FXAIX vs. SWDSX

Last updated Jun 13, 2026

FXAIX (Fidelity 500 Index Fund) and SWDSX (Schwab Dividend Equity Fund™) are both mutual funds - FXAIX is a S&P 500 fund tracking the S&P 500 Index, while SWDSX is a Large Cap Value Equities fund managed by Charles Schwab. Over the past 10 years, FXAIX returned 15.44%/yr vs 9.28%/yr for SWDSX. Their correlation of 0.89 suggests significant overlap in exposure. FXAIX charges 0.02%/yr vs 0.89%/yr for SWDSX.

Performance

FXAIX vs. SWDSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity 500 Index Fund (FXAIX) and Schwab Dividend Equity Fund™ (SWDSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXAIX achieves a 8.59% return, which is significantly higher than SWDSX's 7.38% return. Over the past 10 years, FXAIX has outperformed SWDSX with an annualized return of 15.44%, while SWDSX has yielded a comparatively lower 9.28% annualized return.

FXAIX

• 1D: 1.76%
• 1M: -1.31%
• YTD: 8.59%
• 6M: 8.94%
• 1Y: 25.18%
• 3Y*: 21.06%
• 5Y*: 13.34%
• 10Y*: 15.44%

SWDSX

• 1D: 0.63%
• 1M: 1.00%
• YTD: 7.38%
• 6M: 4.19%
• 1Y: 14.79%
• 3Y*: 14.73%
• 5Y*: 8.89%
• 10Y*: 9.28%

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

FXAIX vs. SWDSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXAIX Fidelity 500 Index Fund	8.59%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%
SWDSX Schwab Dividend Equity Fund™	7.38%	12.31%	17.06%	6.92%	-5.84%	28.24%	-4.33%	24.32%	-12.18%	15.40%

Correlation

The correlation between FXAIX and SWDSX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 4, 2011	0.89

Over the past year, the correlation between FXAIX and SWDSX has dropped to 0.63 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

FXAIX vs. SWDSX — Risk / Return Rank

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

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 72
FXAIX Sortino Ratio Rank: 68
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 73
FXAIX Martin Ratio Rank: 84

SWDSX

SWDSX Risk / Return Rank: 46
SWDSX Sharpe Ratio Rank: 44
SWDSX Sortino Ratio Rank: 42
SWDSX Omega Ratio Rank: 44
SWDSX Calmar Ratio Rank: 55
SWDSX Martin Ratio Rank: 45

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.

FXAIX vs. SWDSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity 500 Index Fund (FXAIX) and Schwab Dividend Equity Fund™ (SWDSX). 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.

	FXAIX	SWDSX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.54	+0.43
Sortino ratio: Return per unit of downside risk	2.67	2.13	+0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	2.74	2.32	+0.42
Martin ratio: Return relative to average drawdown	12.46	7.85	+4.61

FXAIX vs. SWDSX - Sharpe Ratio Comparison

The current FXAIX Sharpe Ratio is 1.97, which is comparable to the SWDSX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of FXAIX and SWDSX, 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

FXAIX vs. SWDSX - Drawdown Comparison

The maximum FXAIX drawdown since its inception was -33.79%, smaller than the maximum SWDSX drawdown of -50.01%. Use the drawdown chart below to compare losses from any high point for FXAIX and SWDSX.

Drawdown Indicators

	FXAIX	SWDSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-50.01%	+16.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-6.16%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-11.67%	-7.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-17.94%	-6.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-40.20%	+6.41%
Current Drawdown Current decline from peak	-2.79%	-0.05%	-2.74%
Average Drawdown Average peak-to-trough decline	-3.79%	-6.77%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.82%	+0.13%

Volatility

FXAIX vs. SWDSX - Volatility Comparison

Fidelity 500 Index Fund (FXAIX) has a higher volatility of 4.44% compared to Schwab Dividend Equity Fund™ (SWDSX) at 2.24%. This indicates that FXAIX's price experiences larger fluctuations and is considered to be riskier than SWDSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXAIX	SWDSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	2.24%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	7.36%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	9.31%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	13.21%	+3.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	16.89%	+1.21%

FXAIX vs. SWDSX - Expense Ratio Comparison

FXAIX has a 0.02% expense ratio, which is lower than SWDSX's 0.89% expense ratio.

Dividends

FXAIX vs. SWDSX - Dividend Comparison

FXAIX's dividend yield for the trailing twelve months is around 1.06%, less than SWDSX's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
SWDSX Schwab Dividend Equity Fund™	1.15%	1.22%	2.59%	2.25%	6.83%	16.25%	2.09%	6.86%	11.63%	10.24%	1.68%	14.46%

Frequently Asked Questions

Can I hold both FXAIX and SWDSX in my portfolio?

FXAIX and SWDSX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXAIX or SWDSX?

FXAIX has higher volatility (4.44%) compared to SWDSX (2.24%). In terms of maximum drawdown, FXAIX dropped -33.79% vs SWDSX's -50.01%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.97 vs 1.54), 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.