GILIX vs. SWPPX

Last updated Jun 23, 2026

GILIX (NAA Large Core Fund Class Institutional) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. GILIX is actively managed, while SWPPX is passively managed. Over the past 10 years, GILIX returned 14.93%/yr vs 15.55%/yr for SWPPX. With a 0.99 correlation, they move nearly in lockstep. GILIX charges 1.01%/yr vs 0.02%/yr for SWPPX.

Performance

GILIX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NAA Large Core Fund Class Institutional (GILIX) 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, GILIX achieves a 13.57% return, which is significantly higher than SWPPX's 10.15% return. Both investments have delivered pretty close results over the past 10 years, with GILIX having a 14.93% annualized return and SWPPX not far ahead at 15.55%.

GILIX

• 1D: 1.49%
• 1M: 2.13%
• YTD: 13.57%
• 6M: 13.02%
• 1Y: 30.85%
• 3Y*: 22.22%
• 5Y*: 13.68%
• 10Y*: 14.93%

SWPPX

• 1D: 1.10%
• 1M: 0.47%
• YTD: 10.15%
• 6M: 9.65%
• 1Y: 27.14%
• 3Y*: 20.95%
• 5Y*: 14.08%
• 10Y*: 15.55%

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

GILIX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GILIX NAA Large Core Fund Class Institutional	13.57%	16.30%	25.96%	27.09%	-21.88%	28.43%	18.05%	29.96%	-6.99%	22.38%
SWPPX Schwab S&P 500 Index Fund	10.15%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between GILIX and SWPPX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.99

The correlation between GILIX and SWPPX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

GILIX vs. SWPPX — Risk / Return Rank

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

GILIX

GILIX Risk / Return Rank: 70
GILIX Sharpe Ratio Rank: 74
GILIX Sortino Ratio Rank: 66
GILIX Omega Ratio Rank: 67
GILIX Calmar Ratio Rank: 68
GILIX Martin Ratio Rank: 75

SWPPX

SWPPX Risk / Return Rank: 66
SWPPX Sharpe Ratio Rank: 64
SWPPX Sortino Ratio Rank: 58
SWPPX Omega Ratio Rank: 60
SWPPX Calmar Ratio Rank: 68
SWPPX Martin Ratio Rank: 79

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.

GILIX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NAA Large Core Fund Class Institutional (GILIX) 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.

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.

	GILIX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.16	+0.15
Sortino ratio: Return per unit of downside risk	3.09	2.91	+0.18
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.02	3.04	-0.01
Martin ratio: Return relative to average drawdown	13.17	13.71	-0.54

GILIX vs. SWPPX - Sharpe Ratio Comparison

The current GILIX Sharpe Ratio is 2.31, which is comparable to the SWPPX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GILIX 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.

Drawdowns

GILIX vs. SWPPX - Drawdown Comparison

The maximum GILIX drawdown since its inception was -35.61%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for GILIX and SWPPX.

Drawdown Indicators

	GILIX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-35.61%	-55.06%	+19.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.19%	-8.89%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.24%	-18.74%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-27.40%	-24.51%	-2.89%
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	-33.80%	-1.81%
Current Drawdown Current decline from peak	-1.18%	-1.38%	+0.20%
Average Drawdown Average peak-to-trough decline	-5.59%	-9.93%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	1.97%	+0.36%

Volatility

GILIX vs. SWPPX - Volatility Comparison

NAA Large Core Fund Class Institutional (GILIX) has a higher volatility of 6.40% compared to Schwab S&P 500 Index Fund (SWPPX) at 4.83%. This indicates that GILIX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GILIX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	4.83%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	11.06%	9.94%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	12.50%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	17.03%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.21%	18.27%	-0.06%

GILIX vs. SWPPX - Expense Ratio Comparison

GILIX has a 1.01% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

GILIX vs. SWPPX - Dividend Comparison

GILIX's dividend yield for the trailing twelve months is around 2.88%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GILIX NAA Large Core Fund Class Institutional	2.88%	3.27%	23.88%	2.78%	41.55%	4.81%	9.53%	1.80%	23.14%	19.31%	1.95%	12.83%
SWPPX Schwab S&P 500 Index Fund	1.01%	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 GILIX and SWPPX in my portfolio?

With a correlation of 0.98, GILIX and SWPPX 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, GILIX or SWPPX?

GILIX has higher volatility (6.40%) compared to SWPPX (4.83%). In terms of maximum drawdown, GILIX dropped -35.61% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

GILIX currently has the higher Sharpe Ratio (2.31 vs 2.16), 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.