HDPSX vs. SWSSX

Last updated Jun 25, 2026

HDPSX (Hodges Small Cap Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, HDPSX returned 16.30%/yr vs 11.72%/yr for SWSSX. Their correlation of 0.92 suggests significant overlap in exposure. HDPSX charges 1.36%/yr vs 0.04%/yr for SWSSX.

Performance

HDPSX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hodges Small Cap Fund (HDPSX) 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, HDPSX achieves a 32.31% return, which is significantly higher than SWSSX's 20.57% return. Over the past 10 years, HDPSX has outperformed SWSSX with an annualized return of 16.30%, while SWSSX has yielded a comparatively lower 11.72% annualized return.

HDPSX

• 1D: -1.30%
• 1M: 3.98%
• YTD: 32.31%
• 6M: 29.42%
• 1Y: 49.32%
• 3Y*: 33.88%
• 5Y*: 16.53%
• 10Y*: 16.30%

SWSSX

• 1D: -0.95%
• 1M: 3.83%
• YTD: 20.57%
• 6M: 17.50%
• 1Y: 39.46%
• 3Y*: 19.47%
• 5Y*: 6.47%
• 10Y*: 11.72%

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

HDPSX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDPSX Hodges Small Cap Fund	32.31%	3.07%	62.98%	14.88%	-12.78%	35.60%	16.98%	16.85%	-16.35%	9.34%
SWSSX Schwab Small-Cap Index Fund-Select Shares	20.57%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between HDPSX and SWSSX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007	0.92

The correlation between HDPSX and SWSSX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

HDPSX vs. SWSSX — Risk / Return Rank

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

HDPSX

HDPSX Risk / Return Rank: 81
HDPSX Sharpe Ratio Rank: 82
HDPSX Sortino Ratio Rank: 75
HDPSX Omega Ratio Rank: 66
HDPSX Calmar Ratio Rank: 94
HDPSX Martin Ratio Rank: 87

SWSSX

SWSSX Risk / Return Rank: 65
SWSSX Sharpe Ratio Rank: 61
SWSSX Sortino Ratio Rank: 57
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX Martin Ratio Rank: 76

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.

HDPSX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hodges Small Cap Fund (HDPSX) 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.

	HDPSX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.11	+0.29
Sortino ratio: Return per unit of downside risk	3.22	2.90	+0.32
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	4.93	3.77	+1.16
Martin ratio: Return relative to average drawdown	14.89	13.35	+1.53

HDPSX vs. SWSSX - Sharpe Ratio Comparison

The current HDPSX Sharpe Ratio is 2.40, which is comparable to the SWSSX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of HDPSX 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

HDPSX vs. SWSSX - Drawdown Comparison

The maximum HDPSX drawdown since its inception was -65.86%, which is greater than SWSSX's maximum drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for HDPSX and SWSSX.

Drawdown Indicators

	HDPSX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-65.86%	-60.34%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-11.00%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-28.83%	-27.50%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-28.83%	-31.93%	+3.10%
Max Drawdown (10Y) Largest decline over 10 years	-58.96%	-41.81%	-17.15%
Current Drawdown Current decline from peak	-1.30%	-0.95%	-0.35%
Average Drawdown Average peak-to-trough decline	-10.82%	-10.71%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.10%	+0.34%

Volatility

HDPSX vs. SWSSX - Volatility Comparison

Hodges Small Cap Fund (HDPSX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 6.26% and 6.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDPSX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	6.48%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	15.33%	14.36%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	19.74%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.05%	22.68%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.50%	24.12%	+3.38%

HDPSX vs. SWSSX - Expense Ratio Comparison

HDPSX has a 1.36% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

HDPSX vs. SWSSX - Dividend Comparison

HDPSX's dividend yield for the trailing twelve months is around 5.77%, more than SWSSX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDPSX Hodges Small Cap Fund	5.77%	7.64%	44.97%	5.01%	6.46%	19.53%	0.00%	8.25%	4.66%	14.53%	0.32%	0.35%
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 HDPSX and SWSSX in my portfolio?

HDPSX and SWSSX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDPSX or SWSSX?

SWSSX has higher volatility (6.48%) compared to HDPSX (6.26%). In terms of maximum drawdown, HDPSX dropped -65.86% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

HDPSX currently has the higher Sharpe Ratio (2.40 vs 2.11), 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.