EELV vs FNDE: Grades, Fees and Holdings Compared

Invesco S&P Emerging Markets Low Volatility ETF

EELVBNYSE Arca

Schwab Fundamental Emerging Markets Large Company Index ETF

FNDEBNYSE Arca

Overlap

13.8%by weight

Expense ratio

EELV −0.10pt a year

EELV0.29%FNDE0.39%

Avg volume · 30D

FNDE 27.3×the volume

EELV56KFNDE1.53M

10Y return · a year

FNDE +2.6pt

EELV+6.5%FNDE+9.1%

EELV vs FNDE Performance

Oct 29, 2021 – Oct 30, 2026

+38.0%EELV+58.4%FNDE

Expense ratio: EELV 0.29%, better; FNDE 0.39%
Fund size: EELV $386M; FNDE $9.97B
1Y total return: EELV +8.5%; FNDE +14.4%, better
Yield (12M): EELV 4.40%, better; FNDE 3.66%
Holdings: EELV 208; FNDE 370
Avg volume (30D): EELV 56K sh; FNDE 1.53M sh, better
NAV per share: EELV $27.86; FNDE $40.60
52W range

ETF.net Grade

Pillar letters and Scores for EELV, FNDE, with each pillar’s weight
Pillar	EELV	FNDE
Cost30% weight	A78Higher	B62
Mission25% weight	Not scored	A96
Risk15% weight	B68Higher	B61
Tradability15% weight	C40	A74Higher
Holdings10% weight	B69Higher	C54
Durability5% weight	A70	A79Higher

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EELV and FNDE are both graded against the same 10 Emerging Markets Factor Index funds, so their Grades compare head to head.

Emerging Markets Factor Index⁠

Category · 10 funds

See all 10 ›

EELV ranks 2nd and FNDE 3rd of 10 funds in the Emerging Markets Factor Index Category.

Rank 1AEEMViShares MSCI Emerging Markets Min Vol Factor ETFScore 78
Rank 2BEELVInvesco S&P Emerging Markets Low Volatility ETFScore 66
Rank 3BFNDESchwab Fundamental Emerging Markets Large Company Index ETFScore 64
Rank 4BPXHInvesco RAFI Emerging Markets ETFScore 57

Our read on each fund

ETF.net Research

EELVBInvesco S&P Emerging Markets Low Volatility ETF

FNDEBSchwab Fundamental Emerging Markets Large Company Index ETF

In short

EELV EELV hunts the calm corners of emerging markets: roughly 200 of the least volatile stocks in a broad EM universe, chosen by rule rather than by a manager's hunch. Same asset class, deliberately lower-drama construction.

FNDE Most emerging-markets funds size a position by its market price. FNDE sizes it by the business behind it, weighting large EM companies on fundamental measures instead of market cap. Schwab has run this value-leaning version since 2013.

Stated mandate

EELV The fund provides exposure to emerging-market stocks selected for low volatility by tracking the S&P BMI Emerging Markets Low Volatility Index.

FNDE The fund seeks to track, before fees and expenses, an index of large companies in emerging-market countries selected and weighted according to fundamental size measures.

Why people hold it

EELV At 0.29% a year it undercuts the median fee in its emerging-markets factor cohort (0.44%), and it has run the same low-volatility rulebook since its 2012 launch.
The rule is plain: track the S&P BMI Emerging Markets Low Volatility Index, which screens a broad EM universe on realized volatility. No stock-picker discretion.invesco.com
Roughly 200 holdings means no single name or headline steers the whole portfolio, and distributions land on a quarterly schedule.

FNDE Weights by fundamental size, not market cap, so a company's slot reflects its business footprint rather than what the market is currently paying for it. The value tilt is advertised, not accidental.schwabassetmanagement.com
At 0.39%, the fee sits under the 0.49% typical for emerging-markets ETFs. Rules-based weighting at an index-fund price.
A multi-billion-dollar fund that trades actively, and it has hugged its RAFI index closely. Two things that often go missing in EM, where thin books and tracking slippage are common.
Live since 2013, with a full market cycle of history behind the method. Among the strongest implementations in a crowded emerging-markets field.

Worth knowing

EELV It trades lightly next to the category's largest funds, so the spread paid at the trade can matter as much as the 0.29% fee.
A pure volatility screen reshapes the map: sector and country weights can sit far from a standard cap-weighted emerging-markets index.invesco.com
Cheap, but not the cheapest low-vol EM shelf: iShares' EEMV lists a 0.25% fee.

FNDE Plain cap-weighted EM exposure costs less: VEXC at 0.07%, BKEM at 0.11%, XCEM at 0.16%. You are paying for the fundamental weighting.
Large companies only, about 400 of them, screened for liquidity. Narrower than total-market EM funds that reach into small caps.
A value tilt means results will separate from cap-weighted EM benchmarks in both directions. Distributions land once or twice a year, not monthly.

Full EELV profile⁠

Full FNDE profile⁠

EELV vs FNDE Holdings

How EELV and FNDE differ

Overlap by weight

13.8%

Shared holdings make up 29.6% of EELV and 22.5% of FNDE.

Level by level

Holdings59 in both13.8%
Sector11 Sectors60.0%
Countryby domicile63.2%
Asset classEquity100%

Sector

Sector weights in EELV and FNDE, widest gap first
Sector	More in EELVMore in FNDE	EELV	FNDE
Technology	FNDE +19.6 points	0.2%	19.8%
Financials	EELV +14.0 points	40.4%	26.4%
Energy	FNDE +8.5 points	6.2%	14.7%
Materials	FNDE +7.0 points	4.5%	11.5%
Utilities	EELV +6.9 points	9.1%	2.2%
Consumer Staples	EELV +6.5 points	9.6%	3.1%
Industrials	EELV +5.6 points	10.5%	4.9%
Consumer Discretionary	FNDE +4.9 points	4.5%	9.4%
Health Care	EELV +3.1 points	3.5%	0.4%
Communication	EELV +3.0 points	9.1%	6.1%
Real Estate	EELV +1.0 points	2.4%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in EELV and FNDE, widest gap first
Country	More in EELVMore in FNDE	EELV	FNDE
Malaysia	EELV +15.2 points	16.0%	0.8%
Taiwan	FNDE +10.2 points	14.7%	24.9%
India	FNDE +10.0 points	0.1%	10.1%
China	FNDE +9.5 points	24.8%	34.3%
Thailand	EELV +8.3 points	11.4%	3.1%
South Africa	EELV +4.7 points	11.9%	7.2%
Brazil	FNDE +4.1 points	8.5%	12.6%
Mexico	EELV +3.3 points	6.9%	3.6%
Other countries (9)	EELV +2.4 points	5.8%	3.4%

Outside the US: EELV 0% developed, 100% emerging. FNDE 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

EELV8.7%
FNDE26.7%

Securities held

EELV201
FNDE352

Asset class

EELV: Equity
FNDE: Equity

Holdings

Only in EELV142
In both59
Only in FNDE293

Only in EELV

142 securities, 69.9% of EELV by weight

Borouge PLC0.88%
Boubyan Bank KSCP0.87%
Tisco Financial Group PCL0.82%
Taiwan Cooperative Financial Holding Co Ltd0.81%
Saudi Telecom Co0.81%
Warba Bank KSCP0.81%
Gulf Bank KSCP0.76%
Tenaga Nasional Bhd0.75%
Chang Hwa Commercial Bank Ltd0.73%
NEPI Rockcastle NV0.72%
Shanghai Commercial & Savings Bank Ltd/The0.72%
Saudi Arabian Oil Co0.70%
Al Rayan Bank0.69%
Al Ahli Bank of Kuwait KSCP0.68%
Malayan Banking Bhd0.68%
Scb X Pcl0.67%
IOI Corp Bhd0.63%
Adnoc Gas PLC0.61%
RHB Bank Bhd0.61%
Shanghai Pharmaceuticals Holding Co Ltd0.61%
Jarir Marketing Co0.60%
Saudi Awwal Bank0.60%
Public Bank Bhd0.60%
AMMB Holdings Bhd0.59%
Remgro Ltd0.58%
SD Guthrie Bhd0.58%
Abu Dhabi National Oil Co for Distribution PJSC0.58%
E.Sun Financial Holding Co Ltd0.58%
MISC Bhd0.57%
Kasikornbank PCL0.57%
IHH Healthcare Bhd0.56%
Industrial & Commercial Bank of China Ltd0.56%
Jiangsu Expressway Co Ltd0.55%
Far EasTone Telecommunications Co Ltd0.55%
Ptt Pcl0.54%
Komercni Banka AS0.53%
Riyad Bank0.53%
Bidvest Group Ltd0.52%
President Chain Store Corp0.52%
Bangkok Bank PCL0.51%
Capitec Limited0.51%
Arab National Bank0.51%
Caixa Seguridade Participacoes S/A0.51%
Arca Continental SAB de CV0.51%
Thai Beverage PCL0.51%
Old Mutual Ltd0.50%
Hong Leong Bank Bhd0.50%
Bangkok Dusit Medical Services PCL0.50%
Nahdi Medical Co0.49%
BB Seguridade Participacoes SA0.49%

Only in FNDE

293 securities, 77.4% of FNDE by weight

Taiwan Semiconductor Manufacturing5.60%
Hon Hai Precision Industry2.79%
Petroleo Brasileiro SA2.72%
Alibaba Group Holding2.66%
Tencent Holdings1.87%
Industrial and Commercial Bank of1.76%
Jd Com Adr Representing Class A1.57%
Mediatek1.32%
Petrochina H1.22%
Ping An Insurance (Group) Co of Ch1.00%
Ptt Non-Voting Dr0.96%
Nan Ya Plastics Corp0.93%
Reliance Industries Ltd0.92%
Ase Technology Holding0.84%
Sasol0.81%
Evergreen Marine Corp (Taiwan) Ltd0.79%
United Micro Electronics Corp0.76%
Pdd Holdings Ads0.69%
Saudi Arabian Oil0.69%
Icici Bank0.64%
Infosys0.64%
Hdfc Bank0.62%
Lenovo Group0.61%
Gpo Finance Banorte0.56%
Grupo Mexico B0.56%
Valterra Platinum Ltd0.54%
Innolux Corp0.52%
Fubon Financial Holding0.51%
Asustek Computer Inc0.50%
Mtn Group0.49%
Xiaomi0.46%
Banco Do Brasil SA0.44%
Vibra Energia SA0.42%
Gerdau Pref SA0.42%
Cemex Cpo0.41%
Auo0.38%
Wistron0.38%
Bharti Airtel Ltd0.38%
Turkiye Petrol Rafinerileri A0.38%
Picc Property and Casualty Ltd H0.37%
Quanta Computer0.37%
Formosa Plastics Corp0.37%
Meituan0.37%
State Bank of India0.37%
Baidu0.36%
Pegatron0.36%
Tata Steel Ltd0.35%
Compal Electronics0.34%
Netease0.34%
China Resources Land0.34%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in EELV and FNDE, widest gap first
Holding	More in EELVMore in FNDE	EELV	FNDE
Petroleo Brasileiro SA - Petrobras	FNDE +2.43 points	0.43%	2.86%
China Construction Bank Corp	FNDE +2.33 points	0.53%	2.86%
Vale SA	FNDE +1.66 points	0.31%	1.97%
Bank of China Ltd	FNDE +0.98 points	0.57%	1.55%
Kuwait Finance House KSCP	EELV +0.96 points	1.14%	0.18%
Taiwan Mobile Co Ltd	EELV +0.71 points	0.85%	0.14%
Qatar Fuel QSC	EELV +0.69 points	0.73%	0.04%
Chunghwa Telecom Co Ltd	EELV +0.64 points	0.97%	0.33%
Mobile Telecommunications Co KSCP	EELV +0.61 points	0.68%	0.07%
China Petroleum & Chemical Corp	FNDE +0.57 points	0.43%	1.00%
National Bank of Kuwait SAKP	EELV +0.52 points	0.70%	0.18%
First Financial Holding Co Ltd	EELV +0.48 points	0.66%	0.18%
Qatar Islamic Bank QPSC	EELV +0.45 points	0.51%	0.06%
Bid Corp Ltd	EELV +0.44 points	0.63%	0.19%
Mega Financial Holding Co Ltd	EELV +0.42 points	0.60%	0.18%
Dubai Electricity & Water Authority PJSC	EELV +0.41 points	0.48%	0.07%
Enel Americas SA	EELV +0.41 points	0.44%	0.03%
Uni-President Enterprises Corp	EELV +0.40 points	0.64%	0.24%
China Tower Corp Ltd	EELV +0.39 points	0.52%	0.13%
Sinopharm Group Co Ltd	EELV +0.39 points	0.52%	0.13%
Bank of Communications Co Ltd	EELV +0.38 points	0.63%	0.25%
Ooredoo QPSC	EELV +0.37 points	0.44%	0.07%
Shoprite Holdings Ltd	EELV +0.36 points	0.55%	0.19%
CGN Power Co Ltd	EELV +0.35 points	0.45%	0.10%
Qatar National Bank QPSC	EELV +0.34 points	0.49%	0.15%
Postal Savings Bank of China Co Ltd	EELV +0.33 points	0.55%	0.22%
Empresas Copec SA	EELV +0.33 points	0.40%	0.07%
Al Rajhi Bank	EELV +0.32 points	0.51%	0.19%
China Everbright Environment Group Ltd	EELV +0.31 points	0.38%	0.07%
China Resources Power Holdings Co Ltd	EELV +0.31 points	0.49%	0.18%
Sanlam Ltd	EELV +0.31 points	0.45%	0.14%
Telefonica Brasil SA	EELV +0.31 points	0.41%	0.10%
China Everbright Bank Co Ltd	EELV +0.30 points	0.42%	0.12%
TCC Group Holdings Co Ltd	EELV +0.29 points	0.48%	0.19%
Cia Energetica de Minas Gerais	EELV +0.28 points	0.41%	0.13%
Banco de Chile	EELV +0.27 points	0.39%	0.12%
Cia Paranaense de Energia - Copel	EELV +0.27 points	0.36%	0.09%
China Minsheng Banking Corp Ltd	EELV +0.26 points	0.42%	0.16%
Chailease Holding Co Ltd	EELV +0.25 points	0.38%	0.13%
Eva Airways Corp	EELV +0.23 points	0.39%	0.16%
Nedbank Group Ltd	EELV +0.24 points	0.46%	0.22%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	EELV +0.23 points	0.36%	0.13%
Equatorial SA	EELV +0.22 points	0.35%	0.13%
Itau Unibanco Holding SA	FNDE +0.22 points	0.41%	0.63%
Wal-Mart de Mexico SAB de CV	EELV +0.20 points	0.48%	0.28%
China Steel Corp	EELV +0.19 points	0.45%	0.26%
America Movil SAB de CV	FNDE +0.18 points	0.47%	0.65%
Absa Group Ltd	EELV +0.18 points	0.44%	0.26%
China CITIC Bank Corp Ltd	EELV +0.17 points	0.50%	0.33%
Ambev SA	EELV +0.17 points	0.38%	0.21%
Fomento Economico Mexicano SAB de CV	FNDE +0.13 points	0.49%	0.62%
Standard Bank Group Ltd	EELV +0.07 points	0.48%	0.41%
Agricultural Bank of China Ltd	FNDE +0.06 points	0.50%	0.56%
China Shenhua Energy Co Ltd	FNDE +0.05 points	0.38%	0.43%
China Merchants Bank Co Ltd	FNDE +0.05 points	0.55%	0.60%
CITIC Ltd	EELV +0.04 points	0.36%	0.32%
Banco Bradesco SA	FNDE +0.03 points	0.32%	0.35%
CTBC Financial Holding Co Ltd	FNDE +0.02 points	0.46%	0.48%
FirstRand Ltd	EELV +0.01 points	0.43%	0.42%

All 202 EELV holdings⁠All 392 FNDE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EELV vs FNDE Cost

Overpaying FNDE vs EELV

$1,946

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EELV 0.29%
$5,952
FNDE 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

EELV 0.29%
FNDE 0.39%
Overpaying

Year by year

Year	EELV	FNDE	Overpaying
10	$527	$705	$178
20	$2,044	$2,725	$681
30	$5,952	$7,898	$1,946

Expense ratio

0.29%EELV, cheaper
0.39%FNDE

EELV0.29%FNDE0.39%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EELV 2nd cheapest of 10 funds

FNDE 4th cheapest of 10 funds

EELV vs FNDE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EELV 4.40%, better; FNDE 3.66%
Payout (12M): EELV $1.22; FNDE $1.49
Last payment: EELV $0.43; FNDE $0.19
Ex-dividend: EELV Sep 21, 2026; FNDE Jun 24, 2026
Paid on: EELV Sep 25, 2026; FNDE Jun 29, 2026
Frequency: EELV Quarterly; FNDE Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EELVQuarterly · 39 paymentsAll EELV payments⁠

FNDETwice a year · 20 paymentsAll FNDE payments⁠

EELV vs FNDE Risk

Fall from peak · 5 years

EELV
FNDE

Risk facts

VolatilityStd dev, 3 years: EELV 9.2%, betterFNDE 11.0%
Return per unit of riskSharpe ratio, 3 years: EELV 0.92FNDE 1.49, better
Worst fallMax drawdown, 5 years: EELV −19.0%, betterFNDE −29.4%
Market sensitivityBeta, 5 years: EELV 0.60FNDE 0.80; Market = 1

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