FNDC vs WSML: Grades, Fees and Holdings Compared

Schwab Fundamental International Small Company Index ETF

FNDCANYSE Arca

iShares MSCI World Small-Cap ETF

WSMLANasdaq

Overlap

21.7%by weight

Expense ratio

WSML −0.09pt a year

FNDC0.39%WSML0.30%

Avg volume · 30D

FNDC 5.6×the volume

FNDC92.6KWSML16.5K

FNDC vs WSML Performance

Oct 31, 2025 – Nov 2, 2026

+15.6%FNDC+16.4%WSML

Expense ratio: FNDC 0.39%; WSML 0.30%, better
Fund size: FNDC $3.04B; WSML $660M
1Y total return: FNDC +15.6%; WSML +16.4%, better
Yield (12M): FNDC 3.66%, better; WSML 2.84%
Holdings: FNDC 1581; WSML 3686
Avg volume (30D): FNDC 92.6K sh, better; WSML 16.5K sh
NAV per share: FNDC $49.16; WSML $34.02
52W range

ETF.net Grade

Pillar letters and Scores for FNDC, WSML, with each pillar’s weight
Pillar	FNDC	WSML
Cost30% weight	A70	A87Higher
Mission25% weight	A100Higher	A88
Risk15% weight	B62	B69Higher
Tradability15% weight	A71Higher	D30
Holdings10% weight	B60	A74Higher
Durability5% weight	B64Higher	C49

Rank among International Small-Cap funds

How we build Categories ›

Same Category. FNDC and WSML 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 WSML 6th 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 6AWSMLiShares MSCI World Small-Cap ETFScore 72
Rank 7AGWXState Street SPDR S&P International Small Cap ETFScore 71

Our read on each fund

ETF.net Research

FNDCASchwab Fundamental International Small Company Index ETF

WSMLAiShares MSCI World 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.

WSML One ticker for small caps across the whole developed world, US included. Most funds on this shelf stop at the water's edge; WSML holds the full map, at 0.30% a year.

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.

WSML The Fund seeks to track an index composed of small-capitalization equities from developed markets globally.

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.

WSML The MSCI World Small Cap index spans 23 developed markets including the US, so roughly 3,500 small caps arrive in one holding instead of an ex-US fund plus a US one.msci.com
At 0.30%, the fee undercuts the typical charge in its peer group and iShares' own EAFE small-cap fund, SCZ, at 0.40%.
Straight market-cap weighting, no factor tilts, and it has tracked its index closely so far, which lands it in the upper half of its peer group overall.ishares.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.

WSML A 2025 launch that trades thinly next to the veterans of the category. Limit orders matter, and the risk read rests on a short history.
Because the index includes US names, it overlaps with a US small-cap fund rather than sitting beside one. Ex-US peers like VSS and SCHC leave that slice out.msci.com
Dividends land once or twice a year, not quarterly, and foreign holdings are unhedged, so currency moves ride along with the stocks.ishares.com

Full FNDC profile⁠

Full WSML profile⁠

FNDC vs WSML Holdings

How FNDC and WSML differ

Overlap by weight

21.7%

Shared holdings make up 67.3% of FNDC and 22.1% of WSML.

Level by level

Holdings1,056 in both21.7%
Countryby domicile36.7%
Sector11 Sectors86.1%
Asset classEquity100%

Sector

Sector weights in FNDC and WSML, widest gap first
Sector	More in FNDCMore in WSML	FNDC	WSML
Health Care	WSML +6.2 points	5.8%	12.0%
Industrials	FNDC +5.8 points	24.7%	18.9%
Technology	WSML +4.3 points	8.7%	13.0%
Consumer Discretionary	FNDC +2.5 points	12.9%	10.4%
Communication	FNDC +2.1 points	5.2%	3.1%
Consumer Staples	FNDC +1.9 points	6.0%	4.1%
Materials	FNDC +1.7 points	9.9%	8.2%
Financials	WSML +1.7 points	12.8%	14.5%
Energy	WSML +0.9 points	4.4%	5.3%
Real Estate	WSML +0.6 points	7.1%	7.7%
Utilities	WSML +0.3 points	2.4%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in FNDC and WSML, widest gap first
Country	More in FNDCMore in WSML	FNDC	WSML
United States	WSML +63.3 points	2.7%	66.0%
Japan	FNDC +17.2 points	30.5%	13.3%
South Korea	FNDC +7.7 points	7.7%	0.0%
United Kingdom	FNDC +4.2 points	8.8%	4.6%
Canada	FNDC +3.4 points	7.9%	4.5%
Italy	FNDC +2.9 points	2.9%	0.0%
France	FNDC +2.6 points	3.9%	1.3%
Switzerland	FNDC +2.5 points	4.1%	1.6%
Other countries (22)	FNDC +22.8 points	31.6%	8.8%

Outside the US: FNDC 88% developed, 12% emerging. WSML 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

FNDC2.5%
WSML2.7%

Securities held

FNDC1,565
WSML3,670

Asset class

FNDC: Equity
WSML: Equity

Holdings

Only in FNDC509
In both1,056
Only in WSML2,614

Only in FNDC

509 securities, 32.5% of FNDC by weight

Gfl Environmental Subordinate Voti0.35%
Samsung E&A Ltd0.33%
Ibiden Ltd0.27%
Helvetia Baloise Holding N AG0.23%
Nippon Paint Holdings0.23%
Oriental Land0.22%
Qiagen0.21%
Samsung Life Ltd0.21%
Konami Group0.21%
Evolution0.20%
Meritz Financial Group Inc0.20%
Coway Ltd0.20%
Orion Class B0.20%
Frontline PLC0.20%
Nice Adr Representing0.18%
Talanx AG0.18%
Atkinsrealis Group Inc0.18%
Hulic0.17%
Rb Global0.17%
Dl E&C Ltd0.17%
Asics0.17%
Nibe Industrier Class B0.17%
Bankinter0.17%
Gs Engineering & Construction Corp0.17%
Tryg0.17%
Wharf Real Estate Investment Compa0.17%
Segro Reit PLC0.16%
Intercontinental Hotels Group PLC0.16%
Joyy Adr0.16%
Amundi SA0.16%
Japan Exchange Group0.16%
Erste Bank Polska SA0.16%
Hyundai Marine & Fire Insurance0.16%
Hongkong Land Holdings Ltd0.16%
Yokohama Financial Group0.16%
Klepierre Reit SA0.16%
Fisher and Paykel Healthcare Corpo0.16%
Spirax Group PLC0.16%
Land Securities Group Reit PLC0.16%
Halma PLC0.15%
Celestica0.15%
Adyen0.15%
Torm PLC Class A0.15%
Banco Comercial Portugues SA0.15%
Traton0.15%
Mtr Corporation0.15%
Daewoo Engineering & Construction0.15%
Canadian Utilities Ltd Class A0.15%
Avolta AG0.15%
Galderma Group N AG0.15%

Only in WSML

2,614 securities, 77.5% of WSML by weight

Moderna0.72%
Tenet Healthcare Corp0.23%
Us Foods Holding0.22%
Viatris0.21%
Guardant Health0.21%
Roku Class A0.19%
Ovintiv0.19%
Rubrik Class A0.19%
Royal Gold0.19%
Permian Resources Class A0.19%
Apa0.18%
Woodward0.18%
East West Bancorp0.17%
Hf Sinclair0.17%
Revvity0.17%
Itt Inc0.17%
Host Hotels & Resorts Reit0.17%
Charles River Laboratories Interna0.17%
Nutanix Class A0.17%
Zebra Technologies Corp Class A0.17%
Td Synnex0.16%
Reinsurance Group of America0.16%
Jones Lang Lasalle0.16%
Tyler Technologies0.16%
Wesco International0.16%
Stanley Black & Decker0.16%
Exelixis Inc0.16%
Docusign0.15%
Macom Technology Solutions0.15%
Allegion PLC0.15%
Hasbro0.15%
Dynatrace Inc0.15%
Halozyme Therapeutics0.15%
Api Group0.15%
Performance Food Group0.15%
Godaddy Class A0.15%
James Hardie Industries PLC0.15%
Carlisle Companies0.15%
Caci International Inc Class A0.14%
Clean Harbors Inc0.14%
Medpace Holdings0.14%
Trimble Inc0.14%
Gartner0.14%
Manhattan Associates0.14%
Lincoln Electric Holdings0.14%
Equitable Holdings0.14%
Renaissancere Holding0.14%
Aramark0.14%
Ralph Lauren Class A0.14%
Assurant Inc0.14%

Weight gaps

The 100 widest of 1,056 Holdings in both funds.

Holding weights in FNDC and WSML, widest gap first
Holding	More in FNDCMore in WSML	FNDC	WSML
EasyjetEZJ.L	FNDC +0.23 points	0.26%	0.03%
Baytex Energy	FNDC +0.21 points	0.25%	0.04%
Russel Metals	FNDC +0.18 points	0.21%	0.03%
Parex Resources	FNDC +0.17 points	0.19%	0.02%
Sopra Steria Group SA	FNDC +0.17 points	0.20%	0.03%
Alten SA	FNDC +0.16 points	0.19%	0.03%
Valmet Corp	FNDC +0.16 points	0.20%	0.04%
Tokai Carbon Ltd	FNDC +0.16 points	0.18%	0.02%
Harbour Energy PLCHBR.L	FNDC +0.15 points	0.18%	0.03%
Northland Power Inc	FNDC +0.15 points	0.19%	0.04%
Clariant AG	FNDC +0.16 points	0.18%	0.02%
Trend Micro	FNDC +0.16 points	0.20%	0.05%
Hokkaido Electric Power Inc	FNDC +0.15 points	0.16%	0.01%
Gibson Energy	FNDC +0.15 points	0.19%	0.04%
Getinge Class B	FNDC +0.15 points	0.21%	0.06%
Tate and Lyle PLCTATE.L	FNDC +0.14 points	0.17%	0.03%
Man Group PLCEMG.L	FNDC +0.14 points	0.19%	0.05%
Hafnia	FNDC +0.14 points	0.17%	0.03%
Treasury Wine Estates Ltd	FNDC +0.14 points	0.17%	0.03%
Macnica Holdings Inc	FNDC +0.13 points	0.16%	0.03%
Howden Joinery Group PLCHWDN.L	FNDC +0.13 points	0.18%	0.05%
Bechtle AG	FNDC +0.13 points	0.16%	0.03%
Denka Ltd	FNDC +0.13 points	0.14%	0.01%
Kansai Paint	FNDC +0.13 points	0.15%	0.02%
Toyo Tire	FNDC +0.13 points	0.16%	0.03%
Greggs PLCGRG.L	FNDC +0.13 points	0.16%	0.03%
Bam Groep Koninklijke NV	FNDC +0.13 points	0.16%	0.03%
Sims	FNDC +0.13 points	0.15%	0.02%
Constellium SE Class ACSTM	FNDC +0.12 points	0.15%	0.03%
Nissan Chemical Corp	FNDC +0.13 points	0.19%	0.06%
Daido Steel	FNDC +0.12 points	0.14%	0.02%
Computacenter PLCCCC.L	FNDC +0.12 points	0.16%	0.04%
Lionsgate StudiosLION	FNDC +0.12 points	0.15%	0.03%
Hikma Pharmaceuticals PLCHIK.L	FNDC +0.12 points	0.16%	0.04%
Gs Yuasa	FNDC +0.13 points	0.15%	0.02%
Andritz AG	FNDC +0.12 points	0.18%	0.06%
Salzgitter AG	FNDC +0.12 points	0.14%	0.02%
Wacker Chemie AG	FNDC +0.12 points	0.14%	0.02%
Hoegh Autoliners	FNDC +0.12 points	0.14%	0.02%
Sig Group N AG	FNDC +0.12 points	0.17%	0.05%
Taiyo Yuden Ltd	FNDC +0.12 points	0.18%	0.06%
Bw Lpg Ltd	FNDC +0.12 points	0.14%	0.02%
Nexi	FNDC +0.12 points	0.16%	0.04%
Enagas SA	FNDC +0.12 points	0.16%	0.04%
Mirvac Group Stapled Units	FNDC +0.12 points	0.17%	0.05%
Tieto	FNDC +0.12 points	0.14%	0.02%
Sega Sammy Holdings	FNDC +0.12 points	0.15%	0.03%
Edenred	FNDC +0.12 points	0.18%	0.06%
Infroneer Holdings	FNDC +0.11 points	0.15%	0.04%
Square Enix Hldg	FNDC +0.12 points	0.16%	0.04%
Casio Computer Ltd	FNDC +0.12 points	0.14%	0.02%
Dksh Holding AG	FNDC +0.12 points	0.15%	0.03%
Dno	FNDC +0.12 points	0.13%	0.01%
Vallourec SA	FNDC +0.11 points	0.15%	0.04%
Huhtamaki	FNDC +0.11 points	0.14%	0.03%
Sumitomo Bakelite Ltd	FNDC +0.12 points	0.15%	0.03%
Takashimaya	FNDC +0.12 points	0.15%	0.03%
Jgc Holdings Corp	FNDC +0.11 points	0.14%	0.03%
Cyber Agent	FNDC +0.11 points	0.14%	0.03%
Tokuyama	FNDC +0.11 points	0.12%	0.01%
Thk Ltd	FNDC +0.10 points	0.14%	0.04%
Coca-Cola Bottlers Japan Holdings	FNDC +0.11 points	0.13%	0.02%
J.front Retailing	FNDC +0.11 points	0.15%	0.04%
Nokian Renkaat	FNDC +0.10 points	0.12%	0.02%
Nisshinbo Holdings Inc	FNDC +0.11 points	0.13%	0.02%
Nhk Spring	FNDC +0.10 points	0.13%	0.03%
Imi PLCIMI.L	FNDC +0.10 points	0.19%	0.09%
Air France-Klm SA	FNDC +0.11 points	0.12%	0.01%
Pirelli & C	FNDC +0.10 points	0.13%	0.03%
Quilter PLCQLT.L	FNDC +0.10 points	0.13%	0.03%
Hamamatsu Photonics	FNDC +0.10 points	0.14%	0.04%
New Hope Corporation Ltd	FNDC +0.10 points	0.12%	0.02%
Air Canada Voting and Variable Vot	FNDC +0.10 points	0.12%	0.02%
Cosmos Pharmaceutical Corp	FNDC +0.10 points	0.11%	0.01%
JET2 PLC	FNDC +0.10 points	0.12%	0.02%
Azimut Holding	FNDC +0.10 points	0.14%	0.04%
Citizen Watch Ltd	FNDC +0.10 points	0.12%	0.02%
Sinch	FNDC +0.10 points	0.12%	0.02%
Nexans SA	FNDC +0.09 points	0.14%	0.05%
Brookfield Infrastructure Corp Cla	FNDC +0.09 points	0.14%	0.05%
Convatec Group PLCCTEC.L	FNDC +0.09 points	0.15%	0.06%
Loomis Class B	FNDC +0.09 points	0.13%	0.04%
Technip Energies	FNDC +0.09 points	0.14%	0.05%
Nomura Real Estate Holdings Inc	FNDC +0.09 points	0.12%	0.03%
Nippon Electric Glass	FNDC +0.09 points	0.11%	0.02%
Keller Group PLCKLR.L	FNDC +0.09 points	0.12%	0.03%
Tokyo Tatemono	FNDC +0.09 points	0.13%	0.04%
Mcdonalds Holdings (Japan) Ltd	FNDC +0.09 points	0.14%	0.05%
Arcadis NV	FNDC +0.10 points	0.13%	0.03%
Nabtesco	FNDC +0.09 points	0.12%	0.03%
Brp Subordinate Voting	FNDC +0.09 points	0.11%	0.02%
Nippon Shokubai Ltd	FNDC +0.09 points	0.11%	0.02%
Credit Saison	FNDC +0.09 points	0.12%	0.03%
Spie SA	FNDC +0.09 points	0.16%	0.07%
Hirose Electric Ltd	FNDC +0.09 points	0.13%	0.04%
Cleanaway Waste Management	FNDC +0.09 points	0.13%	0.04%
Nichias Corp	FNDC +0.09 points	0.12%	0.03%
Open House Group Ltd	FNDC +0.09 points	0.12%	0.03%
Adeka	FNDC +0.09 points	0.11%	0.02%
Galenica AG	FNDC +0.09 points	0.14%	0.05%

All 1,583 FNDC holdings⁠All 3,679 WSML 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 WSML Cost

Overpaying FNDC vs WSML

$1,749

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

FNDC 0.39%
$7,898
WSML 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

FNDC 0.39%
WSML 0.30%
Overpaying

Year by year

Year	FNDC	WSML	Overpaying
10	$705	$545	$160
20	$2,725	$2,113	$612
30	$7,898	$6,149	$1,749

Expense ratio

0.39%FNDC
0.30%WSML, cheaper

WSML0.30%FNDC0.39%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

WSML 3rd cheapest of 16 funds

FNDC 4th cheapest of 16 funds

FNDC vs WSML Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FNDC 3.66%, better; WSML 2.84%
Payout (12M): FNDC $1.80; WSML $0.97
Last payment: FNDC $0.28; WSML $0.29
Ex-dividend: FNDC Jun 24, 2026; WSML Jun 15, 2026
Paid on: FNDC Jun 29, 2026; WSML Jun 18, 2026
Frequency: FNDC Twice a year; WSML Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FNDCTwice a year · 18 paymentsAll FNDC payments⁠

WSMLTwice a year · 3 paymentsAll WSML payments⁠

FNDC vs WSML Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FNDC 13.3%WSML 13.3%since May 2025
Return per unit of riskSharpe ratio, 3 years: FNDC 1.14WSML 1.46since May 2025
Worst fallMax drawdown, 5 years: FNDC −30.8%WSML −10.7%since Apr 2025
Market sensitivityBeta, 5 years: FNDC 1.04WSML 0.89; Market = 1

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