PDN vs SCHC: Grades, Fees and Holdings Compared

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF

PDNBNYSE Arca

Schwab International Small-Cap Equity ETF

SCHCANYSE Arca

Overlap

37.8%by weight

Expense ratio

SCHC −0.41pt a year

PDN0.47%SCHC0.06%

Avg volume · 30D

SCHC 33.0×the volume

PDN10.1KSCHC332K

10Y return · a year

PDN +0.2pt

PDN+8.2%SCHC+8.0%

PDN vs SCHC Performance

Nov 2, 2021 – Nov 2, 2026

+37.8%PDN+29.4%SCHC

Expense ratio: PDN 0.47%; SCHC 0.06%, better
Fund size: PDN $342M; SCHC $5.5B
1Y total return: PDN +13.9%, better; SCHC +10.1%
Yield (12M): PDN 3.35%; SCHC 3.49%, better
Holdings: PDN 1570; SCHC 2325
Avg volume (30D): PDN 10.1K sh; SCHC 332K sh, better
NAV per share: PDN $45.02; SCHC $48.02
52W range

ETF.net Grade

Pillar letters and Scores for PDN, SCHC, with each pillar’s weight
Pillar	PDN	SCHC
Cost30% weight	C47	A97Higher
Mission25% weight	A100	A100
Risk15% weight	B62Higher	D35
Tradability15% weight	C51	B60Higher
Holdings10% weight	A77Higher	B68
Durability5% weight	B56	A75Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. PDN and SCHC 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 ›

SCHC ranks 3rd and PDN 8th 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 7AGWXState Street SPDR S&P International Small Cap ETFScore 71
Rank 8BPDNInvesco RAFI Developed Markets ex-U.S. Small-Mid ETFScore 66
Rank 9BIEUSiShares MSCI Europe Small-Cap ETFScore 59

Our read on each fund

ETF.net Research

PDNBInvesco RAFI Developed Markets ex-U.S. Small-Mid ETF

SCHCASchwab International Small-Cap Equity ETF

In short

PDN PDN ignores the market-cap playbook. It tracks a RAFI fundamental index of roughly 1,600 small and mid caps across developed markets outside the US, a job it has been doing since 2007.

SCHC The bargain end of international small caps: Schwab charges 0.06% where the typical fund in this group sits near 0.40%. Roughly 2,200 stocks from developed markets outside the US, with Canada and South Korea in the mix.

Stated mandate

PDN The fund tracks the RAFI Fundamental Select Developed ex US 1500 Index, targeting small- and mid-capitalization equities of developed international markets excluding the United States.

SCHC The fund seeks to track, before fees and expenses, the total return of the FTSE Developed Small Cap ex US Liquid Index.

Why people hold it

PDN The benchmark is a fundamental index, not a market-cap one, so a stock's weight doesn't climb simply because its share price did.invesco.com
Roughly 1,600 names covering both small and mid caps abroad, so it reaches past the tiny end of the bench. Distributions come quarterly.
Live since 2007, and the portfolio still lines up tightly with the mandate on the tin: developed markets ex-US, small and mid cap.

SCHC 0.06% a year, against a peer-group median near 0.40%. In a corner of the market where fees usually run high, that gap is most of the pitch.schwabassetmanagement.com
About 2,200 holdings across developed markets outside the US. Broad enough that it behaves like the asset class rather than a concentrated bet.
Counts Canada and South Korea as developed markets, covering ground that EAFE-built rivals such as SCZ leave out by design.schwabassetmanagement.com ishares.com
Trading since 2010 and has tracked its FTSE developed small-cap benchmark tightly, one of the cleaner index implementations in its peer group.

Worth knowing

PDN At 0.47% it sits above the plain-vanilla crowd: VSS and SCHC charge 0.06%, and fellow fundamental fund FNDC charges 0.39%.
Trading is light for the category, so spreads and premiums can be a bigger slice of your real cost than the fee itself.
Fundamental weighting means the portfolio can sit a long way from cap-weighted small-cap benchmarks, in either direction.

SCHC Foreign small caps swing harder than large caps, and holdings are priced in local currencies, so exchange-rate moves feed straight into results.
Developed markets only. Emerging-market small caps sit outside the mandate, which is where wider ex-US peers like VSS reach further.
Moderately traded rather than a top-of-tape name, and distributions land once or twice a year instead of quarterly.

Full PDN profile⁠

Full SCHC profile⁠

PDN vs SCHC Holdings

How PDN and SCHC differ

Overlap by weight

37.8%

Shared holdings make up 47.7% of SCHC and 46.2% of PDN.

Level by level

Holdings877 in both37.8%
Countryby domicile86.3%
Sector11 Sectors92.7%
Asset classEquity100%

Sector

Sector weights in PDN and SCHC, widest gap first
Sector	More in PDNMore in SCHC	PDN	SCHC
Materials	SCHC +4.5 points	9.6%	14.1%
Consumer Discretionary	PDN +2.1 points	12.2%	10.1%
Technology	SCHC +1.8 points	8.5%	10.3%
Communication	PDN +1.6 points	4.9%	3.3%
Consumer Staples	PDN +1.3 points	5.8%	4.5%
Financials	PDN +0.9 points	13.9%	13.0%
Industrials	PDN +0.8 points	22.9%	22.1%
Energy	SCHC +0.8 points	4.7%	5.5%
Real Estate	PDN +0.5 points	8.5%	8.0%
Utilities	SCHC +0.1 points	2.5%	2.6%
Health Care	PDN +0.1 points	6.6%	6.5%

Country, concentration and asset class

Country by domicile

Country weights in PDN and SCHC, widest gap first
Country	More in PDNMore in SCHC	PDN	SCHC
Japan	PDN +7.5 points	29.8%	22.3%
Canada	SCHC +3.7 points	8.5%	12.2%
United Kingdom	SCHC +3.3 points	8.3%	11.6%
United States	PDN +1.7 points	3.0%	1.3%
Singapore	PDN +1.1 points	2.3%	1.2%
Australia	SCHC +1.0 points	5.4%	6.4%
Greece	SCHC +0.9 points	0.0%	0.9%
Poland	SCHC +0.8 points	1.1%	1.9%
Other countries (25)	SCHC +0.8 points	41.5%	42.3%

Outside the US: PDN 88% developed, 12% emerging. SCHC 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

PDN2.6%
SCHC2.8%

Securities held

PDN1,562
SCHC2,309

Asset class

PDN: Equity
SCHC: Equity

Holdings

Only in PDN685
In both877
Only in SCHC1,432

Only in PDN

685 securities, 53.4% of PDN by weight

Atlassian Corp0.33%
Var Energi ASA0.27%
Getinge AB0.24%
Frontline PLC0.24%
GFL Environmental Inc0.24%
Sega Sammy Holdings Inc0.22%
Euronext NV0.21%
SIG Group AG0.21%
Gibson Energy Inc0.20%
Andritz AG0.20%
Banco Comercial Portugues SA0.20%
Russel Metals Inc0.20%
Coway Co Ltd0.19%
Elbit Systems Ltd0.19%
Fisher & Paykel Healthcare Corp Ltd0.19%
Macnica Holdings Inc0.19%
Meritz Financial Group Inc0.19%
TMX Group Ltd0.19%
Hyundai Marine & Fire Insurance Co Ltd0.19%
Asics Corp0.19%
Torm PLC0.18%
Hachijuni Nagano Bank Ltd0.18%
ASX Ltd0.18%
Howden Joinery Group PLC0.18%
Sumitomo Bakelite Co Ltd0.18%
Delivery Hero SE0.18%
Hamamatsu Photonics KK0.18%
Square Enix Holdings Co Ltd0.18%
Power Assets Holdings Ltd0.18%
Convatec Group PLC0.18%
Horiba Ltd0.18%
Spirax Group PLC0.18%
Hikari Tsushin Inc0.18%
Saipem SpA0.17%
Kyoto Financial Group Inc0.17%
Canadian Utilities Ltd0.17%
THK Co Ltd0.17%
J Front Retailing Co Ltd0.17%
Pirelli & C SpA0.17%
Ipsen SA0.17%
Tower Semiconductor Ltd0.17%
IGM Financial Inc0.17%
Singapore Exchange Ltd0.17%
AMP Ltd0.17%
Hirose Electric Co Ltd0.17%
BW LPG Ltd0.16%
Evolution Mining Ltd0.16%
Demant A/S0.16%
Obic Co Ltd0.16%
Singapore Technologies Engineering Ltd0.16%

Only in SCHC

1,432 securities, 52.0% of SCHC by weight

Frontline PLC0.31%
South Bow0.29%
Dpm Metals0.28%
Eldorado Gold0.28%
Capital Power Corp0.27%
Thyssenkrupp AG0.25%
Prairiesky Royalty0.23%
G Mining Ventures Corp0.23%
Or Royalties Inc0.23%
Wpp PLC0.22%
B2GOLD0.22%
Iss0.21%
Voestalpine AG0.21%
Ssr Mining0.21%
Balfour Beatty PLC0.21%
Galenica AG0.20%
Aberdeen Group PLC0.20%
Oceanagold Corporation Corp0.20%
Persimmon PLC0.20%
Capstone Copper Corp0.20%
Methanex0.20%
Man Group PLC0.20%
Nexgen Energy0.19%
Sbm Offshore0.19%
Rs Group PLC0.19%
Blackberry0.19%
Onex0.19%
Glanbia PLC0.18%
Chartwell Retirement Residences Re0.18%
Codan0.18%
Investec PLC0.18%
Adecco Group AG0.18%
Motor Oil (Hellas) Corinth Refiner0.18%
Enagas SA0.18%
Valmet Corp0.18%
Brookfield Infrastructure Corp Cla0.18%
Benefit Systems0.17%
Sectra Class B0.17%
Umicore SA0.17%
Mondi PLC0.17%
Riocan Real Estate Investment Trus0.17%
Lagercrantz Group Class B0.17%
Aalberts0.17%
Teleperformance0.17%
Ssc Government Mm Gvmxx0.16%
K92 Mining0.16%
Gibson Energy0.16%
Bank of Cyprus Holding0.16%
Colliers International Group Subor0.16%
Acerinox0.16%

Weight gaps

The 100 widest of 877 Holdings in both funds.

Holding weights in PDN and SCHC, widest gap first
Holding	More in PDNMore in SCHC	PDN	SCHC
Gaztransport Et Technigaz SA	SCHC +0.21 points	0.08%	0.29%
Lottomatica Group Spa	SCHC +0.21 points	0.05%	0.26%
Ringkjoebing Landbobank A/S	SCHC +0.17 points	0.07%	0.24%
Nkt A/S	SCHC +0.15 points	0.10%	0.25%
Storebrand ASA	SCHC +0.16 points	0.17%	0.33%
ALK-Abello A/S	SCHC +0.15 points	0.04%	0.19%
CD Projekt Red SA	SCHC +0.14 points	0.04%	0.18%
Avanza Bank Holding AB	SCHC +0.14 points	0.04%	0.18%
Rightmove PLCRMV.L	SCHC +0.14 points	0.06%	0.20%
Zegona Communications plcZEG.L	SCHC +0.13 points	0.03%	0.16%
Mycronic AB	SCHC +0.13 points	0.05%	0.18%
Hokkaido Electric Power Co Inc	PDN +0.12 points	0.17%	0.05%
Tokai Carbon Co Ltd	PDN +0.11 points	0.20%	0.09%
Perseus Mining Ltd	SCHC +0.11 points	0.10%	0.21%
Sopra Steria Group	PDN +0.11 points	0.22%	0.11%
Alten SA	PDN +0.10 points	0.21%	0.11%
AL Sydbank A/S	SCHC +0.10 points	0.16%	0.26%
Salzgitter AG	PDN +0.10 points	0.16%	0.06%
Hafnia Ltd	PDN +0.10 points	0.20%	0.10%
Definity Financial Corp	SCHC +0.10 points	0.10%	0.20%
Wacker Chemie AG	PDN +0.09 points	0.15%	0.06%
LondonMetric Property PLCLMP.L	SCHC +0.09 points	0.13%	0.22%
Bank Millennium SA	SCHC +0.08 points	0.05%	0.13%
Xtb SA	SCHC +0.08 points	0.03%	0.11%
Protector Forsikring ASA	SCHC +0.09 points	0.02%	0.11%
Inficon Holding AG	SCHC +0.09 points	0.05%	0.14%
Lion Finance Group PLCBGEO.L	SCHC +0.08 points	0.13%	0.21%
Konecranes Oyj	SCHC +0.08 points	0.14%	0.22%
Nokian Renkaat Oyj	PDN +0.08 points	0.15%	0.07%
Tokuyama Corp	PDN +0.08 points	0.14%	0.06%
Aixtron SE	SCHC +0.07 points	0.08%	0.15%
Puig Brands SA	SCHC +0.08 points	0.04%	0.12%
Bridgepoint Group PLCBPT.L	SCHC +0.08 points	0.07%	0.15%
Sinch AB	PDN +0.08 points	0.16%	0.08%
Siegfried Holding AG	SCHC +0.08 points	0.05%	0.13%
Hikma Pharmaceuticals PLCHIK.L	PDN +0.07 points	0.20%	0.13%
Zealand Pharma A/S	SCHC +0.07 points	0.02%	0.09%
EFG International AG	SCHC +0.07 points	0.04%	0.11%
MPC Container Ships ASA	PDN +0.08 points	0.12%	0.04%
KBC Ancora	SCHC +0.07 points	0.08%	0.15%
SpareBank 1 Sor-Norge ASA	SCHC +0.07 points	0.12%	0.19%
easyJet PLCEZJ.L	SCHC +0.07 points	0.06%	0.13%
TKMS AG & Co KGaA	SCHC +0.06 points	0.03%	0.09%
Softcat PLCSCT.L	SCHC +0.07 points	0.05%	0.12%
Tritax Big Box REIT PLCBBOX.L	SCHC +0.07 points	0.13%	0.20%
Georg Fischer AG	SCHC +0.06 points	0.14%	0.20%
Comet Holding AG	SCHC +0.06 points	0.05%	0.11%
Rotork PLCROR.L	SCHC +0.07 points	0.14%	0.21%
Hoegh Autoliners ASA	PDN +0.06 points	0.15%	0.09%
Ito En Ltd	PDN +0.06 points	0.10%	0.04%
Luzerner Kantonalbank AG	SCHC +0.06 points	0.05%	0.11%
Tamarack Valley Energy Ltd	SCHC +0.06 points	0.12%	0.18%
MFE-MediaForEurope NV	PDN +0.06 points	0.09%	0.03%
Nippon Shokubai Co Ltd	PDN +0.06 points	0.13%	0.07%
United Internet AG	PDN +0.06 points	0.13%	0.07%
Veidekke ASA	SCHC +0.06 points	0.03%	0.09%
Nordic Semiconductor ASA	SCHC +0.06 points	0.06%	0.12%
Daewoo Engineering & Construction Co Ltd	PDN +0.06 points	0.12%	0.06%
Aedifica SA	SCHC +0.06 points	0.19%	0.25%
Grupa Kety SA	SCHC +0.06 points	0.06%	0.12%
Hyundai Wia Corp	PDN +0.06 points	0.08%	0.02%
Carl Zeiss Meditec AG	PDN +0.06 points	0.11%	0.05%
Regis Resources Ltd	SCHC +0.06 points	0.06%	0.12%
Hugo Boss AG	PDN +0.06 points	0.10%	0.04%
Japan Petroleum Exploration Co Ltd	PDN +0.06 points	0.12%	0.06%
Sulzer AG	SCHC +0.05 points	0.09%	0.14%
Pepco Group NV	SCHC +0.06 points	0.05%	0.11%
HelloFresh SE	PDN +0.06 points	0.07%	0.01%
Daeduck Electronics Co Ltd / New	SCHC +0.05 points	0.06%	0.11%
Nisshinbo Holdings Inc	PDN +0.06 points	0.14%	0.08%
Harim Holdings Co Ltd	PDN +0.06 points	0.07%	0.01%
Vivendi SE	PDN +0.05 points	0.10%	0.05%
Strathcona Resources Ltd	SCHC +0.05 points	0.04%	0.09%
Beach Energy Ltd	PDN +0.05 points	0.09%	0.04%
SOL SpA	SCHC +0.05 points	0.04%	0.09%
Kureha Corp	PDN +0.05 points	0.08%	0.03%
Ambu A/S	SCHC +0.05 points	0.03%	0.08%
Derwent London PLCDLN.L	PDN +0.05 points	0.15%	0.10%
Aroundtown SA	PDN +0.05 points	0.10%	0.04%
D/S Norden A/S	PDN +0.05 points	0.09%	0.04%
Dno Asa	PDN +0.05 points	0.13%	0.08%
Danieli & C Officine Meccaniche SpA	PDN +0.06 points	0.07%	0.02%
Mobimo Holding AG	SCHC +0.05 points	0.07%	0.12%
Seegene Inc	PDN +0.05 points	0.08%	0.03%
NTN Corp	PDN +0.05 points	0.10%	0.05%
Kose Holdings Corp	PDN +0.05 points	0.10%	0.05%
Allfunds Group Plc	SCHC +0.05 points	0.10%	0.15%
Technip Energies NV	SCHC +0.05 points	0.14%	0.19%
Ventia Services Group Ltd	SCHC +0.05 points	0.07%	0.12%
Reply SpA	SCHC +0.05 points	0.08%	0.13%
St Galler Kantonalbank AG	SCHC +0.05 points	0.04%	0.09%
Berner Kantonalbank AG	SCHC +0.05 points	0.04%	0.09%
AUB Group Ltd	SCHC +0.05 points	0.05%	0.10%
Orange Polska SA	SCHC +0.05 points	0.05%	0.10%
Banca Generali SpA	SCHC +0.05 points	0.09%	0.14%
IPARK Hyundai Development Co	PDN +0.05 points	0.07%	0.02%
Nexans SA	SCHC +0.05 points	0.15%	0.20%
Lx International Corp	PDN +0.05 points	0.08%	0.03%
Hyosung TNC Corp	PDN +0.05 points	0.07%	0.02%
Ipsos SA	PDN +0.05 points	0.10%	0.05%

All 1,562 PDN holdings⁠All 2,336 SCHC 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.

PDN vs SCHC Cost

Overpaying PDN vs SCHC

$8,148

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

PDN 0.47%
$9,418
SCHC 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

PDN 0.47%
SCHC 0.06%
Overpaying

Year by year

Year	PDN	SCHC	Overpaying
10	$847	$110	$737
20	$3,261	$432	$2,829
30	$9,418	$1,270	$8,148

Expense ratio

0.47%PDN
0.06%SCHC, cheaper

SCHC0.06%PDN0.47%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

SCHC cheapest of 16 funds

PDN 9th cheapest of 16 funds

PDN vs SCHC Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PDN 3.35%; SCHC 3.49%, better
Payout (12M): PDN $1.51; SCHC $1.68
Last payment: PDN $0.31; SCHC $0.11
Ex-dividend: PDN Sep 21, 2026; SCHC Jun 24, 2026
Paid on: PDN Sep 25, 2026; SCHC Jun 29, 2026
Frequency: PDN Quarterly; SCHC Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

PDNQuarterly · 39 paymentsAll PDN payments⁠

SCHCTwice a year · 16 paymentsAll SCHC payments⁠

PDN vs SCHC Risk

Fall from peak · 5 years

PDN
SCHC

Risk facts

VolatilityStd dev, 3 years: PDN 13.6%, betterSCHC 14.9%
Return per unit of riskSharpe ratio, 3 years: PDN 1.12, betterSCHC 1.01
Worst fallMax drawdown, 5 years: PDN −32.6%, betterSCHC −35.8%
Market sensitivityBeta, 5 years: PDN 0.99SCHC 1.13; Market = 1

PDN and SCHC in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026SCHC

Popular comparisons

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PDN vs SCHC

In short

Stated mandate

Why people hold it

Worth knowing

How PDN and SCHC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PDN

Only in SCHC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How PDN and SCHC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PDN

Only in SCHC

Weight gaps