawdown	9.44	9.29	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFSAX vs. FNDC - Sharpe Ratio Comparison

The current VFSAX Sharpe Ratio is 2.11, which is comparable to the FNDC Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of VFSAX and FNDC, 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

	VFSAX	FNDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.95	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.45	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.50	+0.06

Drawdowns

VFSAX vs. FNDC - Drawdown Comparison

The maximum VFSAX drawdown since its inception was -39.86%, smaller than the maximum FNDC drawdown of -43.22%. Use the drawdown chart below to compare losses from any high point for VFSAX and FNDC.

Drawdown Indicators

	VFSAX	FNDC	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-43.22%	+3.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-11.20%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-12.98%	-1.75%
Max Drawdown (5Y) Largest decline over 5 years	-33.81%	-32.13%	-1.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.22%	—
Current Drawdown Current decline from peak	-1.08%	-2.09%	+1.01%
Average Drawdown Average peak-to-trough decline	-9.26%	-8.45%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.98%	0.00%

Volatility

VFSAX vs. FNDC - Volatility Comparison

The current volatility for Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) is 4.31%, while Schwab Fundamental International Small Co. Index ETF (FNDC) has a volatility of 4.67%. This indicates that VFSAX experiences smaller price fluctuations and is considered to be less risky than FNDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSAX	FNDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.67%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	11.77%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.39%	14.26%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	15.98%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	16.80%	+0.23%

VFSAX vs. FNDC - Expense Ratio Comparison

VFSAX has a 0.16% expense ratio, which is lower than FNDC's 0.39% expense ratio.

Dividends

VFSAX vs. FNDC - Dividend Comparison

VFSAX's dividend yield for the trailing twelve months is around 2.96%, less than FNDC's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDC Schwab Fundamental International Small Co. Index ETF	3.46%	3.86%	3.59%	2.86%	1.98%	2.58%	1.77%	2.71%	2.68%	1.94%	1.95%	1.30%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	2.96%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFSAX and FNDC in my portfolio?

With a correlation of 0.91, VFSAX and FNDC 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, VFSAX or FNDC?

FNDC has higher volatility (4.67%) compared to VFSAX (4.31%). In terms of maximum drawdown, VFSAX dropped -39.86% vs FNDC's -43.22%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (2.11 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.