FNDF vs IEFA: Grades, Fees and Holdings Compared

Schwab Fundamental International Large Company Index ETF

FNDFBNYSE Arca

iShares Core MSCI EAFE ETF

IEFAACboe

Overlap

45.1%by weight

Expense ratio

IEFA −0.18pt a year

FNDF0.25%IEFA0.07%

Avg volume · 30D

IEFA 5.4×the volume

FNDF1.65MIEFA8.85M

10Y return · a year

FNDF +2.2pt

FNDF+11.4%IEFA+9.2%

FNDF vs IEFA Performance

Oct 29, 2021 – Oct 30, 2026

+90.4%FNDF+48.4%IEFA

Expense ratio: FNDF 0.25%; IEFA 0.07%, better
Fund size: FNDF $25.8B; IEFA $189B
1Y total return: FNDF +26.7%, better; IEFA +13.3%
Yield (12M): FNDF 3.04%; IEFA 3.41%, better
Holdings: FNDF 901; IEFA 2638
Avg volume (30D): FNDF 1.65M sh; IEFA 8.85M sh, better
NAV per share: FNDF $53.98; IEFA $96.14
52W range

ETF.net Grade

Pillar letters and Scores for FNDF, IEFA, with each pillar’s weight
Pillar	FNDF	IEFA
Cost30% weight	F23	B68Higher
Mission25% weight	A100	A100
Risk15% weight	B64Higher	C44
Tradability15% weight	C47	A80Higher
Holdings10% weight	C51	A87Higher
Durability5% weight	B68	A85Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. FNDF and IEFA are both graded against the same 20 Developed International Core funds, so their Grades compare head to head.

Developed International Core⁠

Category · 20 funds

See all 20 ›

IEFA ranks 4th and FNDF 14th of 20 funds in the Developed International Core Category.

Rank 1AIDEViShares Core MSCI International Developed Markets ETFScore 81
Rank 2ASPDWState Street SPDR Portfolio Developed World ex-US ETFScore 80
Rank 2AVEAVanguard FTSE Developed Markets ETFScore 80
Rank 4AIEFAiShares Core MSCI EAFE ETFScore 76
Rank 4ASCHFSchwab International Equity ETFScore 76
Rank 11BURTHiShares MSCI World ETFScore 58
Rank 14BFNDFSchwab Fundamental International Large Company Index ETFScore 56
Rank 15CGSIDGoldman Sachs MarketBeta International Equity ETFScore 53

Our read on each fund

ETF.net Research

FNDFBSchwab Fundamental International Large Company Index ETF

IEFAAiShares Core MSCI EAFE ETF

In short

FNDF Most developed-international index funds rank companies by market price. FNDF ranks them by fundamental business size and rebalances back to it, a contrarian, value-leaning route through roughly 900 of the same stocks.

IEFA Developed markets outside the US and Canada, right down to the small caps: roughly 2,600 stocks for 0.07% a year. The category's workhorse, and one of the biggest, most heavily traded funds on the shelf.

Stated mandate

FNDF The fund seeks to track, before fees and expenses, an index representing large companies from developed markets outside the United States, weighted according to fundamental size.

IEFA The fund seeks to track an index of large-, mid- and small-capitalization developed-market equities outside the United States and Canada.

Why people hold it

FNDF Weights companies by fundamental size rather than share price, so each rebalance trims what the market has bid up and tops up what it has marked down.schwabassetmanagement.com
Roughly 900 large companies from developed markets outside the US, so the value tilt arrives with broad diversification instead of a narrow bet.
Running since 2013 and now a multi-billion-dollar, actively traded fund, with a tight record of doing exactly what its RAFI index mandate says.

IEFA Charges 0.07% a year, against a 0.18% median for its developed-markets index peers.
The index reaches past large and mid caps into small caps, so you hold roughly 2,600 names across Europe, Japan and Australasia, not just the blue-chip layer.ishares.com
Trading since 2012 and now one of the largest and most actively traded funds in its group, which usually means a deep pool of buyers and sellers.
Sticks tightly to its stated mandate: a plain index wrapper on MSCI EAFE IMI, no active tilts hiding under the hood. Among the stronger builds in its peer group.

Worth knowing

FNDF At 0.25%, it runs above the developed-international median of 0.18% and well above plain cap-weighted rivals VEA, SCHF and SPDW at 0.03%.
Because weights ignore market price, results diverge from cap-weighted developed benchmarks in both directions. The value tilt is the design, not a glitch.schwabassetmanagement.com
Distributions land on an annual or semiannual schedule, so the cash flow is lumpier than a monthly payer.

IEFA Not the cheapest option: VEA, SPDW and SCHF each run 0.03%. The few extra basis points buy the EAFE index and its small-cap reach.
EAFE stops at developed markets and leaves out Canada, so a full international sleeve needs emerging markets (and Canada) from somewhere else.
Distributions arrive once or twice a year rather than monthly or quarterly.

Full FNDF profile⁠

Full IEFA profile⁠

FNDF vs IEFA Holdings

How FNDF and IEFA differ

Overlap by weight

45.1%

Shared holdings make up 62.6% of FNDF and 61.5% of IEFA.

Level by level

Holdings582 in both45.1%
Countryby domicile79.5%
Sector11 Sectors86.0%
Asset classEquity100%

Sector

Sector weights in FNDF and IEFA, widest gap first
Sector	More in FNDFMore in IEFA	FNDF	IEFA
Energy	FNDF +7.9 points	12.2%	4.3%
Industrials	IEFA +5.6 points	13.6%	19.2%
Materials	FNDF +3.6 points	10.1%	6.5%
Health Care	IEFA +3.5 points	6.8%	10.3%
Financials	IEFA +3.3 points	20.4%	23.7%
Real Estate	IEFA +1.6 points	1.0%	2.6%
Consumer Discretionary	FNDF +1.1 points	9.7%	8.6%
Utilities	FNDF +0.8 points	4.4%	3.6%
Communication	FNDF +0.4 points	4.2%	3.8%
Consumer Staples	FNDF +0.2 points	6.9%	6.7%
Technology	FNDF +0.1 points	10.7%	10.6%

Country, concentration and asset class

Country by domicile

Country weights in FNDF and IEFA, widest gap first
Country	More in FNDFMore in IEFA	FNDF	IEFA
Canada	FNDF +9.3 points	9.3%	0.0%
South Korea	FNDF +7.0 points	7.0%	0.0%
Switzerland	IEFA +4.0 points	5.2%	9.2%
Japan	IEFA +3.1 points	23.5%	26.6%
Netherlands	IEFA +2.8 points	2.4%	5.2%
Australia	IEFA +2.5 points	4.9%	7.4%
Sweden	IEFA +1.5 points	2.3%	3.8%
Norway	FNDF +1.3 points	1.3%	0.0%
Other countries (18)	IEFA +3.8 points	44.0%	47.8%

Outside the US: FNDF 92% developed, 8% emerging. IEFA 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

FNDF14.8%
IEFA12.4%

Securities held

FNDF887
IEFA2,621

Asset class

FNDF: Equity
IEFA: Equity

Holdings

Only in FNDF305
In both582
Only in IEFA2,039

Only in FNDF

305 securities, 37.3% of FNDF by weight

Samsung Electronics Ltd2.77%
Totalenergies1.88%
Bp PLC1.32%
Banco Santander1.02%
Allianz0.66%
Equinor0.61%
Suncor Energy Inc0.60%
Deutsche Telekom N AG0.59%
Canadian Natural Resources Ltd0.56%
Royal Bank of Canada0.54%
Toronto Dominion0.53%
Sk Hynix0.48%
Banco Bilbao Vizcaya Argentaria0.43%
Bank of Nova Scotia0.42%
Sap0.39%
Enbridge0.39%
Lair Liquide Societe Anonyme Pour0.37%
Samsung Electronics Non Voting Pre0.37%
Asml Holding0.35%
Axa SA0.35%
Cenovus Energy0.35%
Anheuser-Busch Inbev SA0.33%
Nutrien Ltd0.32%
Koninklijke Ahold Delhaize0.32%
Mercedes-Benz Group N AG0.31%
Societe Generale SA0.29%
Stellantis0.29%
Vinci SA0.29%
Schneider Electric0.29%
Bank of Montreal0.28%
Arcelormittal SA0.27%
Orange SA0.26%
National Grid PLC0.26%
Posco Holdings0.26%
Canadian Imperial Bank of Commerce0.26%
Alimentation Couche Tard Inc0.25%
Loreal SA0.25%
Magna International0.23%
Novo Nordisk Class B0.22%
Danone SA0.22%
Manulife Financial0.22%
A P Moller Maersk Class A0.21%
Bt Group PLC0.21%
Canadian National Railway0.21%
Lg Electronics Inc0.20%
A P Moller Maersk Class B0.20%
Michelin0.20%
Kia Corporation0.19%
Hyundai Motor0.19%
Bae Systems PLC0.19%

Only in IEFA

2,039 securities, 37.9% of IEFA by weight

Asml Holding2.45%
Sap0.96%
Allianz0.74%
Totalenergies0.74%
Banco Santander0.64%
Schneider Electric0.58%
Rolls-Royce Holdings PLC0.55%
Bp PLC0.53%
Banco Bilbao Vizcaya Argentaria0.52%
Novo Nordisk Class B0.51%
Airbus Group0.51%
Lair Liquide Societe Anonyme Pour0.51%
Loreal SA0.46%
Siemens Energy N AG0.44%
Lvmh0.43%
Safran SA0.42%
Deutsche Telekom N AG0.40%
Sanofi SA0.39%
National Grid PLC0.33%
Bae Systems PLC0.32%
Axa SA0.30%
Investor Class B0.30%
Anheuser-Busch Inbev SA0.29%
Essilorluxottica SA0.24%
Vinci SA0.23%
Compass Group PLC0.23%
Argenx0.23%
Nordea Bank0.21%
Volvo Class B0.20%
Ferrari0.19%
Atlas Copco Class A0.19%
Danone SA0.18%
Societe Generale SA0.17%
Galderma Group N AG0.17%
Assa Abloy B0.16%
Ucb SA0.15%
Asm International NV0.15%
Erste Group Bank AG0.15%
Assicurazioni Generali0.14%
Swedbank0.13%
Equinor0.13%
Koninklijke Ahold Delhaize0.13%
Nebius NV Class A0.12%
Mercedes-Benz Group N AG0.12%
Adidas N AG0.12%
Skandinaviska Enskilda Banken0.12%
Orange SA0.12%
Stmicroelectronics0.12%
Ericsson B0.12%
Aviva PLC0.12%

Weight gaps

The 100 widest of 582 Holdings in both funds.

Holding weights in FNDF and IEFA, widest gap first
Holding	More in FNDFMore in IEFA	FNDF	IEFA
ShellSHEL.L	FNDF +1.85 points	3.10%	1.25%
Astrazeneca PLCAZN.L	IEFA +0.66 points	0.47%	1.13%
Glencore PLCGLEN.L	FNDF +0.64 points	0.90%	0.26%
Advantest	IEFA +0.59 points	0.06%	0.65%
Mitsubishi Ufj Financial Group	IEFA +0.55 points	0.39%	0.94%
Novartis AG	IEFA +0.49 points	0.70%	1.19%
Commonwealth Bank of Australia	IEFA +0.49 points	0.30%	0.79%
Nestle SA	IEFA +0.42 points	0.64%	1.06%
Siemens N AG	IEFA +0.41 points	0.45%	0.86%
Volkswagen Non-Voting Pref AG	FNDF +0.41 points	0.47%	0.06%
Honda Motor	FNDF +0.39 points	0.55%	0.16%
Vodafone Group PLCVOD.L	FNDF +0.38 points	0.50%	0.12%
Abb Ltd	IEFA +0.36 points	0.17%	0.53%
Kioxia Holdings	IEFA +0.36 points	0.03%	0.39%
Eni	FNDF +0.35 points	0.57%	0.22%
Toyota Motor	FNDF +0.35 points	1.09%	0.74%
Ubs Group AG	IEFA +0.35 points	0.25%	0.60%
Bmw	FNDF +0.35 points	0.43%	0.08%
Roche Ps Par AG	IEFA +0.33 points	1.05%	1.38%
Tokyo Electron	IEFA +0.33 points	0.21%	0.54%
Spotify TechnologySPOT	IEFA +0.32 points	0.03%	0.35%
Basf N	FNDF +0.31 points	0.52%	0.21%
Bayer AG	FNDF +0.30 points	0.52%	0.22%
Repsol	FNDF +0.28 points	0.43%	0.15%
Compagnie Financiere Richemont SA	IEFA +0.27 points	0.16%	0.43%
Keyence	IEFA +0.27 points	0.10%	0.37%
Dbs Group Holdings Ltd	IEFA +0.27 points	0.20%	0.47%
Recruit Holdings Ltd	IEFA +0.27 points	0.38%	0.65%
Fast Retailing	IEFA +0.25 points	0.10%	0.35%
Sumitomo Mitsui Financial Group	IEFA +0.24 points	0.36%	0.60%
Mizuho Financial Group	IEFA +0.24 points	0.22%	0.46%
Softbank Group Corp	IEFA +0.23 points	0.19%	0.42%
Dhl N AG	FNDF +0.23 points	0.47%	0.24%
Iberdrola	IEFA +0.23 points	0.39%	0.62%
Bhp Group Ltd	FNDF +0.21 points	1.04%	0.83%
Rio TintoRIO.L	FNDF +0.21 points	0.56%	0.35%
Ntt	FNDF +0.21 points	0.34%	0.13%
Panasonic Holdings	FNDF +0.20 points	0.41%	0.21%
Hsbc Holdings PLCHSBA.L	IEFA +0.19 points	0.98%	1.17%
Mitsubishi	FNDF +0.19 points	0.56%	0.37%
Rheinmetall AG	IEFA +0.18 points	0.04%	0.22%
Tesco PLCTSCO.L	FNDF +0.18 points	0.36%	0.18%
Unicredit	IEFA +0.17 points	0.27%	0.44%
Renault SA	FNDF +0.18 points	0.20%	0.02%
Deutsche Boerse AG	IEFA +0.17 points	0.09%	0.26%
Mitsubishi Heavy Industries	IEFA +0.17 points	0.11%	0.28%
Takeda Pharmaceutical	FNDF +0.16 points	0.43%	0.27%
British American TobaccoBATS.L	FNDF +0.15 points	0.65%	0.50%
Infineon Technologies AG	IEFA +0.16 points	0.14%	0.30%
Nippon Steel	FNDF +0.15 points	0.23%	0.08%
Hoya	IEFA +0.14 points	0.08%	0.22%
Sony Group	IEFA +0.14 points	0.44%	0.58%
Macquarie Group Ltd Def	IEFA +0.14 points	0.12%	0.26%
Goodman Group Units	IEFA +0.13 points	0.02%	0.15%
Tokio Marine Holdings	IEFA +0.14 points	0.26%	0.40%
Hong Kong Exchanges and Clearing	IEFA +0.13 points	0.06%	0.19%
Seven & I Holdings	FNDF +0.13 points	0.23%	0.10%
Anglo American PLCAAL.L	FNDF +0.13 points	0.34%	0.21%
Hitachi	IEFA +0.13 points	0.44%	0.57%
Relx PLCREL.L	IEFA +0.13 points	0.15%	0.28%
Aia Group	IEFA +0.13 points	0.27%	0.40%
Nippon Yusen	FNDF +0.13 points	0.20%	0.07%
Bnp Paribas SA	FNDF +0.12 points	0.50%	0.38%
Mitsui	FNDF +0.12 points	0.42%	0.30%
Fujikura	IEFA +0.12 points	0.03%	0.15%
Prosus NV Class N	IEFA +0.12 points	0.07%	0.19%
National Australia Bank	IEFA +0.11 points	0.24%	0.36%
Oversea-Chinese Banking	IEFA +0.12 points	0.18%	0.30%
Zim Integrated Shipping Services LZIM	FNDF +0.12 points	0.13%	0.01%
Eneos Holdings	FNDF +0.12 points	0.21%	0.09%
Wesfarmers	IEFA +0.12 points	0.13%	0.25%
Lonza Group AG	IEFA +0.11 points	0.11%	0.22%
Itochu	FNDF +0.11 points	0.44%	0.33%
Omv	FNDF +0.10 points	0.15%	0.05%
Westpac Banking Corporation Corp	IEFA +0.11 points	0.25%	0.36%
Givaudan SA	IEFA +0.11 points	0.07%	0.18%
London Stock Exchange Group PLCLSEG.L	IEFA +0.11 points	0.12%	0.23%
Sainsbury(J) PLCSBRY.L	FNDF +0.10 points	0.13%	0.03%
Bridgestone	FNDF +0.10 points	0.21%	0.11%
Sekisui House	FNDF +0.10 points	0.15%	0.05%
Caixabank SA	IEFA +0.10 points	0.08%	0.18%
Canon	FNDF +0.09 points	0.19%	0.10%
Industria De Diseno Textil SA	IEFA +0.09 points	0.18%	0.27%
Kddi	FNDF +0.09 points	0.30%	0.21%
Fresenius Medical Care AG	FNDF +0.10 points	0.13%	0.03%
Unilever PLCULVR.L	IEFA +0.09 points	0.47%	0.56%
Anz Group Holdings Ltd	IEFA +0.09 points	0.26%	0.35%
Suzuki Motor	FNDF +0.09 points	0.17%	0.08%
Bouygues SA	FNDF +0.09 points	0.13%	0.04%
Fujifilm Holdings	FNDF +0.09 points	0.19%	0.10%
Tokyo Electric Power Holdings	FNDF +0.09 points	0.11%	0.02%
Disco Corp	IEFA +0.09 points	0.02%	0.11%
Sumitomo Forestry	FNDF +0.09 points	0.10%	0.01%
Marubeni	FNDF +0.09 points	0.26%	0.17%
Wpp PLCWPP.L	FNDF +0.09 points	0.11%	0.02%
Fresenius N	FNDF +0.09 points	0.18%	0.09%
Daiwa House Industry	FNDF +0.09 points	0.15%	0.06%
Aisin	FNDF +0.09 points	0.11%	0.02%
Capgemini	FNDF +0.08 points	0.17%	0.09%
Alcon AG	IEFA +0.08 points	0.06%	0.14%

All 905 FNDF holdings⁠All 2,625 IEFA 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.

FNDF vs IEFA Cost

Overpaying FNDF vs IEFA

$3,679

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

FNDF 0.25%
$5,159
IEFA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

FNDF 0.25%
IEFA 0.07%
Overpaying

Year by year

Year	FNDF	IEFA	Overpaying
10	$455	$128	$327
20	$1,769	$503	$1,266
30	$5,159	$1,480	$3,679

Expense ratio

0.25%FNDF
0.07%IEFA, cheaper

IEFA0.07%FNDF0.25%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

IEFA 7th cheapest of 20 funds

FNDF 15th cheapest of 20 funds

FNDF vs IEFA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDF 3.04%; IEFA 3.41%, better
Payout (12M): FNDF $1.64; IEFA $3.29
Last payment: FNDF $0.30; IEFA $1.58
Ex-dividend: FNDF Jun 24, 2026; IEFA Jun 15, 2026
Paid on: FNDF Jun 29, 2026; IEFA Jun 18, 2026
Frequency: FNDF Twice a year; IEFA Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FNDFTwice a year · 18 paymentsAll FNDF payments⁠

IEFATwice a year · 20 paymentsAll IEFA payments⁠

FNDF vs IEFA Risk

Fall from peak · 5 years

FNDF
IEFA

Risk facts

VolatilityStd dev, 3 years: FNDF 12.4%IEFA 11.9%, better
Return per unit of riskSharpe ratio, 3 years: FNDF 1.50, betterIEFA 1.20
Worst fallMax drawdown, 5 years: FNDF −25.6%, betterIEFA −30.0%
Market sensitivityBeta, 5 years: FNDF 0.97IEFA 0.89; Market = 1

FNDF and IEFA in the news

All news⁠

Head-to-Head
IEFA vs. EFA: the cheaper fund is the one to hold
Oct 27, 2026IEFA
Head-to-Head
South Korea is the difference between VWO and IEMG
Oct 20, 2026IEFA
Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026IEFA
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026IEFA
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026IEFA

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FNDF vs IEFA

In short

Stated mandate

Why people hold it