FNDE vs PIE: Grades, Fees and Holdings Compared

Schwab Fundamental Emerging Markets Large Company Index ETF

FNDEBNYSE Arca

Invesco Dorsey Wright Emerging Markets Momentum ETF

PIEDNasdaq

Overlap

15.6%by weight

Expense ratio

FNDE −0.51pt a year

FNDE0.39%PIE0.90%

Avg volume · 30D

FNDE 20.8×the volume

FNDE1.53MPIE73.8K

10Y return · a year

PIE +0.1pt

FNDE+9.1%PIE+9.2%

FNDE vs PIE Performance

Oct 29, 2021 – Oct 30, 2026

+58.4%FNDE+43.2%PIE

Expense ratio: FNDE 0.39%, better; PIE 0.90%
Fund size: FNDE $9.97B; PIE $250M
1Y total return: FNDE +14.4%; PIE +31.6%, better
Yield (12M): FNDE 3.66%, better; PIE 2.38%
Holdings: FNDE 370; PIE 107
Avg volume (30D): FNDE 1.53M sh, better; PIE 73.8K sh
NAV per share: FNDE $40.60; PIE $31.39
52W range

ETF.net Grade

Pillar letters and Scores for FNDE, PIE, with each pillar’s weight
Pillar	FNDE	PIE
Cost30% weight	B62Higher	F5
Mission25% weight	A96	Not scored
Risk15% weight	B61Higher	D34
Tradability15% weight	A74Higher	C52
Holdings10% weight	C54	B58Higher
Durability5% weight	A79Higher	B57

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. FNDE and PIE 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 ›

FNDE ranks 3rd and PIE 9th 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
Rank 8DECOWPacer Emerging Markets Cash Cows 100 ETFScore 37
Rank 9DPIEInvesco Dorsey Wright Emerging Markets Momentum ETFScore 30
Rank 10FFLNFirst Trust Latin America AlphaDEX FundScore 23

Our read on each fund

ETF.net Research

FNDEBSchwab Fundamental Emerging Markets Large Company Index ETF

PIEDInvesco Dorsey Wright Emerging Markets Momentum ETF

In short

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.

PIE A 2007-vintage emerging-markets fund that ignores market cap and follows price trends instead: Dorsey Wright's relative-strength rules rotate the portfolio toward the EM stocks already leading and away from the laggards.

Stated mandate

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.

PIE Seeks exposure to emerging-market equities selected using Dorsey Wright’s relative-strength (momentum) rules, via a Dorsey Wright emerging-markets momentum index.

Why people hold it

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.

PIE Momentum is the entire thesis, not a tilt: a Dorsey Wright relative-strength index selects roughly 100 emerging-market names on price trend rather than size.
Live since 2007, so the rules have run through multiple EM boom and bust cycles rather than a single favorable stretch.
Spreads across roughly 100 stocks, pays quarterly, and trades with moderate volume, so it is not a thinly traded curiosity despite the specialist strategy.

Worth knowing

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.

PIE At 0.90% a year it costs more than the typical active EM fund (0.65% cohort median) and roughly triple systematic peers like AVEM and DFEM (0.33% and 0.39%).
Chasing relative strength means country, sector and turnover can look nothing like a broad EM index, and the ride is bumpier than a cap-weighted core holding.
It lands in the lower half of our active emerging-markets group, where the funds at the top are broader and considerably cheaper.

Full FNDE profile⁠

Full PIE profile⁠

FNDE vs PIE Holdings

How FNDE and PIE differ

Overlap by weight

15.6%

Shared holdings make up 30.5% of PIE and 22.0% of FNDE.

Level by level

Holdings31 in both15.6%
Countryby domicile51.1%
Sector11 Sectors61.9%
Asset classEquity100%

Sector

Sector weights in FNDE and PIE, widest gap first
Sector	More in FNDEMore in PIE	FNDE	PIE
Technology	PIE +25.2 points	19.8%	45.0%
Energy	FNDE +12.1 points	14.7%	2.6%
Financials	FNDE +10.7 points	26.4%	15.7%
Industrials	PIE +10.2 points	4.9%	15.1%
Consumer Discretionary	FNDE +6.0 points	9.4%	3.4%
Communication	FNDE +4.2 points	6.1%	1.9%
Consumer Staples	FNDE +2.0 points	3.1%	1.1%
Real Estate	PIE +1.7 points	1.4%	3.1%
Utilities	FNDE +1.5 points	2.2%	0.7%
Materials	FNDE +1.6 points	11.5%	9.9%
Health Care	PIE +1.1 points	0.4%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in FNDE and PIE, widest gap first
Country	More in FNDEMore in PIE	FNDE	PIE
Taiwan	PIE +36.2 points	24.9%	61.1%
China	FNDE +24.3 points	34.3%	10.0%
Brazil	FNDE +11.0 points	12.6%	1.6%
India	FNDE +10.1 points	10.1%	0.0%
Thailand	PIE +5.2 points	3.1%	8.3%
South Africa	PIE +4.0 points	7.2%	11.2%
United States	PIE +1.7 points	0.4%	2.1%
Peru	PIE +1.0 points	0.0%	1.0%
Other countries (8)	FNDE +2.9 points	7.5%	4.6%

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

Concentration

Weight in the 10 largest Holdings

FNDE26.7%
PIE25.6%

Securities held

FNDE352
PIE102

Asset class

FNDE: Equity
PIE: Equity

Holdings

Only in FNDE321
In both31
Only in PIE71

Only in FNDE

321 securities, 77.9% of FNDE by weight

China Construction Bank Corp H2.86%
Petroleo Brasileiro Pref SA2.86%
Hon Hai Precision Industry2.79%
Alibaba Group Holding2.66%
Vale1.97%
Tencent Holdings1.87%
Industrial and Commercial Bank of1.76%
Jd Com Adr Representing Class A1.57%
Petrochina H1.22%
China Petroleum and Chemical H1.00%
Ping An Insurance (Group) Co of Ch1.00%
Ptt Non-Voting Dr0.96%
Reliance Industries Ltd0.92%
Ase Technology Holding0.84%
Evergreen Marine Corp (Taiwan) Ltd0.79%
Pdd Holdings Ads0.69%
Saudi Arabian Oil0.69%
America Movil B0.65%
Icici Bank0.64%
Infosys0.64%
Itau Unibanco Holding Pref SA0.63%
Fomento Economico Mexicano Ubd Uni0.62%
Hdfc Bank0.62%
China Merchants Bank H0.60%
Gpo Finance Banorte0.56%
Valterra Platinum Ltd0.54%
Innolux Corp0.52%
Mtn Group0.49%
Xiaomi0.46%
Banco Do Brasil SA0.44%
China Shenhua Energy Ltd H0.43%
Gerdau Pref SA0.42%
Cemex Cpo0.41%
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%
Banco Bradesco Pref0.35%
Tata Steel Ltd0.35%
Compal Electronics0.34%
Netease0.34%
China Resources Land0.34%
Tata Consultancy Services Ltd0.34%
Hindalco Industries Ltd0.34%

Only in PIE

71 securities, 69.1% of PIE by weight

Topco Scientific Co Ltd2.95%
Shinkong Insurance Co Ltd2.82%
Jentech Precision Industrial Co Ltd2.72%
ITEQ Corp2.65%
Sigurd Microelectronics Corp2.58%
Kinsus Interconnect Technology Corp2.31%
Tripod Technology Corp2.16%
Magyar Telekom Telecommunications PLC2.08%
Chroma ATE Inc2.08%
Holy Stone Enterprise Co Ltd1.79%
King Slide Works Co Ltd1.78%
Asia Vital Components Co Ltd1.56%
Sunway Construction Group Bhd1.49%
Compeq Manufacturing Co Ltd1.45%
WuXi AppTec Co Ltd1.34%
OUTsurance Group Ltd1.30%
Krung Thai Bank PCL1.20%
SinoPac Financial Holdings Co Ltd1.20%
WinWay Technology Co Ltd1.16%
Elite Semiconductor Microelectronics Technology Inc1.10%
Genscript Biotech Corp1.06%
Walsin Technology Corp1.03%
KCE Electronics PCL1.01%
Credicorp Ltd0.99%
PSG Financial Services Ltd0.96%
Thanachart Capital PCL0.92%
Hua Nan Financial Holdings Co Ltd0.91%
Kinik Co0.87%
Sinotruk Hong Kong Ltd0.84%
Taiwan Surface Mounting Technology Corp0.78%
Systex Corp0.76%
China Hongqiao Group Ltd0.73%
Kiatnakin Phatra Bank PCL0.71%
Genius Electronic Optical Co Ltd0.70%
Hana Microelectronics PCL0.68%
Kasikornbank PCL0.65%
Wiwynn Corp0.65%
Tekfen Holding AS0.64%
Taiwan Cooperative Financial Holding Co Ltd0.63%
Fibra Uno Administracion SA de CV0.62%
Sanyang Motor Co Ltd0.60%
Mega Union Technology Inc0.60%
Taiwan Business Bank0.60%
Global Unichip Corp0.60%
BBB Foods Inc0.59%
I-Chiun Precision Industry Co Ltd0.57%
Advantech Co Ltd0.57%
Redefine Properties Ltd0.57%
Nanya Technology Corp0.57%
Discovery Ltd0.56%

Weight gaps

All 31 Holdings in both funds, largest gap first.

Holding weights in FNDE and PIE, widest gap first
Holding	More in FNDEMore in PIE	FNDE	PIE
Taiwan Semiconductor Manufacturing	FNDE +2.62 points	5.60%	2.98%
Petroleo Brasileiro SA	FNDE +2.15 points	2.72%	0.57%
Lite On Technology	PIE +2.10 points	0.18%	2.28%
Zijin Mining Group Ltd H	PIE +1.69 points	0.16%	1.85%
Nan Ya Plastics Corp	PIE +1.26 points	0.93%	2.19%
Yuanta Financial Holding	PIE +1.14 points	0.33%	1.47%
Kgi Financial Holding	PIE +1.00 points	0.25%	1.25%
Otp Bank	PIE +0.98 points	0.24%	1.22%
Grupo Mexico B	PIE +0.96 points	0.56%	1.52%
Bank of China Ltd H	FNDE +0.87 points	1.55%	0.68%
Zhen Ding Technology Holding Ltd	PIE +0.83 points	0.23%	1.06%
First Financial Holding Ltd	PIE +0.71 points	0.18%	0.89%
Mediatek	FNDE +0.55 points	1.32%	0.77%
Nedbank Group Ltd	PIE +0.51 points	0.22%	0.73%
Ctbc Financial Holding	PIE +0.43 points	0.48%	0.91%
Mol Hungarian Oil and Gas	PIE +0.42 points	0.23%	0.65%
Fubon Financial Holding	PIE +0.38 points	0.51%	0.89%
China Citic Bank Corp Ltd H	PIE +0.35 points	0.33%	0.68%
Ts Financial Holding	PIE +0.33 points	0.21%	0.54%
Ultrapar Participoes SA	PIE +0.31 points	0.25%	0.56%
Cathay Financial Holding	PIE +0.30 points	0.31%	0.61%
Formosa Chemicals & Fibre Corp	PIE +0.29 points	0.33%	0.62%
Auo	PIE +0.28 points	0.38%	0.66%
United Micro Electronics Corp	FNDE +0.19 points	0.76%	0.57%
Agricultural Bank of China H	PIE +0.14 points	0.56%	0.70%
Firstrand Ltd	PIE +0.13 points	0.42%	0.55%
Standard Bank Group	PIE +0.12 points	0.41%	0.53%
Sasol	PIE +0.10 points	0.81%	0.91%
Lenovo Group	PIE +0.06 points	0.61%	0.67%
Asustek Computer Inc	PIE +0.03 points	0.50%	0.53%
Vibra Energia SA	PIE +0.01 points	0.42%	0.43%

All 392 FNDE holdings⁠All 105 PIE 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.

FNDE vs PIE Cost

Overpaying PIE vs FNDE

$9,142

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

FNDE 0.39%
$7,898
PIE 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

FNDE 0.39%
PIE 0.90%
Overpaying

Year by year

Year	FNDE	PIE	Overpaying
10	$705	$1,593	$888
20	$2,725	$6,015	$3,290
30	$7,898	$17,040	$9,142

Expense ratio

0.39%FNDE, cheaper
0.90%PIE

FNDE0.39%PIE0.90%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

FNDE 4th cheapest of 10 funds

PIE 10th cheapest of 10 funds

FNDE vs PIE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDE 3.66%, better; PIE 2.38%
Payout (12M): FNDE $1.49; PIE $0.74
Last payment: FNDE $0.19; PIE $0.26
Ex-dividend: FNDE Jun 24, 2026; PIE Sep 21, 2026
Paid on: FNDE Jun 29, 2026; PIE Sep 25, 2026
Frequency: FNDE Twice a year; PIE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDETwice a year · 20 paymentsAll FNDE payments⁠

PIEQuarterly · 34 paymentsAll PIE payments⁠

FNDE vs PIE Risk

Fall from peak · 5 years

FNDE
PIE

Risk facts

VolatilityStd dev, 3 years: FNDE 11.0%, betterPIE 21.0%
Return per unit of riskSharpe ratio, 3 years: FNDE 1.49, betterPIE 0.92
Worst fallMax drawdown, 5 years: FNDE −29.4%, betterPIE −36.8%
Market sensitivityBeta, 5 years: FNDE 0.80PIE 1.05; Market = 1

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