FNDF vs SPDW: Grades, Fees and Holdings Compared

Schwab Fundamental International Large Company Index ETF

FNDFBNYSE Arca

State Street SPDR Portfolio Developed World ex-US ETF

SPDWANYSE Arca

Overlap

41.0%by weight

Expense ratio

SPDW −0.22pt a year

FNDF0.25%SPDW0.03%

Avg volume · 30D

SPDW 1.7×the volume

FNDF1.65MSPDW2.8M

10Y return · a year

FNDF +1.6pt

FNDF+11.4%SPDW+9.8%

FNDF vs SPDW Performance

Oct 29, 2021 – Oct 30, 2026

+90.4%FNDF+54.5%SPDW

Expense ratio: FNDF 0.25%; SPDW 0.03%, better
Fund size: FNDF $25.8B; SPDW $41.4B
1Y total return: FNDF +26.7%, better; SPDW +17.0%
Yield (12M): FNDF 3.04%; SPDW 3.07%, better
Holdings: FNDF 901; SPDW 2444
Avg volume (30D): FNDF 1.65M sh; SPDW 2.8M sh, better
NAV per share: FNDF $53.98; SPDW $49.93
52W range

ETF.net Grade

Pillar letters and Scores for FNDF, SPDW, with each pillar’s weight
Pillar	FNDF	SPDW
Cost30% weight	F23	A90Higher
Mission25% weight	A100	A100
Risk15% weight	B64Higher	C43
Tradability15% weight	C47	B66Higher
Holdings10% weight	C51	A87Higher
Durability5% weight	B68	A76Higher

Rank among Developed International Core funds

How we build Categories ›

Same Category. FNDF and SPDW 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 ›

SPDW ranks 2nd 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 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

SPDWAState Street SPDR Portfolio Developed World ex-US 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.

SPDW Developed markets outside the US, roughly 2,400 stocks deep, for three basis points. State Street's 2007-vintage international core: priced at the category floor and built wide rather than mega-cap-only.

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.

SPDW The fund seeks to provide investment results that generally correspond, before fees and expenses, to the total return performance of the S&P Developed Ex-U.S. BMI Index.

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.

SPDW 0.03% is the floor for this category. It matches VEA and SCHF penny for penny and sits far under what the typical developed-markets index fund charges.
Roughly 2,400 names across developed markets ex-US. The S&P Developed Ex-U.S. BMI is a broad-market index, so the sweep runs well past the household-name giants.
Tracking is among the tightest in its peer group, and it's a multi-billion-dollar fund that trades actively, which helps at the point of execution.
Trading since 2007 under one of the largest ETF issuers, a long operating history for a fund at this price point.

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.

SPDW Developed markets only. No US stocks, no emerging markets, by mandate. This is one slice of a global allocation, not the whole map.
Plain index exposure to foreign equities, with no hedge or defensive screen in the mandate. Overseas market swings pass straight through.
Distributions arrive once or twice a year rather than quarterly or monthly, so the income rhythm is lumpier than some peers.

Full FNDF profile⁠

Full SPDW profile⁠

FNDF vs SPDW Holdings

How FNDF and SPDW differ

Overlap by weight

41.0%

Shared holdings make up 57.9% of FNDF and 54.1% of SPDW.

Level by level

Holdings515 in both41.0%
Sector11 Sectors85.6%
Countryby domicile89.5%
Asset classEquity100%

Sector

Sector weights in FNDF and SPDW, widest gap first
Sector	More in FNDFMore in SPDW	FNDF	SPDW
Energy	FNDF +6.7 points	12.2%	5.5%
Industrials	SPDW +4.1 points	13.6%	17.7%
Technology	SPDW +4.1 points	10.7%	14.8%
Financials	SPDW +3.5 points	20.4%	23.9%
Materials	FNDF +3.0 points	10.1%	7.1%
Consumer Discretionary	FNDF +1.7 points	9.7%	8.0%
Health Care	SPDW +1.7 points	6.8%	8.5%
Utilities	FNDF +1.1 points	4.4%	3.3%
Real Estate	SPDW +1.2 points	1.0%	2.2%
Consumer Staples	FNDF +1.1 points	6.9%	5.8%
Communication	FNDF +0.8 points	4.2%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in FNDF and SPDW, widest gap first
Country	More in FNDFMore in SPDW	FNDF	SPDW
United Kingdom	FNDF +4.0 points	14.7%	10.7%
France	FNDF +2.4 points	8.4%	6.0%
Switzerland	SPDW +2.0 points	5.2%	7.2%
Canada	SPDW +1.7 points	9.3%	11.0%
Germany	FNDF +1.7 points	7.9%	6.2%
Netherlands	SPDW +1.7 points	2.4%	4.1%
Japan	FNDF +1.2 points	23.5%	22.3%
South Korea	SPDW +1.2 points	7.0%	8.2%
Other countries (23)	SPDW +2.8 points	21.5%	24.3%

Outside the US: FNDF 92% developed, 8% emerging. SPDW 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

FNDF14.8%
SPDW12.6%

Securities held

FNDF887
SPDW2,416

Asset class

FNDF: Equity
SPDW: Equity

Holdings

Only in FNDF372
In both515
Only in SPDW1,901

Only in FNDF

372 securities, 42.1% of FNDF by weight

Shell3.10%
Samsung Electronics Ltd2.77%
Bp PLC1.32%
Hsbc Holdings PLC0.98%
Glencore PLC0.90%
British American Tobacco0.65%
Eni0.57%
Rio Tinto0.56%
Basf N0.52%
Bayer AG0.52%
Bnp Paribas SA0.50%
Vodafone Group PLC0.50%
Sk Hynix0.48%
Astrazeneca PLC0.47%
Unilever PLC0.47%
Volkswagen Non-Voting Pref AG0.47%
Dhl N AG0.47%
Siemens N AG0.45%
Repsol0.43%
Bmw0.43%
Iberdrola0.39%
Samsung Electronics Non Voting Pre0.37%
Glaxosmithkline0.36%
Tesco PLC0.36%
Anglo American PLC0.34%
Enel0.34%
Intesa Sanpaolo0.34%
Ing Groep0.31%
Barclays PLC0.30%
Stellantis0.29%
Unicredit0.27%
Lloyds Banking Group PLC0.26%
National Grid PLC0.26%
Posco Holdings0.26%
Muenchener Rueckversicherungs-Gese0.25%
Novo Nordisk Class B0.22%
Natwest Group PLC0.22%
E.on N0.22%
Deutsche Bank AG0.22%
A P Moller Maersk Class A0.21%
Bt Group PLC0.21%
Engie SA0.20%
Lg Electronics Inc0.20%
A P Moller Maersk Class B0.20%
Renault SA0.20%
Standard Chartered PLC0.20%
Kia Corporation0.19%
Hyundai Motor0.19%
Bae Systems PLC0.19%
Imperial Brands PLC0.18%

Only in SPDW

1,901 securities, 45.8% of SPDW by weight

Samsung Electr Gdr Reg’s2.39%
Sk Hynix Inc2.01%
Shell PLC0.95%
Hsbc Holdings PLC0.89%
Astrazeneca PLC0.82%
Siemens AG Reg0.68%
Iberdrola SA0.47%
Rolls Royce Holdings PLC0.46%
Unilever PLC0.43%
Bp PLC0.43%
Unicredit Spa0.41%
British American Tobacco PLC0.38%
Novo Nordisk A/S B0.37%
Samsung Electronics Pref0.33%
Intesa Sanpaolo0.33%
Bnp Paribas0.30%
Gsk PLC0.29%
Ing Groep NV0.29%
Rio Tinto PLC0.27%
Lloyds Banking Group PLC0.27%
Bae Systems PLC0.26%
National Grid PLC0.25%
Muenchener Rueckver AG Reg0.25%
Barclays PLC0.24%
Enel Spa0.24%
Investor Ab B Shs0.24%
Infineon Technologies AG0.24%
Glencore PLC0.23%
Industria De Diseno Textil0.21%
Eni Spa0.21%
Deutsche Bank AG Registered0.21%
Natwest Group PLC0.21%
Deutsche Boerse AG0.20%
Anglo American PLC0.19%
Sk Square Co Ltd0.19%
Nordea Bank Abp0.18%
Dhl AG0.18%
London Stock Exchange Group0.17%
Nokia Oyj0.17%
Argenx SE0.17%
Rheinmetall AG0.16%
Samsung Electro Mechanics Co0.16%
Basf SE0.16%
Standard Chartered PLC0.15%
Bayer AG Reg0.15%
Kb Financial Group Inc0.15%
Prosus NV0.15%
Tesco PLC0.15%
Diageo PLC0.15%
Relx PLC0.15%

Weight gaps

The 100 widest of 515 Holdings in both funds.

Holding weights in FNDF and SPDW, widest gap first
Holding	More in FNDFMore in SPDW	FNDF	SPDW
Asml HoldingASML	SPDW +1.61 points	0.35%	1.96%
TotalenergiesTTE	FNDF +1.28 points	1.88%	0.60%
Shopify Subordinate Voting Class A	SPDW +0.57 points	0.05%	0.62%
Advantest	SPDW +0.49 points	0.06%	0.55%
EquinorEQNR	FNDF +0.47 points	0.61%	0.14%
Bhp Group Ltd	FNDF +0.42 points	1.04%	0.62%
Mitsubishi Ufj Financial Group	SPDW +0.41 points	0.39%	0.80%
Honda Motor	FNDF +0.41 points	0.55%	0.14%
Toyota Motor	FNDF +0.38 points	1.09%	0.71%
Royal Bank of Canada	SPDW +0.33 points	0.54%	0.87%
SapSAP	SPDW +0.33 points	0.39%	0.72%
Suncor Energy Inc	FNDF +0.32 points	0.60%	0.28%
Commonwealth Bank of Australia	SPDW +0.29 points	0.30%	0.59%
Deutsche Telekom N AGDTE	FNDF +0.29 points	0.59%	0.30%
Kioxia Holdings	SPDW +0.29 points	0.03%	0.32%
Siemens Energy N AGENR	SPDW +0.28 points	0.05%	0.33%
Abb Ltd	SPDW +0.26 points	0.17%	0.43%
Tokyo Electron	SPDW +0.25 points	0.21%	0.46%
Ntt	FNDF +0.24 points	0.34%	0.10%
Panasonic Holdings	FNDF +0.24 points	0.41%	0.17%
Spotify TechnologySPOT	SPDW +0.23 points	0.03%	0.26%
Takeda Pharmaceutical	FNDF +0.23 points	0.43%	0.20%
Safran SASAF	SPDW +0.23 points	0.09%	0.32%
AirbusAIR	SPDW +0.23 points	0.18%	0.41%
Cenovus Energy	FNDF +0.22 points	0.35%	0.13%
Koninklijke Ahold DelhaizeAD	FNDF +0.22 points	0.32%	0.10%
Canadian Natural Resources Ltd	FNDF +0.22 points	0.56%	0.34%
Ubs Group AG	SPDW +0.21 points	0.25%	0.46%
Nutrien Ltd	FNDF +0.21 points	0.32%	0.11%
Banco SantanderSAN	FNDF +0.21 points	1.02%	0.81%
LvmhMC	SPDW +0.21 points	0.12%	0.33%
Mercedes-Benz Group N AGMBG	FNDF +0.21 points	0.31%	0.10%
Fast Retailing	SPDW +0.20 points	0.10%	0.30%
Agnico Eagle Mines	SPDW +0.19 points	0.09%	0.28%
Novartis AG	SPDW +0.19 points	0.70%	0.89%
Keyence	SPDW +0.18 points	0.10%	0.28%
Schneider ElectricSU	SPDW +0.18 points	0.29%	0.47%
Mitsubishi	FNDF +0.18 points	0.56%	0.38%
Orange SAORA	FNDF +0.17 points	0.26%	0.09%
Arcelormittal SAMT	FNDF +0.17 points	0.27%	0.10%
Softbank Group Corp	SPDW +0.17 points	0.19%	0.36%
Compagnie Financiere Richemont SA	SPDW +0.16 points	0.16%	0.32%
Nippon Steel	FNDF +0.16 points	0.23%	0.07%
Magna International	FNDF +0.17 points	0.23%	0.06%
Dbs Group Holdings Ltd	SPDW +0.16 points	0.20%	0.36%
Carrefour SACA	FNDF +0.15 points	0.18%	0.03%
Kddi	FNDF +0.15 points	0.30%	0.15%
Mizuho Financial Group	SPDW +0.15 points	0.22%	0.37%
Recruit Holdings Ltd	SPDW +0.15 points	0.38%	0.53%
Nestle SA	SPDW +0.14 points	0.64%	0.78%
Societe Generale SAGLE	FNDF +0.14 points	0.29%	0.15%
Wheaton Precious Metals	SPDW +0.15 points	0.02%	0.17%
Bce Inc	FNDF +0.13 points	0.15%	0.02%
Seven & I Holdings	FNDF +0.13 points	0.23%	0.10%
Mitsui	FNDF +0.12 points	0.42%	0.30%
Itochu	FNDF +0.13 points	0.44%	0.31%
Eneos Holdings	FNDF +0.12 points	0.21%	0.09%
Sumitomo Mitsui Financial Group	SPDW +0.12 points	0.36%	0.48%
MichelinML	FNDF +0.12 points	0.20%	0.08%
Bridgestone	FNDF +0.12 points	0.21%	0.09%
Nippon Yusen	FNDF +0.12 points	0.20%	0.08%
Hong Kong Exchanges and Clearing	SPDW +0.11 points	0.06%	0.17%
Softbank	FNDF +0.12 points	0.24%	0.12%
Woodside Energy Group Ltd	FNDF +0.12 points	0.25%	0.13%
Zim Integrated Shipping Services LZIM	FNDF +0.12 points	0.13%	0.01%
Brookfield Class A	SPDW +0.11 points	0.15%	0.26%
Canadian Pacific Kansas City	SPDW +0.11 points	0.14%	0.25%
Ck Hutchison Holdings	FNDF +0.11 points	0.17%	0.06%
Hoya	SPDW +0.11 points	0.08%	0.19%
Mitsubishi Heavy Industries	SPDW +0.11 points	0.11%	0.22%
Toronto Dominion	SPDW +0.11 points	0.53%	0.64%
Sekisui House	FNDF +0.11 points	0.15%	0.04%
Alimentation Couche Tard Inc	FNDF +0.11 points	0.25%	0.14%
Dollarama	SPDW +0.11 points	0.04%	0.15%
Franco Nevada	SPDW +0.10 points	0.03%	0.13%
Fujikura	SPDW +0.10 points	0.03%	0.13%
AllianzALV	FNDF +0.10 points	0.66%	0.56%
Marubeni	FNDF +0.10 points	0.26%	0.16%
Axa SACS	FNDF +0.10 points	0.35%	0.25%
Goodman Group Units	SPDW +0.10 points	0.02%	0.12%
Vinci SADG	FNDF +0.10 points	0.29%	0.19%
Arm Holdings American Depositary’sARM	SPDW +0.10 points	<0.01%	0.10%
Toyota Tsusho	FNDF +0.10 points	0.19%	0.09%
Bank of Montreal	SPDW +0.10 points	0.28%	0.38%
Constellation Software	SPDW +0.09 points	0.05%	0.14%
Daiwa House Industry	FNDF +0.09 points	0.15%	0.06%
Suzuki Motor	FNDF +0.09 points	0.17%	0.08%
Tokyo Electric Power Holdings	FNDF +0.10 points	0.11%	0.01%
Fujifilm Holdings	FNDF +0.09 points	0.19%	0.10%
Rio Tinto	FNDF +0.10 points	0.22%	0.12%
Asm International NVASM	SPDW +0.09 points	0.03%	0.12%
Anheuser-Busch Inbev SAABI	FNDF +0.09 points	0.33%	0.24%
Continental AGCON	FNDF +0.09 points	0.11%	0.02%
Oversea-Chinese Banking	SPDW +0.09 points	0.18%	0.27%
Sumitomo Forestry	FNDF +0.09 points	0.10%	0.01%
Inpex	FNDF +0.09 points	0.16%	0.07%
Ucb SAUCB	SPDW +0.09 points	0.06%	0.15%
Aisin	FNDF +0.08 points	0.11%	0.03%
Danone SABN	FNDF +0.08 points	0.22%	0.14%
Chubu Electric Power Inc	FNDF +0.08 points	0.12%	0.04%

All 905 FNDF holdings⁠All 2,436 SPDW 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 SPDW Cost

Overpaying FNDF vs SPDW

$4,521

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

FNDF 0.25%
$5,159
SPDW 0.03%
$638

Amount$10,000

Years30 years

Cost over time

FNDF 0.25%
SPDW 0.03%
Overpaying

Year by year

Year	FNDF	SPDW	Overpaying
10	$455	$55	$400
20	$1,769	$216	$1,553
30	$5,159	$638	$4,521

Expense ratio

0.25%FNDF
0.03%SPDW, cheaper

SPDW0.03%FNDF0.25%

0.03%0.70%

Middle half of Developed International Core funds
Median 0.10%

SPDW cheapest of 20 funds

FNDF 15th cheapest of 20 funds

FNDF vs SPDW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FNDF 3.04%; SPDW 3.07%, better
Payout (12M): FNDF $1.64; SPDW $1.52
Last payment: FNDF $0.30; SPDW $0.72
Ex-dividend: FNDF Jun 24, 2026; SPDW Jun 22, 2026
Paid on: FNDF Jun 29, 2026; SPDW Jun 26, 2026
Frequency: FNDF Twice a year; SPDW Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FNDFTwice a year · 18 paymentsAll FNDF payments⁠

SPDWTwice a year · 19 paymentsAll SPDW payments⁠

FNDF vs SPDW Risk

Fall from peak · 5 years

FNDF
SPDW

Risk facts

VolatilityStd dev, 3 years: FNDF 12.4%, betterSPDW 12.7%
Return per unit of riskSharpe ratio, 3 years: FNDF 1.50, betterSPDW 1.27
Worst fallMax drawdown, 5 years: FNDF −25.6%, betterSPDW −29.9%
Market sensitivityBeta, 5 years: FNDF 0.97SPDW 1.03; Market = 1

FNDF and SPDW in the news

All news⁠

Best ETFs
Vanguard's total international fund is the one-fund pick, and Korea splits the rest
Updated Oct 2, 2026SPDW

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FNDF vs SPDW

In short

Stated mandate

Why people hold it

Worth knowing

How FNDF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNDF

Only in SPDW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard's total international fund is the one-fund pick, and Korea splits the rest

How FNDF and SPDW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FNDF

Only in SPDW

Weight gaps