WCMSX vs. FNDF

Last updated Jun 23, 2026

WCMSX (WCM International Small Cap Growth Fund) and FNDF (Schwab Fundamental International Equity ETF) are both funds - WCMSX is a Foreign Small & Mid Cap Equities fund managed by WCM Investment Management, while FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). Over the past 10 years, WCMSX returned 12.77%/yr vs 12.46%/yr for FNDF. A 0.72 correlation means they provide meaningful diversification when combined. WCMSX charges 1.25%/yr vs 0.25%/yr for FNDF.

Performance

WCMSX vs. FNDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WCM International Small Cap Growth Fund (WCMSX) and Schwab Fundamental International Equity ETF (FNDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCMSX achieves a 14.83% return, which is significantly lower than FNDF's 19.55% return. Both investments have delivered pretty close results over the past 10 years, with WCMSX having a 12.77% annualized return and FNDF not far behind at 12.46%.

WCMSX

• 1D: 0.79%
• 1M: -0.92%
• YTD: 14.83%
• 6M: 14.83%
• 1Y: 15.34%
• 3Y*: 14.28%
• 5Y*: 1.53%
• 10Y*: 12.77%

FNDF

• 1D: -0.13%
• 1M: 1.27%
• YTD: 19.55%
• 6M: 20.57%
• 1Y: 43.50%
• 3Y*: 23.53%
• 5Y*: 13.79%
• 10Y*: 12.46%

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

WCMSX vs. FNDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WCMSX WCM International Small Cap Growth Fund	14.83%	18.14%	4.33%	22.26%	-42.12%	16.65%	55.36%	45.02%	-8.94%	42.35%
FNDF Schwab Fundamental International Equity ETF	19.55%	40.99%	2.29%	20.22%	-7.78%	14.97%	3.61%	18.46%	-14.21%	23.98%

Correlation

The correlation between WCMSX and FNDF is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.72

The correlation between WCMSX and FNDF has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

Return for Risk

WCMSX vs. FNDF — Risk / Return Rank

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

WCMSX

WCMSX Risk / Return Rank: 14
WCMSX Sharpe Ratio Rank: 11
WCMSX Sortino Ratio Rank: 11
WCMSX Omega Ratio Rank: 11
WCMSX Calmar Ratio Rank: 20
WCMSX Martin Ratio Rank: 15

FNDF

FNDF Risk / Return Rank: 84
FNDF Sharpe Ratio Rank: 87
FNDF Sortino Ratio Rank: 83
FNDF Omega Ratio Rank: 85
FNDF Calmar Ratio Rank: 82
FNDF Martin Ratio Rank: 81

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.

WCMSX vs. FNDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WCM International Small Cap Growth Fund (WCMSX) and Schwab Fundamental International Equity 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	WCMSX	FNDF	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.75	-1.92
Sortino ratio: Return per unit of downside risk	1.26	3.55	-2.30
Omega ratio: Gain probability vs. loss probability	1.16	1.49	-0.33
Calmar ratio: Return relative to maximum drawdown	1.55	4.13	-2.58
Martin ratio: Return relative to average drawdown	3.82	15.38	-11.57

WCMSX vs. FNDF - Sharpe Ratio Comparison

The current WCMSX Sharpe Ratio is 0.82, which is lower than the FNDF Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of WCMSX 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.

Drawdowns

WCMSX vs. FNDF - Drawdown Comparison

The maximum WCMSX drawdown since its inception was -51.60%, which is greater than FNDF's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for WCMSX and FNDF.

Drawdown Indicators

	WCMSX	FNDF	Difference
Max Drawdown Largest peak-to-trough decline	-51.60%	-40.14%	-11.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-10.60%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-19.37%	-13.89%	-5.48%
Max Drawdown (5Y) Largest decline over 5 years	-51.60%	-25.56%	-26.04%
Max Drawdown (10Y) Largest decline over 10 years	-51.60%	-40.14%	-11.46%
Current Drawdown Current decline from peak	-7.12%	-2.03%	-5.09%
Average Drawdown Average peak-to-trough decline	-15.74%	-7.62%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	2.84%	+1.11%

Volatility

WCMSX vs. FNDF - Volatility Comparison

WCM International Small Cap Growth Fund (WCMSX) has a higher volatility of 7.92% compared to Schwab Fundamental International Equity ETF (FNDF) at 6.27%. This indicates that WCMSX's price experiences larger fluctuations and is considered to be riskier than FNDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCMSX	FNDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	6.27%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	13.65%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	15.95%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	16.32%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	17.67%	+2.47%

WCMSX vs. FNDF - Expense Ratio Comparison

WCMSX has a 1.25% expense ratio, which is higher than FNDF's 0.25% expense ratio.

Dividends

WCMSX vs. FNDF - Dividend Comparison

WCMSX's dividend yield for the trailing twelve months is around 0.71%, less than FNDF's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDF Schwab Fundamental International Equity ETF	2.88%	3.44%	4.01%	3.41%	3.10%	3.54%	2.17%	3.20%	3.47%	2.32%	2.42%	2.08%
WCMSX WCM International Small Cap Growth Fund	0.71%	0.81%	1.31%	0.00%	0.00%	10.27%	2.73%	0.57%	4.04%	1.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WCMSX and FNDF in my portfolio?

WCMSX and FNDF have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCMSX or FNDF?

WCMSX has higher volatility (7.92%) compared to FNDF (6.27%). In terms of maximum drawdown, WCMSX dropped -51.60% vs FNDF's -40.14%.

Which has better risk-adjusted returns?

FNDF currently has the higher Sharpe Ratio (2.75 vs 0.82), 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.