ASHAX vs. SWSBX

Last updated Jun 4, 2026

ASHAX (Virtus Newfleet Short Duration High Income Fund Class A) and SWSBX (Schwab Short-Term Bond Index Fund) are both Short-Term Bond funds. ASHAX is actively managed, while SWSBX is passively managed. Over the past 5 years, ASHAX returned 4.58%/yr vs 1.30%/yr for SWSBX. At a 0.22 correlation, their price movements are largely independent. ASHAX charges 0.86%/yr vs 0.06%/yr for SWSBX.

Performance

ASHAX vs. SWSBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) and Schwab Short-Term Bond Index Fund (SWSBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASHAX achieves a 1.65% return, which is significantly higher than SWSBX's 0.34% return.

ASHAX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.65%
• 6M: 1.97%
• 1Y: 5.64%
• 3Y*: 7.61%
• 5Y*: 4.58%
• 10Y*: 4.65%

SWSBX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 0.34%
• 6M: 0.60%
• 1Y: 3.75%
• 3Y*: 4.12%
• 5Y*: 1.30%
• 10Y*: —

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

ASHAX vs. SWSBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASHAX Virtus Newfleet Short Duration High Income Fund Class A	1.65%	6.26%	7.32%	12.30%	-5.49%	5.12%	5.71%	7.11%	-0.29%	2.83%
SWSBX Schwab Short-Term Bond Index Fund	0.34%	6.06%	3.42%	3.95%	-5.89%	-1.28%	4.47%	4.96%	1.34%	0.85%

Correlation

The correlation between ASHAX and SWSBX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 24, 2017	0.22

Over the past year, ASHAX and SWSBX have become more correlated (0.43) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

ASHAX vs. SWSBX — Risk / Return Rank

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

ASHAX

ASHAX Risk / Return Rank: 79
ASHAX Sharpe Ratio Rank: 64
ASHAX Sortino Ratio Rank: 91
ASHAX Omega Ratio Rank: 85
ASHAX Calmar Ratio Rank: 71
ASHAX Martin Ratio Rank: 85

SWSBX

SWSBX Risk / Return Rank: 38
SWSBX Sharpe Ratio Rank: 33
SWSBX Sortino Ratio Rank: 44
SWSBX Omega Ratio Rank: 41
SWSBX Calmar Ratio Rank: 39
SWSBX Martin Ratio Rank: 34

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.

ASHAX vs. SWSBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) and Schwab Short-Term Bond Index Fund (SWSBX). 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.

	ASHAX	SWSBX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.64	+0.73
Sortino ratio: Return per unit of downside risk	4.56	2.77	+1.79
Omega ratio: Gain probability vs. loss probability	1.59	1.34	+0.25
Calmar ratio: Return relative to maximum drawdown	3.27	2.37	+0.90
Martin ratio: Return relative to average drawdown	16.19	7.75	+8.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASHAX vs. SWSBX - Sharpe Ratio Comparison

The current ASHAX Sharpe Ratio is 2.37, which is higher than the SWSBX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ASHAX and SWSBX, 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

	ASHAX	SWSBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	1.64	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.34	0.44	+0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.31	0.77	+0.53

Drawdowns

ASHAX vs. SWSBX - Drawdown Comparison

The maximum ASHAX drawdown since its inception was -19.60%, which is greater than SWSBX's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for ASHAX and SWSBX.

Drawdown Indicators

	ASHAX	SWSBX	Difference
Max Drawdown Largest peak-to-trough decline	-19.60%	-9.06%	-10.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-1.54%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-3.19%	-1.79%	-1.40%
Max Drawdown (5Y) Largest decline over 5 years	-9.44%	-9.06%	-0.38%
Max Drawdown (10Y) Largest decline over 10 years	-19.60%	—	—
Current Drawdown Current decline from peak	0.00%	-0.63%	+0.63%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.79%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.47%	-0.12%

Volatility

ASHAX vs. SWSBX - Volatility Comparison

Virtus Newfleet Short Duration High Income Fund Class A (ASHAX) has a higher volatility of 0.79% compared to Schwab Short-Term Bond Index Fund (SWSBX) at 0.70%. This indicates that ASHAX's price experiences larger fluctuations and is considered to be riskier than SWSBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASHAX	SWSBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.70%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	1.62%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	2.23%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.42%	2.99%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	2.47%	+1.67%

ASHAX vs. SWSBX - Expense Ratio Comparison

ASHAX has a 0.86% expense ratio, which is higher than SWSBX's 0.06% expense ratio.

Dividends

ASHAX vs. SWSBX - Dividend Comparison

ASHAX's dividend yield for the trailing twelve months is around 6.25%, more than SWSBX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASHAX Virtus Newfleet Short Duration High Income Fund Class A	6.25%	6.36%	6.68%	6.12%	5.90%	5.23%	5.61%	4.56%	4.99%	4.68%	5.08%	5.84%
SWSBX Schwab Short-Term Bond Index Fund	4.13%	4.09%	3.66%	2.36%	1.11%	0.97%	1.82%	2.41%	2.12%	1.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASHAX and SWSBX in my portfolio?

ASHAX and SWSBX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASHAX or SWSBX?

ASHAX has higher volatility (0.79%) compared to SWSBX (0.70%). In terms of maximum drawdown, ASHAX dropped -19.60% vs SWSBX's -9.06%.

Which has better risk-adjusted returns?

ASHAX currently has the higher Sharpe Ratio (2.37 vs 1.64), 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.