IIRSX vs. SWSSX

Last updated Aug 1, 2026

IIRSX (Voya Russell Small Cap Index Portfolio) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, IIRSX returned 10.46%/yr vs 10.73%/yr for SWSSX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IIRSX charges 0.45%/yr vs 0.04%/yr for SWSSX.

Performance

IIRSX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Russell Small Cap Index Portfolio (IIRSX) 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, IIRSX achieves a 20.74% return, which is significantly higher than SWSSX's 19.46% return. Both investments have delivered pretty close results over the past 10 years, with IIRSX having a 10.46% annualized return and SWSSX not far ahead at 10.73%.

IIRSX

• 1D: 1.41%
• 1M: -1.64%
• 6M: 14.61%
• YTD: 20.74%
• 1Y: 36.31%
• 3Y*: 15.53%
• 5Y*: 7.24%
• 10Y*: 10.46%
• ALL TIME*: 6.24%

SWSSX

• 1D: 1.36%
• 1M: -1.63%
• 6M: 13.40%
• YTD: 19.46%
• 1Y: 37.67%
• 3Y*: 15.35%
• 5Y*: 7.26%
• 10Y*: 10.73%
• ALL TIME*: 8.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IIRSX Voya Russell Small Cap Index Portfolio	$0.00	$0.00	$0.00
SWSSX Schwab Small-Cap Index Fund-Select Shares	$0.00	$0.00	$0.00

IIRSX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIRSX Voya Russell Small Cap Index Portfolio	20.74%	12.84%	11.14%	16.61%	-20.58%	14.32%	19.15%	24.63%	-11.26%	14.32%
SWSSX Schwab Small-Cap Index Fund-Select Shares	19.46%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between IIRSX and SWSSX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.97
Correlation (All Time) Calculated using the full available price history since Apr 29, 2002	0.79

The correlation between IIRSX and SWSSX shifts across timeframes, from 0.79 (all time) to 0.97 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IIRSX vs. SWSSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IIRSX

IIRSX Risk / Return Rank: 78
IIRSX Sharpe Ratio Rank: 72
IIRSX Sortino Ratio Rank: 71
IIRSX Omega Ratio Rank: 71
IIRSX Calmar Ratio Rank: 90
IIRSX Martin Ratio Rank: 88

SWSSX

SWSSX Risk / Return Rank: 79
SWSSX Sharpe Ratio Rank: 76
SWSSX Sortino Ratio Rank: 75
SWSSX Omega Ratio Rank: 69
SWSSX Calmar Ratio Rank: 88
SWSSX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IIRSX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Russell Small Cap Index Portfolio (IIRSX) 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.

	IIRSX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.74	-0.01
Sortino ratio: Return per unit of downside risk	2.44	2.48	-0.04
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	3.46	3.07	+0.39
Martin ratio: Return relative to average drawdown	11.96	10.90	+1.06

IIRSX vs. SWSSX - Sharpe Ratio Comparison

The current IIRSX Sharpe Ratio is 1.73, which is comparable to the SWSSX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IIRSX 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

IIRSX vs. SWSSX - Drawdown Comparison

The maximum IIRSX drawdown since its inception was -63.18%, roughly equal to the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for IIRSX and SWSSX.

Drawdown Indicators

	IIRSX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-63.18%	-60.34%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.08%	-11.00%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-27.50%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-32.01%	-31.93%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-42.32%	-41.81%	-0.51%
Current Drawdown Current decline from peak	-2.50%	-2.54%	+0.04%
Average Drawdown Average peak-to-trough decline	-11.37%	-10.67%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.10%	+0.03%

Volatility

IIRSX vs. SWSSX - Volatility Comparison

Voya Russell Small Cap Index Portfolio (IIRSX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 3.82% and 3.83%, 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

	IIRSX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	3.83%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	17.76%	14.14%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	19.42%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	22.56%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	24.07%	-0.14%

IIRSX vs. SWSSX - Expense Ratio Comparison

IIRSX has a 0.45% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

IIRSX vs. SWSSX - Dividend Comparison

IIRSX's dividend yield for the trailing twelve months is around 14.07%, more than SWSSX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIRSX Voya Russell Small Cap Index Portfolio	14.07%	12.31%	7.55%	5.71%	11.02%	0.61%	6.29%	12.33%	8.34%	7.95%	12.75%	11.26%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.08%	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 IIRSX and SWSSX in my portfolio?

With a correlation of 0.92, IIRSX 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, IIRSX or SWSSX?

SWSSX has higher volatility (3.83%) compared to IIRSX (3.82%). In terms of maximum drawdown, IIRSX dropped -63.18% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (1.74 vs 1.73), 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.