AMFEX vs. SWPPX

Last updated Jun 3, 2026

AMFEX (AAMA Equity Fund) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. Over the past 5 years, AMFEX returned 11.25%/yr vs 14.15%/yr for SWPPX. With a 0.96 correlation, they move nearly in lockstep. AMFEX charges 1.17%/yr vs 0.02%/yr for SWPPX.

Performance

AMFEX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAMA Equity Fund (AMFEX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMFEX achieves a 12.35% return, which is significantly higher than SWPPX's 11.52% return.

AMFEX

• 1D: -0.47%
• 1M: 3.28%
• YTD: 12.35%
• 6M: 13.02%
• 1Y: 28.10%
• 3Y*: 18.87%
• 5Y*: 11.25%
• 10Y*: —

SWPPX

• 1D: 0.26%
• 1M: 5.22%
• YTD: 11.52%
• 6M: 11.92%
• 1Y: 29.52%
• 3Y*: 22.67%
• 5Y*: 14.15%
• 10Y*: 15.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMFEX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
AMFEX AAMA Equity Fund	12.35%	17.33%	16.28%	17.32%	-14.08%	22.58%	12.70%	24.62%	-9.60%
SWPPX Schwab S&P 500 Index Fund	11.52%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-10.61%

Correlation

The correlation between AMFEX and SWPPX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 8, 2018	0.96

The correlation between AMFEX and SWPPX has been stable across timeframes, ranging from 0.86 to 0.96 - a consistent structural relationship.

Return for Risk

AMFEX vs. SWPPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMFEX

AMFEX Risk / Return Rank: 89
AMFEX Sharpe Ratio Rank: 91
AMFEX Sortino Ratio Rank: 87
AMFEX Omega Ratio Rank: 82
AMFEX Calmar Ratio Rank: 91
AMFEX Martin Ratio Rank: 93

SWPPX

SWPPX Risk / Return Rank: 74
SWPPX Sharpe Ratio Rank: 77
SWPPX Sortino Ratio Rank: 68
SWPPX Omega Ratio Rank: 68
SWPPX Calmar Ratio Rank: 74
SWPPX Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMFEX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAMA Equity Fund (AMFEX) and Schwab S&P 500 Index Fund (SWPPX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AMFEX	SWPPX	Difference
Sharpe ratio Return per unit of total volatility	3.03	2.54	+0.48
Sortino ratio Return per unit of downside risk	4.12	3.44	+0.68
Omega ratio Gain probability vs. loss probability	1.54	1.46	+0.08
Calmar ratio Return relative to maximum drawdown	4.74	3.38	+1.36
Martin ratio Return relative to average drawdown	20.41	15.82	+4.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMFEX vs. SWPPX - Sharpe Ratio Comparison

The current AMFEX Sharpe Ratio is 3.03, which is comparable to the SWPPX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of AMFEX and SWPPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMFEX	SWPPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	2.54	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.84	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.51	+0.22

Drawdowns

AMFEX vs. SWPPX - Drawdown Comparison

The maximum AMFEX drawdown since its inception was -30.41%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for AMFEX and SWPPX.

Drawdown Indicators

	AMFEX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-55.06%	+24.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	-8.89%	+2.82%
Max Drawdown (3Y) Largest decline over 3 years	-15.23%	-18.74%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	-24.51%	+3.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.80%	—
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-4.31%	-9.95%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.90%	-0.49%

Volatility

AMFEX vs. SWPPX - Volatility Comparison

The current volatility for AAMA Equity Fund (AMFEX) is 2.39%, while Schwab S&P 500 Index Fund (SWPPX) has a volatility of 2.83%. This indicates that AMFEX experiences smaller price fluctuations and is considered to be less risky than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMFEX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	2.83%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	8.99%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	11.90%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	16.93%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	18.23%	-1.28%

AMFEX vs. SWPPX - Expense Ratio Comparison

AMFEX has a 1.17% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

AMFEX vs. SWPPX - Dividend Comparison

AMFEX's dividend yield for the trailing twelve months is around 10.67%, more than SWPPX's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMFEX AAMA Equity Fund	10.67%	11.99%	9.19%	0.92%	4.82%	0.22%	0.44%	0.78%	0.83%	0.00%	0.00%	0.00%
SWPPX Schwab S&P 500 Index Fund	0.99%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both AMFEX and SWPPX in my portfolio?

AMFEX and SWPPX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMFEX or SWPPX?

SWPPX has higher volatility (2.83%) compared to AMFEX (2.39%). In terms of maximum drawdown, AMFEX dropped -30.41% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

AMFEX currently has the higher Sharpe Ratio (3.03 vs 2.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.