EEMV vs FNDE: Grades, Fees and Holdings Compared

iShares MSCI Emerging Markets Min Vol Factor ETF

EEMVACboe

Schwab Fundamental Emerging Markets Large Company Index ETF

FNDEBNYSE Arca

Overlap

21.4%by weight

Expense ratio

EEMV −0.14pt a year

EEMV0.25%FNDE0.39%

Avg volume · 30D

FNDE 6.8×the volume

EEMV225KFNDE1.53M

10Y return · a year

FNDE +3.4pt

EEMV+5.7%FNDE+9.1%

EEMV vs FNDE Performance

Oct 29, 2021 – Oct 30, 2026

+28.7%EEMV+58.4%FNDE

Expense ratio: EEMV 0.25%, better; FNDE 0.39%
Fund size: EEMV $3.4B; FNDE $9.97B
1Y total return: EEMV +12.0%; FNDE +14.4%, better
Yield (12M): EEMV 2.28%; FNDE 3.66%, better
Holdings: EEMV 324; FNDE 370
Avg volume (30D): EEMV 225K sh; FNDE 1.53M sh, better
NAV per share: EEMV $71.20; FNDE $40.60
52W range

ETF.net Grade

Pillar letters and Scores for EEMV, FNDE, with each pillar’s weight
Pillar	EEMV	FNDE
Cost30% weight	A92Higher	B62
Mission25% weight	Not scored	A96
Risk15% weight	B56	B61Higher
Tradability15% weight	A75Higher	A74
Holdings10% weight	A73Higher	C54
Durability5% weight	A81Higher	A79

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. EEMV 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 ›

EEMV ranks 1st 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

EEMVAiShares MSCI Emerging Markets Min Vol Factor ETF

FNDEBSchwab Fundamental Emerging Markets Large Company Index ETF

In short

EEMV Emerging markets with the volume turned down. Since 2011, EEMV has tracked MSCI's minimum-volatility EM index, holding roughly 300 stocks picked for steadiness rather than size, at 0.25% a year.

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

EEMV The fund seeks to track an index of emerging-market equities selected for minimum-volatility characteristics.

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

EEMV At 0.25%, it carries the lowest fee in its emerging-markets factor cohort, undercutting EELV at 0.29% and ECOW at 0.70%, and sitting well below the group median.
Live since 2011 and now a multi-billion-dollar fund: a long public track record of running the min vol playbook in the world's bumpiest equity markets.
About 300 emerging-market names, chosen by published index rules rather than a manager's hunch, so what you own is auditable rather than discretionary.
Stands among the stronger implementations in its emerging-markets factor peer group on our review, largely on cost and issuer staying power.

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

EEMV Minimum volatility is a construction rule, not a floor. The index aims for smaller swings; emerging-market currency, country and political risk still ride along.
Screening for low volatility pulls country and sector weights away from a cap-weighted EM benchmark, so it can move to a different rhythm than the headline index.
Volume is moderate rather than torrential, so execution habits (limit orders, skipping the opening minutes) matter more here than with a mega-cap index fund.

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 EEMV profile⁠

Full FNDE profile⁠

EEMV vs FNDE Holdings

How EEMV and FNDE differ

Overlap by weight

21.4%

Shared holdings make up 40.6% of EEMV and 39.9% of FNDE.

Level by level

Holdings76 in both21.4%
Countryby domicile66.7%
Sector11 Sectors68.6%
Asset classEquity100%

Sector

Sector weights in EEMV and FNDE, widest gap first
Sector	More in EEMVMore in FNDE	EEMV	FNDE
Technology	EEMV +15.9 points	35.7%	19.8%
Energy	FNDE +10.5 points	4.2%	14.7%
Materials	FNDE +9.2 points	2.3%	11.5%
Health Care	EEMV +5.4 points	5.8%	0.4%
Financials	FNDE +5.3 points	21.1%	26.4%
Communication	EEMV +5.2 points	11.3%	6.1%
Consumer Discretionary	FNDE +5.0 points	4.4%	9.4%
Consumer Staples	EEMV +2.8 points	5.9%	3.1%
Utilities	EEMV +2.3 points	4.5%	2.2%
Real Estate	FNDE +0.8 points	0.6%	1.4%
Industrials	FNDE +0.7 points	4.2%	4.9%

Country, concentration and asset class

Country by domicile

Country weights in EEMV and FNDE, widest gap first
Country	More in EEMVMore in FNDE	EEMV	FNDE
South Korea	EEMV +15.6 points	15.6%	0.0%
China	FNDE +14.2 points	20.1%	34.3%
Brazil	FNDE +10.8 points	1.8%	12.6%
India	EEMV +7.5 points	17.6%	10.1%
Saudi Arabia	EEMV +6.5 points	13.7%	7.2%
Mexico	FNDE +3.6 points	0.0%	3.6%
Malaysia	EEMV +1.8 points	2.6%	0.8%
Thailand	FNDE +1.4 points	1.7%	3.1%
Other countries (8)	FNDE +1.3 points	26.9%	28.2%

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

Concentration

Weight in the 10 largest Holdings

EEMV15.3%
FNDE26.7%

Securities held

EEMV302
FNDE352

Asset class

EEMV: Equity
FNDE: Equity

Holdings

Only in EEMV226
In both76
Only in FNDE276

Only in EEMV

226 securities, 59.2% of EEMV by weight

Samsung Electronics Non Voting Pre1.62%
Samsung Sdi Ltd1.56%
Saudi Arabian Oil1.52%
Samsung Electronics Ltd1.38%
Sk Hynix1.37%
Taiwan Cooperative Financial Holdi1.30%
Saudi Telecom1.22%
Advanced Info Service Non-Voting D1.13%
Samsung Sds1.00%
Chroma Ate0.91%
Samsung Biologics0.89%
Far Eastone Telecommunications Ltd0.87%
Advantech0.86%
China Yangtze Power Ltd A0.86%
Malayan Banking0.86%
Aselsan Elektronik Sanayi Ve Ticar0.86%
KT&G Corp0.84%
King Slide Works0.82%
Credicorp Ltd0.79%
Hua Nan Financial Holdings0.76%
Accton Technology0.75%
Torrent Pharmaceuticals Ltd0.73%
Db Islamic Bank0.72%
Hmm Ltd0.69%
E.sun Financial Holding0.65%
Honprecision Inc0.63%
Al-Elm Information Security Compan0.62%
Al Rajhi Bank0.61%
President Chain Store Corp0.61%
Sk Telecom0.59%
Aspeed Technology0.58%
Samsung Electro Mechanics Ltd0.57%
Elite Material0.57%
Ihh Healthcare0.56%
Naura Technology Group Ltd A0.52%
Titan Company Ltd0.50%
Abu Dhabi National Oil Company For0.50%
Etihad Etisalat0.49%
Ltm Ltd0.48%
Nestle India Ltd0.47%
Sk Square0.47%
Pidilite Industries Ltd0.45%
Wiwynn Corporation0.45%
Dr Sulaiman Al Habib Medical Grp0.44%
Jarir Marketing0.43%
International Container Terminal’s0.43%
Hong Leong Bank0.42%
S-Oil0.42%
Dr Reddys Laboratories0.42%
Cipla Ltd0.42%

Only in FNDE

276 securities, 60.0% of FNDE by weight

Petroleo Brasileiro SA2.72%
Alibaba Group Holding2.66%
Vale1.97%
Jd Com Adr Representing Class A1.57%
Ping An Insurance (Group) Co of Ch1.00%
Ptt Non-Voting Dr0.96%
Nan Ya Plastics Corp0.93%
Sasol0.81%
Evergreen Marine Corp (Taiwan) Ltd0.79%
Pdd Holdings Ads0.69%
Saudi Arabian Oil0.69%
Itau Unibanco Holding Pref SA0.63%
Fomento Economico Mexicano Ubd Uni0.62%
Lenovo Group0.61%
China Merchants Bank H0.60%
Gpo Finance Banorte0.56%
Grupo Mexico B0.56%
Valterra Platinum Ltd0.54%
Fubon Financial Holding0.51%
Asustek Computer Inc0.50%
Mtn Group0.49%
Banco Do Brasil SA0.44%
Firstrand Ltd0.42%
Vibra Energia SA0.42%
Gerdau Pref SA0.42%
Cemex Cpo0.41%
Standard Bank Group0.41%
Auo0.38%
Wistron0.38%
Turkiye Petrol Rafinerileri A0.38%
Quanta Computer0.37%
Formosa Plastics Corp0.37%
Meituan0.37%
State Bank of India0.37%
Baidu0.36%
Banco Bradesco Pref0.35%
Tata Steel Ltd0.35%
Compal Electronics0.34%
Netease0.34%
China Resources Land0.34%
Hindalco Industries Ltd0.34%
Koc Holding A0.33%
Yuanta Financial Holding0.33%
Formosa Chemicals & Fibre Corp0.33%
Ping An Insurance (Group) of China0.33%
China Overseas Land Investment0.33%
Kasikornbank Public Non-Voting Dr0.33%
Citic Ltd0.32%
Larsen and Toubro Ltd0.32%
China Merchants Bank A0.32%

Weight gaps

All 76 Holdings in both funds, largest gap first.

Holding weights in EEMV and FNDE, widest gap first
Holding	More in EEMVMore in FNDE	EEMV	FNDE
Taiwan Semiconductor Manufacturing	FNDE +4.06 points	1.54%	5.60%
Petroleo Brasileiro Pref SA	FNDE +2.78 points	0.08%	2.86%
Hon Hai Precision Industry	FNDE +2.51 points	0.28%	2.79%
China Construction Bank Corp H	FNDE +1.86 points	1.00%	2.86%
Tencent Holdings	FNDE +1.70 points	0.17%	1.87%
Tata Consultancy Services Ltd	EEMV +1.38 points	1.72%	0.34%
Chunghwa Telecom Ltd	EEMV +1.12 points	1.45%	0.33%
First Financial Holding Ltd	EEMV +1.03 points	1.21%	0.18%
Taiwan Mobile	EEMV +1.01 points	1.15%	0.14%
Mediatek	FNDE +0.93 points	0.39%	1.32%
Bharti Airtel Ltd	EEMV +0.84 points	1.22%	0.38%
Novatek Microelectronics	EEMV +0.79 points	1.06%	0.27%
Delta Electronics	EEMV +0.74 points	1.01%	0.27%
Petrochina H	FNDE +0.72 points	0.50%	1.22%
Tech Mahindra	EEMV +0.70 points	0.85%	0.15%
Agricultural Bank of China H	EEMV +0.64 points	1.20%	0.56%
National Bank of Kuwait	EEMV +0.64 points	0.82%	0.18%
Emirates Telecommunications Group	EEMV +0.62 points	0.81%	0.19%
United Micro Electronics Corp	EEMV +0.60 points	1.36%	0.76%
Hcl Technologies Ltd	EEMV +0.60 points	0.80%	0.20%
China Petroleum and Chemical H	FNDE +0.59 points	0.41%	1.00%
Sun Pharmaceutical Industries	EEMV +0.58 points	0.69%	0.11%
Reliance Industries Ltd	FNDE +0.57 points	0.35%	0.92%
Kuwait Finance House	EEMV +0.57 points	0.75%	0.18%
China Citic Bank Corp Ltd H	EEMV +0.53 points	0.86%	0.33%
Cgn Power Ltd H	EEMV +0.45 points	0.55%	0.10%
Mega Financial Holding Ltd	EEMV +0.43 points	0.61%	0.18%
Emirates Nbd	EEMV +0.43 points	0.59%	0.16%
Qatar National Bank	EEMV +0.40 points	0.55%	0.15%
Falabella Saci	EEMV +0.40 points	0.48%	0.08%
Ctbc Financial Holding	FNDE +0.40 points	0.08%	0.48%
Innolux Corp	FNDE +0.38 points	0.14%	0.52%
Icici Bank	FNDE +0.33 points	0.31%	0.64%
Hindustan Unilever Ltd	EEMV +0.32 points	0.43%	0.11%
Maruti Suzuki India Ltd	EEMV +0.32 points	0.46%	0.14%
Pegatron	EEMV +0.31 points	0.67%	0.36%
Ooredoo	EEMV +0.31 points	0.38%	0.07%
Hdfc Bank	FNDE +0.31 points	0.31%	0.62%
Industrial and Commercial Bank of	FNDE +0.29 points	1.47%	1.76%
Infosys	EEMV +0.28 points	0.92%	0.64%
Companhia De Saneamento Basico De	EEMV +0.28 points	0.41%	0.13%
Wipro	EEMV +0.26 points	0.38%	0.12%
China Shenhua Energy Ltd H	EEMV +0.26 points	0.69%	0.43%
Huaneng Power International Inc H	EEMV +0.25 points	0.36%	0.11%
Telefonica Brasil SA	EEMV +0.25 points	0.35%	0.10%
Axis Bank	FNDE +0.24 points	0.07%	0.31%
Bank of Communications Ltd H	EEMV +0.22 points	0.47%	0.25%
Postal Savings Bank of China Ltd H	EEMV +0.21 points	0.43%	0.22%
Dubai Electricity and Water Author	EEMV +0.18 points	0.25%	0.07%
America Movil B	FNDE +0.14 points	0.51%	0.65%
Ambev SA	FNDE +0.13 points	0.08%	0.21%
Kotak Mahindra Bank Ltd	EEMV +0.13 points	0.34%	0.21%
Bank of China Ltd H	EEMV +0.13 points	1.68%	1.55%
First Abu Dhabi Bank	EEMV +0.12 points	0.22%	0.10%
Uni-President Enterprises	EEMV +0.12 points	0.36%	0.24%
Picc Property and Casualty Ltd H	FNDE +0.11 points	0.26%	0.37%
Ase Technology Holding	FNDE +0.12 points	0.72%	0.84%
Realtek Semiconductor	EEMV +0.11 points	0.27%	0.16%
Boe Technology Group Ltd A	EEMV +0.11 points	0.25%	0.14%
Power Grid Corporation of India	FNDE +0.11 points	0.06%	0.17%
Bank Central Asia	FNDE +0.10 points	0.04%	0.14%
Xiaomi	EEMV +0.09 points	0.55%	0.46%
Qatar Islamic Bank	EEMV +0.08 points	0.14%	0.06%
Cia Paranaense De Energia Copel	EEMV +0.09 points	0.18%	0.09%
China Construction Bank Corp A	EEMV +0.08 points	0.15%	0.07%
Otp Bank	EEMV +0.08 points	0.32%	0.24%
Yageo	FNDE +0.05 points	0.15%	0.20%
Itc Ltd	FNDE +0.05 points	0.26%	0.31%
Kweichow Moutai A	EEMV +0.03 points	0.16%	0.13%
Kunlun Energy Ltd	FNDE +0.02 points	0.12%	0.14%
China Coal Energy Ltd H	FNDE +0.02 points	0.08%	0.10%
Empresas Copec SA	EEMV +0.01 points	0.08%	0.07%
Axia Energia Prf SA	EEMV +0.01 points	0.02%	0.01%
Gold Fields	EEMV +0.01 points	0.23%	0.22%
Axia Energia SA	Same weight	0.15%	0.15%
Equatorial SA	Same weight	0.13%	0.13%

All 297 EEMV 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.

EEMV vs FNDE Cost

Overpaying FNDE vs EEMV

$2,739

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

EEMV 0.25%
$5,159
FNDE 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

EEMV 0.25%
FNDE 0.39%
Overpaying

Year by year

Year	EEMV	FNDE	Overpaying
10	$455	$705	$250
20	$1,769	$2,725	$956
30	$5,159	$7,898	$2,739

Expense ratio

0.25%EEMV, cheaper
0.39%FNDE

EEMV0.25%FNDE0.39%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

EEMV cheapest of 10 funds

FNDE 4th cheapest of 10 funds

EEMV vs FNDE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EEMV 2.28%; FNDE 3.66%, better
Payout (12M): EEMV $1.62; FNDE $1.49
Last payment: EEMV $0.65; FNDE $0.19
Ex-dividend: EEMV Jun 15, 2026; FNDE Jun 24, 2026
Paid on: EEMV Jun 18, 2026; FNDE Jun 29, 2026
Frequency: EEMV Twice a year; FNDE Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EEMVTwice a year · 19 paymentsAll EEMV payments⁠

FNDETwice a year · 20 paymentsAll FNDE payments⁠

EEMV vs FNDE Risk

Fall from peak · 5 years

EEMV
FNDE

Risk facts

VolatilityStd dev, 3 years: EEMV 11.6%FNDE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: EEMV 0.85FNDE 1.49, better
Worst fallMax drawdown, 5 years: EEMV −21.9%, betterFNDE −29.4%
Market sensitivityBeta, 5 years: EEMV 0.72FNDE 0.80; Market = 1

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