FNDC vs PDN: Grades, Fees and Holdings Compared

Schwab Fundamental International Small Company Index ETF

FNDCANYSE Arca

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF

PDNBNYSE Arca

Overlap

66.6%by weight

Expense ratio

FNDC −0.08pt a year

FNDC0.39%PDN0.47%

Avg volume · 30D

FNDC 9.2×the volume

FNDC92.6KPDN10.1K

10Y return · a year

FNDC +0.2pt

FNDC+8.4%PDN+8.2%

FNDC vs PDN Performance

Nov 2, 2021 – Nov 2, 2026

+44.9%FNDC+37.8%PDN

Expense ratio: FNDC 0.39%, better; PDN 0.47%
Fund size: FNDC $3.04B; PDN $342M
1Y total return: FNDC +15.6%, better; PDN +13.9%
Yield (12M): FNDC 3.66%, better; PDN 3.35%
Holdings: FNDC 1581; PDN 1570
Avg volume (30D): FNDC 92.6K sh, better; PDN 10.1K sh
NAV per share: FNDC $49.16; PDN $45.02
52W range

ETF.net Grade

Pillar letters and Scores for FNDC, PDN, with each pillar’s weight
Pillar	FNDC	PDN
Cost30% weight	A70Higher	C47
Mission25% weight	A100	A100
Risk15% weight	B62	B62
Tradability15% weight	A71Higher	C51
Holdings10% weight	B60	A77Higher
Durability5% weight	B64Higher	B56

Rank among International Small-Cap funds

How we build Categories ›

Same Category. FNDC and PDN are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

FNDC ranks 4th and PDN 8th of 16 funds in the International Small-Cap Category.

Rank 1ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 1AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 79
Rank 3ASCHCSchwab International Small-Cap Equity ETFScore 78
Rank 4AFNDCSchwab Fundamental International Small Company Index ETFScore 75
Rank 5ADFISDimensional International Small Cap ETFScore 74
Rank 7AGWXState Street SPDR S&P International Small Cap ETFScore 71
Rank 8BPDNInvesco RAFI Developed Markets ex-U.S. Small-Mid ETFScore 66
Rank 9BIEUSiShares MSCI Europe Small-Cap ETFScore 59

Our read on each fund

ETF.net Research

FNDCASchwab Fundamental International Small Company Index ETF

PDNBInvesco RAFI Developed Markets ex-U.S. Small-Mid ETF

In short

FNDC Schwab's contrarian cut of international small caps: instead of letting share price set position size, FNDC weights roughly 1,600 developed-market small companies by fundamental measures of size, which bakes in a value tilt.

PDN PDN ignores the market-cap playbook. It tracks a RAFI fundamental index of roughly 1,600 small and mid caps across developed markets outside the US, a job it has been doing since 2007.

Stated mandate

FNDC The fund seeks to track, before fees and expenses, the total return of an index measuring small non-U.S. developed-market companies according to fundamental size and weighting.

PDN The fund tracks the RAFI Fundamental Select Developed ex US 1500 Index, targeting small- and mid-capitalization equities of developed international markets excluding the United States.

Why people hold it

FNDC Weights companies by fundamental measures of size rather than share price, so a stock's weight does not climb simply because the market bid it up.
Roughly 1,600 names spread across developed markets outside the US. Broad enough that no single small-cap story drives the fund.
Trading since 2013 and now a multi-billion-dollar fund that stays inside its lane: developed-market small companies, no drift into emerging markets or larger caps.
At 0.39%, one of the better-standing implementations in a peer group where the typical fund charges about the same.

PDN The benchmark is a fundamental index, not a market-cap one, so a stock's weight doesn't climb simply because its share price did.invesco.com
Roughly 1,600 names covering both small and mid caps abroad, so it reaches past the tiny end of the bench. Distributions come quarterly.
Live since 2007, and the portfolio still lines up tightly with the mandate on the tin: developed markets ex-US, small and mid cap.

Worth knowing

FNDC The fundamental weighting costs extra: plain cap-weighted siblings SCHC and VSS charge 0.06% against 0.39% here.
A value tilt means results can diverge from standard cap-weighted international small-cap indexes for long stretches, in either direction.
Cash comes in lumps: distributions are annual or semiannual, not monthly, and the fund trades moderately rather than like the category's busiest names.

PDN At 0.47% it sits above the plain-vanilla crowd: VSS and SCHC charge 0.06%, and fellow fundamental fund FNDC charges 0.39%.
Trading is light for the category, so spreads and premiums can be a bigger slice of your real cost than the fee itself.
Fundamental weighting means the portfolio can sit a long way from cap-weighted small-cap benchmarks, in either direction.

Full FNDC profile⁠

Full PDN profile⁠

FNDC vs PDN Holdings

How FNDC and PDN differ

Overlap by weight

66.6%

Shared holdings make up 81.2% of PDN and 69.0% of FNDC.

Level by level

Holdings1,207 in both66.6%
Sector11 Sectors96.5%
Countryby domicile96.6%
Asset classEquity100%

Sector

Sector weights in FNDC and PDN, widest gap first
Sector	More in FNDCMore in PDN	FNDC	PDN
Industrials	FNDC +1.8 points	24.7%	22.9%
Real Estate	PDN +1.4 points	7.1%	8.5%
Financials	PDN +1.1 points	12.8%	13.9%
Health Care	PDN +0.8 points	5.8%	6.6%
Consumer Discretionary	FNDC +0.7 points	12.9%	12.2%
Energy	PDN +0.3 points	4.4%	4.7%
Materials	FNDC +0.3 points	9.9%	9.6%
Technology	FNDC +0.2 points	8.7%	8.5%
Communication	FNDC +0.3 points	5.2%	4.9%
Consumer Staples	FNDC +0.2 points	6.0%	5.8%
Utilities	PDN +0.1 points	2.4%	2.5%

Country, concentration and asset class

Country by domicile

Country weights in FNDC and PDN, widest gap first
Country	More in FNDCMore in PDN	FNDC	PDN
Japan	FNDC +0.7 points	30.5%	29.8%
Canada	PDN +0.6 points	7.9%	8.5%
Finland	FNDC +0.5 points	1.3%	0.8%
Norway	PDN +0.5 points	2.1%	2.6%
South Korea	FNDC +0.6 points	7.7%	7.1%
Belgium	PDN +0.5 points	0.9%	1.4%
Hong Kong	FNDC +0.5 points	1.9%	1.4%
Other countries (24)	PDN +0.5 points	47.8%	48.3%

Outside the US: FNDC 88% developed, 12% emerging. PDN 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

FNDC2.5%
PDN2.6%

Securities held

FNDC1,565
PDN1,562

Asset class

FNDC: Equity
PDN: Equity

Holdings

Only in FNDC358
In both1,207
Only in PDN355

Only in FNDC

358 securities, 30.8% of FNDC by weight

Gfl Environmental Subordinate Voti0.35%
Samsung E&A Ltd0.33%
Ibiden Ltd0.27%
Baytex Energy0.25%
Helvetia Baloise Holding N AG0.23%
Nippon Paint Holdings0.23%
Oriental Land0.22%
Qiagen0.21%
Samsung Life Ltd0.21%
Russel Metals0.21%
Konami Group0.21%
Trend Micro0.20%
Evolution0.20%
Valmet Corp0.20%
Orion Class B0.20%
Imi PLC0.19%
Gibson Energy0.19%
Parex Resources0.19%
Northland Power Inc0.19%
Man Group PLC0.19%
Nissan Chemical Corp0.19%
Nice Adr Representing0.18%
Talanx AG0.18%
Taiyo Yuden Ltd0.18%
Clariant AG0.18%
Atkinsrealis Group Inc0.18%
Hulic0.17%
Rb Global0.17%
Dl E&C Ltd0.17%
Nibe Industrier Class B0.17%
Bankinter0.17%
Tate and Lyle PLC0.17%
Gs Engineering & Construction Corp0.17%
Mirvac Group Stapled Units0.17%
Treasury Wine Estates Ltd0.17%
Tryg0.17%
Wharf Real Estate Investment Compa0.17%
Segro Reit PLC0.16%
Joyy Adr0.16%
Amundi SA0.16%
Weir PLC0.16%
Enagas SA0.16%
Japan Exchange Group0.16%
Spie SA0.16%
Hongkong Land Holdings Ltd0.16%
Yokohama Financial Group0.16%
Nexi0.16%
Klepierre Reit SA0.16%
Toyo Tire0.16%
Land Securities Group Reit PLC0.16%

Only in PDN

355 securities, 18.4% of PDN by weight

Var Energi ASA0.27%
GFL Environmental Inc0.24%
Gibson Energy Inc0.20%
Russel Metals Inc0.20%
Elbit Systems Ltd0.19%
TMX Group Ltd0.19%
Torm PLC0.18%
Serco Group PLC0.18%
Power Assets Holdings Ltd0.18%
Canadian Utilities Ltd0.17%
Tower Semiconductor Ltd0.17%
IGM Financial Inc0.17%
BW LPG Ltd0.16%
SSR Mining Inc0.16%
Ansell Ltd0.15%
Stantec Inc0.15%
ASMPT Ltd0.15%
CapitaLand Investment Ltd/Singapore0.14%
Centerra Gold Inc0.14%
Cameco Corp0.14%
Lion Corp0.14%
Granite Real Estate Investment Trust0.13%
First Capital Real Estate Investment Trust0.13%
Eldorado Gold Corp0.13%
CK Infrastructure Holdings Ltd0.13%
Hudbay Minerals Inc0.13%
Premium Brands Holdings Corp0.12%
Athabasca Oil Corp0.12%
Bosideng International Holdings Ltd0.12%
Sixt SE0.12%
Birchcliff Energy Ltd0.12%
BRP Inc0.12%
Peyto Exploration & Development Corp0.12%
Stella-Jones Inc0.11%
BlackBerry Ltd0.11%
Alamos Gold Inc0.11%
SmartCentres Real Estate Investment Trust0.11%
FirstService Corp0.11%
AbCellera Biologics Inc0.11%
Aecon Group Inc0.11%
IAMGOLD Corp0.11%
Precision Drilling Corp0.11%
Torex Gold Resources Inc0.11%
Air Canada0.10%
Unicaja Banco SA0.10%
CRISPR Therapeutics AG0.10%
North West Co Inc/The0.10%
Paramount Resources Ltd0.10%
Dream Industrial Real Estate Investment Trust0.10%
TransAlta Corp0.10%

Weight gaps

The 100 widest of 1,207 Holdings in both funds.

Holding weights in FNDC and PDN, widest gap first
Holding	More in FNDCMore in PDN	FNDC	PDN
Atlassian Corp Class ATEAM	PDN +0.26 points	0.07%	0.33%
EasyjetEZJ.L	FNDC +0.20 points	0.26%	0.06%
Galderma Group N AG	FNDC +0.13 points	0.15%	0.02%
Erste Bank Polska SA	FNDC +0.12 points	0.16%	0.04%
Aedifica NV	PDN +0.11 points	0.08%	0.19%
Hachijuni Nagano Bank	PDN +0.11 points	0.07%	0.18%
Kyoto Financial Group	PDN +0.11 points	0.06%	0.17%
Londonmetric Property Reit PLCLMP.L	PDN +0.09 points	0.04%	0.13%
Unite Group Reit PLCUTG.L	PDN +0.10 points	0.04%	0.14%
Grab Holdings Class AGRAB	PDN +0.10 points	0.03%	0.13%
Derwent London Reit PLCDLN.L	PDN +0.09 points	0.06%	0.15%
Tritax Big Box Reit PLCBBOX.L	PDN +0.09 points	0.04%	0.13%
Sumitomo Pharma Ltd	PDN +0.08 points	0.04%	0.12%
Delivery Hero	PDN +0.08 points	0.10%	0.18%
Jyske Bank	PDN +0.08 points	0.13%	0.21%
Auckland International Airport	PDN +0.08 points	0.04%	0.12%
Hokuhoku Financial Group Inc	PDN +0.08 points	0.07%	0.15%
Euronext NV	PDN +0.07 points	0.14%	0.21%
Colonial Sfl Socimi SA	PDN +0.07 points	0.04%	0.11%
Rakuten Group	PDN +0.07 points	0.03%	0.10%
Iyogin Holdings Inc	PDN +0.07 points	0.06%	0.13%
Sega Sammy Holdings	PDN +0.07 points	0.15%	0.22%
Challenger	PDN +0.07 points	0.06%	0.13%
77 Bank	PDN +0.07 points	0.06%	0.13%
Kyushu Financial Group	PDN +0.07 points	0.06%	0.13%
Wix.comWIX	PDN +0.06 points	0.05%	0.11%
Qinetiq Group PLCQQ.L	PDN +0.07 points	0.10%	0.17%
Lionsgate StudiosLION	FNDC +0.06 points	0.15%	0.09%
Warehouses De Pauw NV	PDN +0.06 points	0.04%	0.10%
Yamaguchi Financial Group	PDN +0.06 points	0.06%	0.12%
Mapletree Logistics Trust Units	PDN +0.06 points	0.05%	0.11%
Asx Ltd	PDN +0.06 points	0.12%	0.18%
Fastighets Balder Class B	PDN +0.06 points	0.04%	0.10%
Gunma Bank	PDN +0.05 points	0.08%	0.13%
Big Yellow Group Reit PLCBYG.L	PDN +0.06 points	0.04%	0.10%
Glp J-Reit Reit	PDN +0.06 points	0.06%	0.12%
Danieli	PDN +0.06 points	0.02%	0.07%
Bavarian Nordic	PDN +0.06 points	0.04%	0.10%
Nishi-Nippon Financial Holdings In	PDN +0.05 points	0.06%	0.11%
Japan Real Estate Investment Trust	PDN +0.05 points	0.09%	0.14%
City Developments	PDN +0.05 points	0.07%	0.12%
Daishi Hokuetsu Financial Group	PDN +0.05 points	0.06%	0.11%
Mapletree Pan Asia Commercial Trus	PDN +0.05 points	0.04%	0.09%
Georg Fischer AG	PDN +0.05 points	0.09%	0.14%
Shiga Bank	PDN +0.05 points	0.04%	0.09%
Hirogin Holdings Inc	PDN +0.05 points	0.07%	0.12%
Hyakugo Bank	PDN +0.05 points	0.04%	0.09%
Solaredge TechnologiesSEDG	PDN +0.05 points	0.05%	0.10%
Dassault Aviation SA	PDN +0.05 points	0.05%	0.10%
Kulicke and Soffa Industries IncKLIC	PDN +0.05 points	0.11%	0.16%
Nc	PDN +0.05 points	0.09%	0.14%
Edp Renewables SA	PDN +0.05 points	0.06%	0.11%
Keisei Electric Railway	PDN +0.05 points	0.11%	0.16%
Socionext	PDN +0.05 points	0.07%	0.12%
Obic Ltd	PDN +0.04 points	0.12%	0.16%
Al Sydbank	PDN +0.04 points	0.12%	0.16%
Storebrand	PDN +0.05 points	0.12%	0.17%
Mapletree Industrial Units Trust	PDN +0.05 points	0.05%	0.10%
Kdx Realty Investment Reit Corp	PDN +0.05 points	0.04%	0.09%
Seatrium	PDN +0.04 points	0.04%	0.08%
Tag Immobilien AG	PDN +0.04 points	0.05%	0.09%
Hanwha Aerospace Ltd	PDN +0.05 points	0.06%	0.11%
Bank of Queensland	PDN +0.05 points	0.10%	0.15%
Korea Investment Holdings Ltd	PDN +0.05 points	0.08%	0.13%
Banco Comercial Portugues SA	PDN +0.05 points	0.15%	0.20%
Ipsen SA	PDN +0.05 points	0.12%	0.17%
Macquarie Korea Infrastructure Fun	PDN +0.05 points	0.05%	0.10%
Aozora Bank	PDN +0.05 points	0.05%	0.10%
Frontline PLCFRO	PDN +0.04 points	0.20%	0.24%
Vivendi	PDN +0.04 points	0.06%	0.10%
Genting Singapore Ltd	PDN +0.04 points	0.08%	0.12%
Aroundtown SA	PDN +0.05 points	0.05%	0.10%
Swedish Orphan Biovitrum	PDN +0.04 points	0.11%	0.15%
Grainger Reit PLCGRI.L	PDN +0.04 points	0.04%	0.08%
North Pacific Bank Ltd	PDN +0.04 points	0.05%	0.09%
H. Lundbeck Class B	PDN +0.05 points	0.08%	0.13%
Air France-Klm SA	FNDC +0.05 points	0.12%	0.07%
Acciona	PDN +0.04 points	0.11%	0.15%
Hikari Tsushin Inc	PDN +0.05 points	0.13%	0.18%
Yamato Kogyo	PDN +0.04 points	0.07%	0.11%
Primary Health Properties Reit PLCPHP.L	PDN +0.04 points	0.04%	0.08%
Allreal Holding AG	PDN +0.04 points	0.06%	0.10%
Invincible Investment Reit	PDN +0.04 points	0.03%	0.07%
Kbc Ancora NV	PDN +0.04 points	0.04%	0.08%
Krafton	PDN +0.04 points	0.09%	0.13%
Ocado Group PLCOCDO.L	PDN +0.04 points	0.05%	0.09%
Horiba	PDN +0.04 points	0.14%	0.18%
Capcom Ltd	PDN +0.04 points	0.08%	0.12%
Amp Ltd	PDN +0.04 points	0.13%	0.17%
Frasers Logistics & Commercial Tru	PDN +0.04 points	0.05%	0.09%
Pirelli & C	PDN +0.04 points	0.13%	0.17%
Sinch	PDN +0.04 points	0.12%	0.16%
Hang Lung Properties Ltd	PDN +0.04 points	0.04%	0.08%
Biomerieux SA	PDN +0.03 points	0.12%	0.15%
Juroku Financial Group Inc	PDN +0.04 points	0.05%	0.09%
Hikma Pharmaceuticals PLCHIK.L	PDN +0.04 points	0.16%	0.20%
Sagax Class B	PDN +0.04 points	0.03%	0.07%
Sirius Real Estate LimitedSRE.L	PDN +0.03 points	0.03%	0.06%
Samsung Securities Ltd	PDN +0.04 points	0.07%	0.11%
Getinge Class B	PDN +0.03 points	0.21%	0.24%

All 1,583 FNDC holdings⁠All 1,562 PDN 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.

FNDC vs PDN Cost

Overpaying PDN vs FNDC

$1,520

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

FNDC 0.39%
$7,898
PDN 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

FNDC 0.39%
PDN 0.47%
Overpaying

Year by year

Year	FNDC	PDN	Overpaying
10	$705	$847	$142
20	$2,725	$3,261	$536
30	$7,898	$9,418	$1,520

Expense ratio

0.39%FNDC, cheaper
0.47%PDN

FNDC0.39%PDN0.47%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

FNDC 4th cheapest of 16 funds

PDN 9th cheapest of 16 funds

FNDC vs PDN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FNDC 3.66%, better; PDN 3.35%
Payout (12M): FNDC $1.80; PDN $1.51
Last payment: FNDC $0.28; PDN $0.31
Ex-dividend: FNDC Jun 24, 2026; PDN Sep 21, 2026
Paid on: FNDC Jun 29, 2026; PDN Sep 25, 2026
Frequency: FNDC Twice a year; PDN Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDCTwice a year · 18 paymentsAll FNDC payments⁠

PDNQuarterly · 39 paymentsAll PDN payments⁠

FNDC vs PDN Risk

Fall from peak · 5 years

FNDC
PDN

Risk facts

VolatilityStd dev, 3 years: FNDC 13.3%, betterPDN 13.6%
Return per unit of riskSharpe ratio, 3 years: FNDC 1.14, betterPDN 1.12
Worst fallMax drawdown, 5 years: FNDC −30.8%, betterPDN −32.6%
Market sensitivityBeta, 5 years: FNDC 1.04PDN 0.99; Market = 1

Popular comparisons

FNDCAvsSCZA
Schwab Fundamental International Small Company Index ETF · iShares MSCI EAFE Small-Cap ETF
Expense ratio
0.39% · 0.40%
Category
PDNBvsSCZA
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF · iShares MSCI EAFE Small-Cap ETF
Expense ratio
0.47% · 0.40%
Category
FNDCAvsVSSA
Schwab Fundamental International Small Company Index ETF · Vanguard FTSE All-World ex-US Small-Cap ETF
Expense ratio
0.39% · 0.06%
Category
PDNBvsVSSA
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF · Vanguard FTSE All-World ex-US Small-Cap ETF
Expense ratio
0.47% · 0.06%
Category
FNDCAvsSCHCA
Schwab Fundamental International Small Company Index ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.39% · 0.06%
Category
PDNBvsSCHCA
Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.47% · 0.06%
Category