DLBMX vs. SWSSX

Last updated Jul 15, 2026

DLBMX (MassMutual Small Cap Opportunities Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, DLBMX returned 14.40%/yr vs 10.89%/yr for SWSSX. Their correlation of 0.94 suggests significant overlap in exposure. DLBMX charges 1.20%/yr vs 0.04%/yr for SWSSX.

Performance

DLBMX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual Small Cap Opportunities Fund (DLBMX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLBMX achieves a 16.24% return, which is significantly lower than SWSSX's 19.74% return. Over the past 10 years, DLBMX has outperformed SWSSX with an annualized return of 14.40%, while SWSSX has yielded a comparatively lower 10.89% annualized return.

DLBMX

• 1D: -0.52%
• 1M: 1.00%
• 6M: 10.21%
• YTD: 16.24%
• 1Y: 20.84%
• 3Y*: 14.18%
• 5Y*: 14.91%
• 10Y*: 14.40%

SWSSX

• 1D: -0.81%
• 1M: 0.42%
• 6M: 12.85%
• YTD: 19.74%
• 1Y: 32.93%
• 3Y*: 16.86%
• 5Y*: 7.55%
• 10Y*: 10.89%

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

DLBMX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLBMX MassMutual Small Cap Opportunities Fund	16.24%	8.07%	12.30%	17.43%	-16.19%	64.90%	19.75%	25.54%	-11.14%	13.90%
SWSSX Schwab Small-Cap Index Fund-Select Shares	19.74%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between DLBMX and SWSSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 13, 1998	0.94

The correlation between DLBMX and SWSSX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

DLBMX vs. SWSSX — Risk / Return Rank

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

DLBMX

DLBMX Risk / Return Rank: 33
DLBMX Sharpe Ratio Rank: 31
DLBMX Sortino Ratio Rank: 33
DLBMX Omega Ratio Rank: 29
DLBMX Calmar Ratio Rank: 33
DLBMX Martin Ratio Rank: 39

SWSSX

SWSSX Risk / Return Rank: 67
SWSSX Sharpe Ratio Rank: 62
SWSSX Sortino Ratio Rank: 62
SWSSX Omega Ratio Rank: 51
SWSSX Calmar Ratio Rank: 83
SWSSX Martin Ratio Rank: 77

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.

DLBMX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual Small Cap Opportunities Fund (DLBMX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DLBMX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.74	-0.55
Sortino ratio: Return per unit of downside risk	1.81	2.48	-0.67
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	1.70	3.09	-1.39
Martin ratio: Return relative to average drawdown	6.62	10.92	-4.30

DLBMX vs. SWSSX - Sharpe Ratio Comparison

The current DLBMX Sharpe Ratio is 1.19, which is lower than the SWSSX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DLBMX and SWSSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DLBMX vs. SWSSX - Drawdown Comparison

The maximum DLBMX drawdown since its inception was -65.12%, which is greater than SWSSX's maximum drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for DLBMX and SWSSX.

Drawdown Indicators

	DLBMX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-65.12%	-60.34%	-4.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-11.00%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.84%	-27.50%	+2.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.39%	-31.93%	+2.54%
Max Drawdown (10Y) Largest decline over 10 years	-42.55%	-41.81%	-0.74%
Current Drawdown Current decline from peak	-2.60%	-2.32%	-0.28%
Average Drawdown Average peak-to-trough decline	-10.17%	-10.69%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.11%	+0.08%

Volatility

DLBMX vs. SWSSX - Volatility Comparison

MassMutual Small Cap Opportunities Fund (DLBMX) has a higher volatility of 5.20% compared to Schwab Small-Cap Index Fund-Select Shares (SWSSX) at 4.81%. This indicates that DLBMX's price experiences larger fluctuations and is considered to be riskier than SWSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLBMX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.81%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	14.21%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	19.54%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.71%	22.63%	+9.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.15%	24.06%	+4.09%

DLBMX vs. SWSSX - Expense Ratio Comparison

DLBMX has a 1.20% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

DLBMX vs. SWSSX - Dividend Comparison

DLBMX's dividend yield for the trailing twelve months is around 8.70%, more than SWSSX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLBMX MassMutual Small Cap Opportunities Fund	8.70%	10.11%	9.33%	4.73%	0.88%	35.42%	7.82%	0.46%	11.94%	13.55%	3.14%	11.15%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.07%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Frequently Asked Questions

Can I hold both DLBMX and SWSSX in my portfolio?

With a correlation of 0.93, DLBMX and SWSSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DLBMX or SWSSX?

DLBMX has higher volatility (5.20%) compared to SWSSX (4.81%). In terms of maximum drawdown, DLBMX dropped -65.12% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (1.74 vs 1.19), 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.