FNDE vs PXH: Grades, Fees and Holdings Compared

Schwab Fundamental Emerging Markets Large Company Index ETF

FNDEBNYSE Arca

Invesco RAFI Emerging Markets ETF

PXHBNYSE Arca

Overlap

70.7%by weight

Expense ratio

FNDE −0.08pt a year

FNDE0.39%PXH0.47%

Avg volume · 30D

FNDE 6.9×the volume

FNDE1.53MPXH223K

10Y return · a year

FNDE +0.8pt

FNDE+9.1%PXH+8.3%

FNDE vs PXH Performance

Oct 29, 2021 – Oct 30, 2026

+58.4%FNDE+59.1%PXH

Expense ratio: FNDE 0.39%, better; PXH 0.47%
Fund size: FNDE $9.97B; PXH $1.94B
1Y total return: FNDE +14.4%, better; PXH +13.1%
Yield (12M): FNDE 3.66%; PXH 4.13%, better
Holdings: FNDE 370; PXH 365
Avg volume (30D): FNDE 1.53M sh, better; PXH 223K sh
NAV per share: FNDE $40.60; PXH $28.02
52W range

ETF.net Grade

Pillar letters and Scores for FNDE, PXH, with each pillar’s weight
Pillar	FNDE	PXH
Cost30% weight	B62Higher	C44
Mission25% weight	A96	Not scored
Risk15% weight	B61	B63Higher
Tradability15% weight	A74	A77Higher
Holdings10% weight	C54	B55Higher
Durability5% weight	A79Higher	A76

Rank among Emerging Markets Factor Index funds

How we build Categories ›

Same Category. FNDE and PXH 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 PXH 4th 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 5CBLESInspire Global Hope ETFScore 50

Our read on each fund

ETF.net Research

FNDEBSchwab Fundamental Emerging Markets Large Company Index ETF

PXHBInvesco RAFI Emerging Markets 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.

PXH Most emerging-markets funds size positions by share price. PXH sizes them by economic footprint (sales, cash flow, dividends, book value), the fundamental-indexing approach it has run since 2007. A value-tilted EM portfolio built from the accounting statements up.

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.

PXH The Fund seeks to track, before fees and expenses, the investment results of the RAFI strategy.

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.

PXH Position sizes come from book value, cash flow, sales and dividends, not market price, so a stock rallying does not automatically earn a bigger slot in the fund.invesco.com lseg.com
Running since 2007, one of the longest-lived fundamental-index plays in emerging markets, now at billion-dollar scale and moderately traded.
Roughly 400 stocks across emerging markets, paid out quarterly. Broad coverage rather than a concentrated country or sector bet.

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.

PXH At 0.47% it costs a shade more than the 0.45% median index tracker, and multiples of the cheapest broad index funds (VT charges 0.06%).
Weighting by fundamentals means the portfolio can look very different from cap-weighted EM benchmarks, and move differently from them for long stretches.lseg.com invesco.com
The benchmark switched in 2025 (it was the FTSE RAFI Emerging Index before), so the fund's long history predates today's selection rules.invesco.com

Full FNDE profile⁠

Full PXH profile⁠

FNDE vs PXH Holdings

How FNDE and PXH differ

Overlap by weight

70.7%

Shared holdings make up 77.4% of PXH and 75.0% of FNDE.

Level by level

Holdings218 in both70.7%
Countryby domicile95.5%
Sector11 Sectors96.8%
Asset classEquity100%

Sector

Sector weights in FNDE and PXH, widest gap first
Sector	More in FNDEMore in PXH	FNDE	PXH
Energy	FNDE +1.6 points	14.7%	13.1%
Financials	PXH +1.4 points	26.4%	27.8%
Materials	FNDE +0.9 points	11.5%	10.6%
Consumer Discretionary	PXH +0.8 points	9.4%	10.2%
Health Care	PXH +0.6 points	0.4%	1.0%
Communication	FNDE +0.3 points	6.1%	5.8%
Consumer Staples	FNDE +0.3 points	3.1%	2.8%
Technology	PXH +0.3 points	19.8%	20.1%
Real Estate	PXH +0.1 points	1.4%	1.5%
Industrials	PXH +0.1 points	4.9%	5.0%
Utilities	PXH +0.1 points	2.2%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in FNDE and PXH, widest gap first
Country	More in FNDEMore in PXH	FNDE	PXH
China	PXH +2.2 points	34.3%	36.5%
Brazil	FNDE +1.9 points	12.6%	10.7%
Taiwan	PXH +1.5 points	24.9%	26.4%
South Africa	FNDE +1.1 points	7.2%	6.1%
Greece	FNDE +0.5 points	0.5%	0.0%
Other countries (11)	FNDE +0.2 points	20.5%	20.3%

Outside the US: FNDE 1% developed, 99% emerging. PXH 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

FNDE26.7%
PXH28.4%

Securities held

FNDE352
PXH359

Asset class

FNDE: Equity
PXH: Equity

Holdings

Only in FNDE134
In both218
Only in PXH141

Only in FNDE

134 securities, 24.9% of FNDE by weight

Petroleo Brasileiro SA2.72%
Tencent Holdings1.87%
Industrial and Commercial Bank of1.76%
Ptt Non-Voting Dr0.96%
Saudi Arabian Oil0.69%
Valterra Platinum Ltd0.54%
Xiaomi0.46%
Turkiye Petrol Rafinerileri A0.38%
Meituan0.37%
Baidu0.36%
China Resources Land0.34%
Koc Holding A0.33%
Ping An Insurance (Group) of China0.33%
Kasikornbank Public Non-Voting Dr0.33%
China Merchants Bank A0.32%
Ecopetrol Adr Representing SA0.28%
Saudi Telecom0.26%
Scb X Public Company Limited Non-V0.26%
Saudi Basic Industries0.25%
Siam Cement Non-Voting Dr Pcl0.25%
Otp Bank0.24%
Mol Hungarian Oil and Gas0.23%
Ptt Global Chemical Non-Voting Dr0.23%
Bangkok Bank Non-Voting Dr0.23%
Midea Group A0.22%
China Mengniu Dairy Ltd0.22%
The Saudi National Bank0.21%
Ptt Exploration and Production Non0.21%
Grupo Cibest Pref SA0.20%
Emaar Properties0.20%
Malayan Banking0.19%
Turk Hava Yollari Ao A0.19%
Geely Automobile Holdings Ltd0.19%
Bim Birlesik Magazalar A0.19%
Emirates Telecommunications Group0.19%
Kuwait Finance House0.18%
National Bank of Kuwait0.18%
Public Bank0.18%
Tenaga Nasional0.18%
China Hongqiao Group Ltd0.17%
Ssc Government Mm Gvmxx0.17%
Enn Energy Holdings Ltd0.17%
Motor Oil (Hellas) Corinth Refiner0.16%
Emirates Nbd0.16%
Sociedad Quimica Y Minera De Chile0.16%
Orient Overseas (International) Lt0.16%
China Minsheng Banking A0.15%
Akbank A0.15%
Anta Sports Products Ltd0.15%
Cimb Group Holdings0.15%

Only in PXH

141 securities, 22.1% of PXH by weight

Industrial & Commercial Bank of China Ltd2.15%
Tencent Holdings Ltd2.10%
Ptt Pcl0.83%
Saudi Arabian Oil Co0.61%
Xiaomi Corp0.52%
Meituan0.51%
Baidu Inc0.50%
Valterra Platinum Ltd0.47%
China Resources Land Ltd0.36%
Kasikornbank PCL0.35%
Scb X Pcl0.28%
Turkiye Petrol Rafinerileri AS0.28%
Bangkok Bank PCL0.28%
Saudi National Bank/The0.27%
KOC Holding AS0.26%
Siam Cement PCL/The0.24%
Midea Group Co A (Hk-C)0.24%
Largan Precision Co Ltd0.24%
Trip.com Group Ltd0.23%
PTT Global Chemical PCL0.23%
Saudi Telecom Co0.23%
Malayan Banking Bhd0.22%
China Mengniu Dairy Co Ltd0.20%
Geely Automobile Holdings Ltd0.20%
PTT Exploration & Production PCL0.20%
E.Sun Financial Holding Co Ltd0.20%
Public Bank Bhd0.19%
Saudi Basic Industries Corp0.17%
CIMB Group Holdings Bhd0.17%
Turk Hava Yollari AO0.17%
SinoPac Financial Holdings Co Ltd0.17%
China Hongqiao Group Ltd0.16%
ENN Energy Holdings Ltd0.15%
Tenaga Nasional Bhd0.15%
Orient Overseas International Ltd0.15%
BIM Birlesik Magazalar AS0.15%
Winbond Electronics Corp0.14%
Sociedad Quimica y Minera de Chile SA0.14%
Krung Thai Bank PCL0.14%
Hua Nan Financial Holdings Co Ltd0.14%
Formosa Petrochemical Corp0.14%
ANTA Sports Products Ltd0.14%
Naspers Ltd0.14%
Eregli Demir ve Celik Fabrikalari TAS0.13%
Wuxi Biologics Cayman Inc0.13%
Bank of Jiangsu Co Ltd0.12%
Thai Oil PCL0.12%
BeOne Medicines Ltd0.12%
Riyad Bank0.12%
Akbank TAS0.12%

Weight gaps

The 100 widest of 218 Holdings in both funds.

Holding weights in FNDE and PXH, widest gap first
Holding	More in FNDEMore in PXH	FNDE	PXH
Petroleo Brasileiro Pref SA	PXH +1.87 points	2.86%	4.73%
Mediatek	PXH +0.40 points	1.32%	1.72%
China Merchants Bank H	PXH +0.34 points	0.60%	0.94%
Ping An Insurance (Group) Co of Ch	PXH +0.30 points	1.00%	1.30%
Alibaba Group Holding	PXH +0.30 points	2.66%	2.96%
Vale	FNDE +0.30 points	1.97%	1.67%
Taiwan Semiconductor Manufacturing	PXH +0.24 points	5.60%	5.84%
Agricultural Bank of China H	PXH +0.19 points	0.56%	0.75%
Bank of Communications Ltd H	PXH +0.18 points	0.25%	0.43%
Sasol	FNDE +0.19 points	0.81%	0.62%
America Movil B	FNDE +0.17 points	0.65%	0.48%
Hon Hai Precision Industry	FNDE +0.17 points	2.79%	2.62%
Cathay Financial Holding	PXH +0.15 points	0.31%	0.46%
Bank of China Ltd H	PXH +0.15 points	1.55%	1.70%
China Minsheng Banking H	PXH +0.14 points	0.16%	0.30%
Mtn Group	FNDE +0.12 points	0.49%	0.37%
Bharti Airtel Ltd	FNDE +0.12 points	0.38%	0.26%
Pegatron	FNDE +0.10 points	0.36%	0.26%
Postal Savings Bank of China Ltd H	PXH +0.09 points	0.22%	0.31%
China Railway Group Ltd H	PXH +0.09 points	0.13%	0.22%
Catcher Technology	PXH +0.09 points	0.02%	0.11%
Boc Hong Kong Holdings Ltd	PXH +0.08 points	0.27%	0.35%
Petrochina H	FNDE +0.09 points	1.22%	1.13%
Vibra Energia SA	FNDE +0.08 points	0.42%	0.34%
Pdd Holdings AdsPDD	PXH +0.08 points	0.69%	0.78%
Evergreen Marine Corp (Taiwan) Ltd	FNDE +0.08 points	0.79%	0.71%
Citic Ltd	FNDE +0.08 points	0.32%	0.24%
Ts Financial Holding	PXH +0.08 points	0.21%	0.29%
Citic Securities Company H	PXH +0.08 points	0.04%	0.12%
Crrc H	PXH +0.08 points	0.08%	0.16%
Byd H	PXH +0.07 points	0.27%	0.34%
Hdfc Bank	PXH +0.07 points	0.62%	0.69%
Fomento Economico Mexicano Ubd Uni	FNDE +0.07 points	0.62%	0.55%
Netease	PXH +0.07 points	0.34%	0.41%
Ultrapar Participoes SA	FNDE +0.07 points	0.25%	0.18%
Fubon Financial Holding	PXH +0.07 points	0.51%	0.58%
Axia Energia SA	PXH +0.07 points	0.15%	0.22%
China Everbright Bank Ltd H	PXH +0.07 points	0.12%	0.19%
China Pacific Insurance (Group) H	PXH +0.06 points	0.17%	0.23%
Hindalco Industries Ltd	FNDE +0.07 points	0.34%	0.27%
Suzano SA	FNDE +0.06 points	0.22%	0.16%
China Vanke H	PXH +0.06 points	0.08%	0.14%
Realtek Semiconductor	PXH +0.06 points	0.16%	0.22%
Gerdau Pref SA	FNDE +0.07 points	0.42%	0.35%
Cemex Cpo	FNDE +0.06 points	0.41%	0.35%
Wpg Holdings	FNDE +0.06 points	0.25%	0.19%
Banco Bradesco Pref	PXH +0.06 points	0.35%	0.41%
Mega Financial Holding Ltd	PXH +0.06 points	0.18%	0.24%
Anhui Conch Cement H	PXH +0.06 points	0.16%	0.22%
Poly Developments and Holdings Gro	PXH +0.06 points	0.02%	0.08%
China Steel Corp	FNDE +0.06 points	0.26%	0.20%
China Petroleum and Chemical H	FNDE +0.05 points	1.00%	0.95%
Tata Steel Ltd	FNDE +0.05 points	0.35%	0.30%
Infosys	FNDE +0.06 points	0.64%	0.58%
Grupo Mexico B	FNDE +0.05 points	0.56%	0.51%
Oil and Natural Gas Ltd	FNDE +0.05 points	0.31%	0.26%
Weichai Power Ltd H	PXH +0.05 points	0.10%	0.15%
Haier Smart Home Class H Ltd H	PXH +0.05 points	0.19%	0.24%
Metalurgica Gerdau Pref SA	FNDE +0.05 points	0.20%	0.15%
Banco Do Brasil SA	FNDE +0.05 points	0.44%	0.39%
Nan Ya Plastics Corp	PXH +0.05 points	0.93%	0.98%
Kgi Financial Holding	PXH +0.05 points	0.25%	0.30%
Sunac China Holdings	PXH +0.04 points	<0.01%	0.05%
Zijin Mining Group Ltd H	PXH +0.05 points	0.16%	0.21%
Cosco Shipping Holdings Ltd H	PXH +0.05 points	0.30%	0.35%
Impala Platinum	FNDE +0.04 points	0.28%	0.24%
Sinopharm Group Ltd H	FNDE +0.04 points	0.13%	0.09%
China Overseas Land Investment	FNDE +0.05 points	0.33%	0.28%
Yang Ming Marine Transport	FNDE +0.05 points	0.30%	0.25%
Tata Consultancy Services Ltd	FNDE +0.04 points	0.34%	0.30%
Gold Fields	FNDE +0.04 points	0.22%	0.18%
Innolux Corp	FNDE +0.04 points	0.52%	0.48%
Walmart De Mexico V	FNDE +0.03 points	0.28%	0.25%
Lenovo Group	FNDE +0.04 points	0.61%	0.57%
Asustek Computer Inc	PXH +0.04 points	0.50%	0.54%
Ase Technology Holding	FNDE +0.04 points	0.84%	0.80%
Sigmaf A	FNDE +0.04 points	0.10%	0.06%
Tata Motors Passenger Vehicles Ltd	FNDE +0.04 points	0.16%	0.12%
Bharat Petroleum	FNDE +0.03 points	0.25%	0.22%
Shoprite Holdings Ltd	FNDE +0.03 points	0.19%	0.16%
Uni-President Enterprises	FNDE +0.03 points	0.24%	0.21%
Yum China Holdings IncYUMC	FNDE +0.03 points	0.27%	0.24%
Eva Airways	FNDE +0.04 points	0.16%	0.12%
China Life Insurance Ltd H	PXH +0.03 points	0.13%	0.16%
Ke Holdings Adr Representing ClasBEKE	PXH +0.03 points	0.16%	0.19%
Sibanye Stillwater	FNDE +0.03 points	0.17%	0.14%
Bajaj Finserv Ltd	FNDE +0.03 points	0.11%	0.08%
China Shenhua Energy Ltd H	PXH +0.04 points	0.43%	0.47%
Empresas Copec SA	FNDE +0.03 points	0.07%	0.04%
Wan Hai Lines	FNDE +0.03 points	0.23%	0.20%
China National Building Material L	FNDE +0.03 points	0.15%	0.12%
Formosa Chemicals & Fibre Corp	FNDE +0.03 points	0.33%	0.30%
Grupo Bimbo A	FNDE +0.03 points	0.09%	0.06%
Synnex Technology International Co	FNDE +0.03 points	0.18%	0.15%
Grupo Televisa Cpo	FNDE +0.03 points	0.06%	0.03%
Jsw Steel	FNDE +0.03 points	0.16%	0.13%
Vipshop Holdings Sponsored Ads RepVIPS	FNDE +0.03 points	0.23%	0.20%
Wistron	FNDE +0.03 points	0.38%	0.35%
Orbia Advance Corp SA De Cv	FNDE +0.03 points	0.06%	0.03%
Compal Electronics	FNDE +0.02 points	0.34%	0.32%

All 392 FNDE holdings⁠All 360 PXH 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 PXH Cost

Overpaying PXH vs FNDE

$1,520

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

FNDE 0.39%
$7,898
PXH 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

FNDE 0.39%
PXH 0.47%
Overpaying

Year by year

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

Expense ratio

0.39%FNDE, cheaper
0.47%PXH

FNDE0.39%PXH0.47%

0.25%0.90%

Middle half of Emerging Markets Factor Index funds
Median 0.44%

FNDE 4th cheapest of 10 funds

PXH 6th cheapest of 10 funds

FNDE vs PXH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDE 3.66%; PXH 4.13%, better
Payout (12M): FNDE $1.49; PXH $1.16
Last payment: FNDE $0.19; PXH $0.32
Ex-dividend: FNDE Jun 24, 2026; PXH Sep 21, 2026
Paid on: FNDE Jun 29, 2026; PXH Sep 25, 2026
Frequency: FNDE Twice a year; PXH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FNDETwice a year · 20 paymentsAll FNDE payments⁠

PXHQuarterly · 39 paymentsAll PXH payments⁠

FNDE vs PXH Risk

Fall from peak · 5 years

FNDE
PXH

Risk facts

VolatilityStd dev, 3 years: FNDE 11.0%, betterPXH 11.2%
Return per unit of riskSharpe ratio, 3 years: FNDE 1.49PXH 1.49
Worst fallMax drawdown, 5 years: FNDE −29.4%, betterPXH −29.6%
Market sensitivityBeta, 5 years: FNDE 0.80PXH 0.76; Market = 1

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