FNDC vs VSS: Grades, Fees and Holdings Compared

Schwab Fundamental International Small Company Index ETF

FNDCANYSE Arca

Vanguard FTSE All-World ex-US Small-Cap ETF

VSSANYSE Arca

Overlap

27.2%by weight

Expense ratio

VSS −0.33pt a year

FNDC0.39%VSS0.06%

Avg volume · 30D

VSS 2.6×the volume

FNDC92.6KVSS243K

10Y return · a year

FNDC +0.8pt

FNDC+8.2%VSS+7.4%

FNDC vs VSS Performance

Oct 29, 2021 – Oct 30, 2026

+44.5%FNDC+24.7%VSS

Expense ratio: FNDC 0.39%; VSS 0.06%, better
Fund size: FNDC $3.04B; VSS $13.9B
1Y total return: FNDC +15.0%, better; VSS +7.2%
Yield (12M): FNDC 3.68%, better; VSS 3.04%
Holdings: FNDC 1582; VSS 5088
Avg volume (30D): FNDC 92.6K sh; VSS 243K sh, better
NAV per share: FNDC $49.16; VSS $147.79
52W range

ETF.net Grade

Pillar letters and Scores for FNDC, VSS, with each pillar’s weight
Pillar	FNDC	VSS
Cost30% weight	A70	A97Higher
Mission25% weight	A100	A100
Risk15% weight	B61Higher	D26
Tradability15% weight	A71Higher	B59
Holdings10% weight	B60	A77Higher
Durability5% weight	B64	A91Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. FNDC and VSS 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 ›

VSS ranks 3rd and FNDC 4th of 16 funds in the International Small-Cap Category.

Rank 1ASCHCSchwab International Small-Cap Equity ETFScore 80
Rank 2ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 3AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 78
Rank 4ADFISDimensional International Small Cap ETFScore 74
Rank 4AFNDCSchwab Fundamental International Small Company Index ETFScore 74
Rank 6AGWXState Street SPDR S&P International Small Cap ETFScore 72

Our read on each fund

ETF.net Research

FNDCASchwab Fundamental International Small Company Index ETF

VSSAVanguard FTSE All-World ex-US Small-Cap 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.

VSS One ticker for the small companies the rest of the world runs on: roughly 4,800 stocks across developed and emerging markets outside the US, at 0.06% a year. Vanguard has run it since 2009.

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.

VSS Seeks to track the FTSE Global Small Cap ex US Index, providing broad exposure to developed and emerging non-U.S. small-cap equity markets worldwide through passive index sampling.

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.

VSS 0.06% a year, against a roughly 0.40% median for international small-cap funds. Only Schwab's SCHC matches the price.
Developed and emerging markets in the same basket, roughly 4,800 names deep, so no single country or company carries much of the load.
Tracks its FTSE Global Small Cap ex US benchmark closely and trades tightly for a fund built on thousands of overseas small caps.
Running since 2009, now a multi-billion-dollar fund that pays out quarterly. Long track record, deep plumbing.vanguard.com

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.

VSS Small caps abroad move harder than blue chips, and everything is priced back into dollars, so currency swings ride along.vanguard.com
Vanguard samples the index rather than buying every line item, so the portfolio approximates the benchmark instead of replicating it.vanguard.com
Coverage stops at the US border by design. American small caps sit entirely outside the mandate.

Full FNDC profile⁠

Full VSS profile⁠

FNDC vs VSS Holdings

How FNDC and VSS differ

Overlap by weight

27.2%

Shared holdings make up 41.8% of FNDC and 31.8% of VSS.

Level by level

Holdings801 in both27.2%
Countryby domicile71.0%
Sector11 Sectors88.7%
Asset classEquity100%

Sector

Sector weights in FNDC and VSS, widest gap first
Sector	More in FNDCMore in VSS	FNDC	VSS
Technology	VSS +5.7 points	8.7%	14.4%
Materials	VSS +3.9 points	9.9%	13.8%
Consumer Discretionary	FNDC +2.7 points	12.9%	10.2%
Industrials	FNDC +2.7 points	24.7%	22.0%
Communication	FNDC +2.7 points	5.2%	2.5%
Consumer Staples	FNDC +1.8 points	6.0%	4.2%
Health Care	VSS +1.2 points	5.8%	7.0%
Financials	FNDC +1.1 points	12.8%	11.7%
Real Estate	VSS +0.6 points	7.1%	7.7%
Energy	FNDC +0.2 points	4.4%	4.2%
Utilities	FNDC +0.1 points	2.4%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in FNDC and VSS, widest gap first
Country	More in FNDCMore in VSS	FNDC	VSS
Japan	FNDC +14.4 points	30.5%	16.1%
Taiwan	VSS +8.2 points	0.0%	8.2%
India	VSS +6.8 points	0.0%	6.8%
China	VSS +4.8 points	1.0%	5.8%
United States	FNDC +2.7 points	2.7%	0.0%
South Korea	FNDC +2.3 points	7.7%	5.4%
South Africa	VSS +2.2 points	0.0%	2.2%
Canada	VSS +1.7 points	7.9%	9.6%
Other countries (31)	FNDC +4.5 points	50.2%	45.7%

Outside the US: FNDC 88% developed, 12% emerging. VSS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

FNDC2.6%
VSS9.2%

Securities held

FNDC1,569
VSS5,049

Asset class

FNDC: Equity
VSS: Equity

Holdings

Only in FNDC768
In both801
Only in VSS4,248

Only in FNDC

768 securities, 58.1% of FNDC by weight

Gfl Environmental Subordinate Voti0.35%
Samsung E&A Ltd0.33%
Ibiden Ltd0.31%
Helvetia Baloise Holding N AG0.23%
Nippon Paint Holdings0.22%
Nice Adr Representing0.21%
Samsung Life Ltd0.21%
Qiagen0.21%
Evolution0.20%
Trend Micro0.20%
Getinge Class B0.20%
Oriental Land0.20%
Meritz Financial Group Inc0.20%
Frontline PLC0.20%
Orion Class B0.19%
Imi PLC0.19%
Coway Ltd0.19%
Taiyo Yuden Ltd0.19%
Nissan Chemical Corp0.19%
Howden Joinery Group PLC0.18%
Andritz AG0.18%
Edenred0.18%
Atkinsrealis Group Inc0.18%
Talanx AG0.18%
Konami Group0.18%
Bankinter0.17%
Macnica Holdings Inc0.17%
Nibe Industrier Class B0.17%
Rb Global0.17%
Hulic0.17%
Sig Group N AG0.17%
Erste Bank Polska SA0.17%
Hafnia0.17%
Weir PLC0.17%
Celestica0.17%
Tryg0.17%
Asics0.16%
Intercontinental Hotels Group PLC0.16%
Segro Reit PLC0.16%
Joyy Adr0.16%
Mirvac Group Stapled Units0.16%
Wharf Real Estate Investment Compa0.16%
Spie SA0.16%
Amundi SA0.16%
Enagas SA0.16%
Yokohama Financial Group0.16%
Japan Exchange Group0.16%
Treasury Wine Estates Ltd0.16%
Hongkong Land Holdings Ltd0.16%
Constellium SE Class A0.16%

Only in VSS

4,248 securities, 67.8% of VSS by weight

SLBBH11425.88%
Gaztransport Et Technigaz SA0.22%
thyssenkrupp AG0.20%
G Mining Ventures Corp0.19%
Frontline PLC0.18%
LandMark Optoelectronics Corp0.17%
Aedifica SA0.17%
Capital Power Corp0.17%
B2Gold Corp0.16%
voestalpine AG0.15%
Nexans SA0.15%
Aberdeen Group PLC0.15%
Balfour Beatty PLC0.15%
Iss A/S0.14%
NexGen Energy Ltd0.14%
Umicore SA0.14%
PrairieSky Royalty Ltd0.14%
Wpp PLC0.13%
Persimmon PLC0.13%
Jusung Engineering Co Ltd0.13%
BlackBerry Ltd0.13%
SBM Offshore NV0.13%
Codan Ltd0.13%
Motor Oil Hellas Corinth Refineries SA0.12%
Investec PLC0.12%
Rs Group PLC0.12%
Adecco Group AG0.12%
K92 Mining Inc0.12%
Chartwell Retirement Residences0.12%
Mondi PLC0.11%
Acerinox SA0.11%
Aalberts NV0.11%
Discovery Mining Ltd0.11%
Glanbia PLC0.11%
Technip Energies NV0.11%
RioCan Real Estate Investment Trust0.11%
ITEQ Corp0.11%
Soitec0.11%
Montage Gold Corp0.11%
Bank of Cyprus Holdings PLC0.11%
Methanex Corp0.11%
Lagercrantz Group AB0.11%
Capricorn Metals Ltd0.11%
Enagas SA0.10%
Vault Minerals Ltd0.10%
Fositek Corp0.10%
Aurubis AG0.10%
MDA Space Ltd0.10%
ALK-Abello A/S0.10%
Elis SA0.10%

Weight gaps

The 100 widest of 801 Holdings in both funds.

Holding weights in FNDC and VSS, widest gap first
Holding	More in FNDCMore in VSS	FNDC	VSS
EasyjetEZJ.L	FNDC +0.17 points	0.25%	0.08%
Baytex Energy	FNDC +0.17 points	0.24%	0.08%
Dpm Metals	VSS +0.16 points	0.08%	0.24%
Gs Engineering & Construction Corp	FNDC +0.15 points	0.19%	0.04%
Dl E&C Ltd	FNDC +0.14 points	0.18%	0.04%
Parex Resources	FNDC +0.15 points	0.19%	0.04%
Eldorado Gold	VSS +0.14 points	0.09%	0.23%
Sopra Steria Group SA	FNDC +0.14 points	0.20%	0.06%
Hokkaido Electric Power Inc	FNDC +0.14 points	0.17%	0.03%
Russel Metals	FNDC +0.13 points	0.22%	0.09%
Alten SA	FNDC +0.12 points	0.19%	0.07%
Or Royalties Inc	VSS +0.11 points	0.03%	0.14%
Ringkjobing Landbobank	VSS +0.11 points	0.05%	0.16%
Tokai Carbon Ltd	FNDC +0.11 points	0.18%	0.07%
Clariant AG	FNDC +0.11 points	0.18%	0.07%
Capstone Copper Corp	VSS +0.10 points	0.06%	0.16%
Londonmetric Property Reit PLCLMP.L	VSS +0.10 points	0.04%	0.14%
Harbour Energy PLCHBR.L	FNDC +0.10 points	0.18%	0.08%
Nkt	VSS +0.11 points	0.07%	0.18%
Denka Ltd	FNDC +0.11 points	0.15%	0.04%
Tate and Lyle PLCTATE.L	FNDC +0.10 points	0.17%	0.07%
Salzgitter AG	FNDC +0.10 points	0.14%	0.04%
Valmet Corp	FNDC +0.10 points	0.21%	0.11%
Lottomatica Group	VSS +0.10 points	0.07%	0.17%
Gibson Energy	FNDC +0.10 points	0.19%	0.09%
Tieto	FNDC +0.10 points	0.14%	0.04%
Wacker Chemie AG	FNDC +0.10 points	0.14%	0.04%
Daewoo Engineering & Construction	FNDC +0.10 points	0.16%	0.06%
Avanza Bank Holding	VSS +0.09 points	0.04%	0.13%
Tritax Big Box Reit PLCBBOX.L	VSS +0.09 points	0.04%	0.13%
Greggs PLCGRG.L	FNDC +0.09 points	0.16%	0.07%
Bechtle AG	FNDC +0.09 points	0.17%	0.08%
Northland Power Inc	FNDC +0.09 points	0.19%	0.10%
Mycronic	VSS +0.09 points	0.04%	0.13%
Cd Projekt Red	VSS +0.09 points	0.03%	0.12%
Hikma Pharmaceuticals PLCHIK.L	FNDC +0.08 points	0.16%	0.08%
Cogeco Communications Subordinate	FNDC +0.08 points	0.09%	<0.01%
Hoegh Autoliners	FNDC +0.08 points	0.14%	0.06%
Storebrand	VSS +0.08 points	0.12%	0.20%
Oceanagold Corporation Corp	VSS +0.08 points	0.07%	0.15%
Tokuyama	FNDC +0.08 points	0.12%	0.04%
Lx International Corp	FNDC +0.08 points	0.10%	0.02%
Onex	VSS +0.08 points	0.04%	0.12%
Nokian Renkaat	FNDC +0.08 points	0.13%	0.05%
Dksh Holding AG	FNDC +0.08 points	0.15%	0.07%
Dampskibsselskabet Norden	FNDC +0.07 points	0.10%	0.03%
Hyosung Tnc Corp	FNDC +0.07 points	0.08%	0.01%
Sinch	FNDC +0.07 points	0.13%	0.06%
Zegona Communications PLCZEG.L	VSS +0.07 points	0.03%	0.10%
Huhtamaki	FNDC +0.07 points	0.14%	0.07%
Bam Groep Koninklijke NV	FNDC +0.07 points	0.16%	0.09%
Aixtron	VSS +0.07 points	0.05%	0.12%
Kbc Ancora NV	VSS +0.07 points	0.04%	0.11%
Nisshinbo Holdings Inc	FNDC +0.07 points	0.13%	0.06%
Mpc Container Ships	FNDC +0.07 points	0.10%	0.03%
Nippon Shokubai Ltd	FNDC +0.07 points	0.11%	0.04%
Computacenter PLCCCC.L	FNDC +0.07 points	0.17%	0.10%
Zabka Group Societe Anonyme SA	VSS +0.07 points	0.04%	0.11%
Hyundai Wia Corp	FNDC +0.06 points	0.08%	0.02%
Air Canada Voting and Variable Vot	FNDC +0.07 points	0.13%	0.06%
Man Group PLCEMG.L	FNDC +0.06 points	0.19%	0.13%
Brp Subordinate Voting	FNDC +0.06 points	0.11%	0.05%
Ito En Ltd	FNDC +0.06 points	0.08%	0.02%
Vistry Group PLCVTY.L	FNDC +0.06 points	0.09%	0.03%
Al Sydbank	VSS +0.06 points	0.12%	0.18%
Birchcliff Energy	FNDC +0.06 points	0.09%	0.03%
Also Holding AG	FNDC +0.05 points	0.09%	0.04%
Beach Energy	FNDC +0.06 points	0.08%	0.02%
Quilter PLCQLT.L	FNDC +0.05 points	0.13%	0.08%
Japan Petroleum Exploration	FNDC +0.06 points	0.10%	0.04%
United Internet AG	FNDC +0.05 points	0.10%	0.05%
Shiga Bank	VSS +0.06 points	0.04%	0.10%
Perseus Mining Ltd	VSS +0.06 points	0.09%	0.15%
Lion Finance Group PLCBGEO.L	VSS +0.05 points	0.11%	0.16%
Aris Mining	VSS +0.06 points	0.03%	0.09%
Hellofresh	FNDC +0.05 points	0.06%	<0.01%
Arcadis NV	FNDC +0.06 points	0.13%	0.07%
Mullen Group	FNDC +0.05 points	0.09%	0.04%
Gn Store Nord	FNDC +0.06 points	0.11%	0.05%
Solvay SA	FNDC +0.05 points	0.10%	0.05%
Kose Holdings	FNDC +0.05 points	0.08%	0.03%
Mfe-Mediaforeurope NV	FNDC +0.05 points	0.07%	0.02%
Daishi Hokuetsu Financial Group	VSS +0.05 points	0.06%	0.11%
Ero Copper	VSS +0.05 points	0.04%	0.09%
Adeka	FNDC +0.05 points	0.11%	0.06%
Billerud Aktiebolag	FNDC +0.06 points	0.10%	0.04%
Inficon Holding AG	VSS +0.05 points	0.05%	0.10%
Premium Brands Holdings	FNDC +0.05 points	0.11%	0.06%
Sonae SASON	FNDC +0.05 points	0.10%	0.05%
Vallourec SA	FNDC +0.05 points	0.16%	0.11%
Tomy Ltd	FNDC +0.05 points	0.10%	0.05%
Savills PLCSVS.L	FNDC +0.05 points	0.10%	0.05%
Shikoku Electric Power Inc	FNDC +0.05 points	0.10%	0.05%
Bank Millennium SA	VSS +0.05 points	0.04%	0.09%
Ntn	FNDC +0.05 points	0.08%	0.03%
Itoham Yonekyu Holdings	FNDC +0.05 points	0.06%	0.01%
Citizen Watch Ltd	FNDC +0.05 points	0.13%	0.08%
Kanematsu	FNDC +0.05 points	0.11%	0.06%
Keller Group PLCKLR.L	FNDC +0.05 points	0.12%	0.07%
Ipark Hyundai Development	FNDC +0.04 points	0.06%	0.02%

All 1,583 FNDC holdings⁠All 4,816 VSS 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 VSS Cost

Overpaying FNDC vs VSS

$6,628

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

FNDC 0.39%
$7,898
VSS 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

FNDC 0.39%
VSS 0.06%
Overpaying

Year by year

Year	FNDC	VSS	Overpaying
10	$705	$110	$595
20	$2,725	$432	$2,293
30	$7,898	$1,270	$6,628

Expense ratio

0.39%FNDC
0.06%VSS, cheaper

VSS0.06%FNDC0.39%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

FNDC 4th cheapest of 16 funds

FNDC vs VSS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDC 3.68%, better; VSS 3.04%
Payout (12M): FNDC $1.80; VSS $4.51
Last payment: FNDC $0.28; VSS $0.30
Ex-dividend: FNDC Jun 24, 2026; VSS Sep 18, 2026
Paid on: FNDC Jun 29, 2026; VSS Sep 22, 2026
Frequency: FNDC Twice a year; VSS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDCTwice a year · 18 paymentsAll FNDC payments⁠

VSSQuarterly · 31 paymentsAll VSS payments⁠

FNDC vs VSS Risk

Fall from peak · 5 years

FNDC
VSS

Risk facts

VolatilityStd dev, 3 years: FNDC 13.3%, betterVSS 14.1%
Return per unit of riskSharpe ratio, 3 years: FNDC 1.14, betterVSS 0.88
Worst fallMax drawdown, 5 years: FNDC −30.8%, betterVSS −33.3%
Market sensitivityBeta, 5 years: FNDC 1.04VSS 0.98; Market = 1

FNDC and VSS in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VSS

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FNDC vs VSS

In short

Stated mandate

Why people hold it

Worth knowing

How FNDC and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNDC

Only in VSS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How FNDC and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNDC

Only in VSS

Weight gaps