IVOO vs. SWMCX

Last updated Jun 3, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both funds - IVOO is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index, while SWMCX is a Mid Cap Blend Equities fund managed by Charles Schwab. Over the past 5 years, IVOO returned 8.27%/yr vs 8.07%/yr for SWMCX. With a 0.96 correlation, they move nearly in lockstep. IVOO charges 0.10%/yr vs 0.04%/yr for SWMCX.

Performance

IVOO vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and Schwab U.S. Mid-Cap Index Fund (SWMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOO achieves a 14.15% return, which is significantly higher than SWMCX's 11.95% return.

IVOO

• 1D: 0.86%
• 1M: 3.31%
• YTD: 14.15%
• 6M: 15.23%
• 1Y: 27.06%
• 3Y*: 16.07%
• 5Y*: 8.27%
• 10Y*: 11.22%

SWMCX

• 1D: 0.12%
• 1M: 3.20%
• YTD: 11.95%
• 6M: 12.64%
• 1Y: 22.41%
• 3Y*: 17.19%
• 5Y*: 8.07%
• 10Y*: —

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

IVOO vs. SWMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOO Vanguard S&P Mid-Cap 400 ETF	14.15%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-11.33%	0.29%
SWMCX Schwab U.S. Mid-Cap Index Fund	11.95%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%

Correlation

The correlation between IVOO and SWMCX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.96

The correlation between IVOO and SWMCX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

IVOO vs. SWMCX - Sectors Allocation Comparison

Sectors	IVOO	SWMCX
Industrials	25.1%	18.4%
Technology	15.7%	17.2%
Financial Services	14.4%	12.5%
Consumer Cyclical	10.7%	11.2%
Healthcare	8.6%	8.7%
Real Estate	7.5%	7.0%
Energy	5.5%	7.2%
Basic Materials	4.8%	4.3%
Consumer Defensive	3.8%	4.1%
Utilities	3.1%	6.1%
Communication Services	1.0%	3.4%

Return for Risk

IVOO vs. SWMCX — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 54
IVOO Sharpe Ratio Rank: 50
IVOO Sortino Ratio Rank: 52
IVOO Omega Ratio Rank: 48
IVOO Calmar Ratio Rank: 61
IVOO Martin Ratio Rank: 62

SWMCX

SWMCX Risk / Return Rank: 40
SWMCX Sharpe Ratio Rank: 33
SWMCX Sortino Ratio Rank: 33
SWMCX Omega Ratio Rank: 31
SWMCX Calmar Ratio Rank: 52
SWMCX Martin Ratio Rank: 52

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.

IVOO vs. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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.

	IVOO	SWMCX	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.69	+0.06
Sortino ratio Return per unit of downside risk	2.54	2.43	+0.11
Omega ratio Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio Return relative to maximum drawdown	3.06	2.79	+0.27
Martin ratio Return relative to average drawdown	11.19	10.74	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOO vs. SWMCX - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.75, which is comparable to the SWMCX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of IVOO and SWMCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IVOO	SWMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.69	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.44	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.52	+0.10

Drawdowns

IVOO vs. SWMCX - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, roughly equal to the maximum SWMCX drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for IVOO and SWMCX.

Drawdown Indicators

	IVOO	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-40.34%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.15%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-21.07%	-3.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-26.09%	+1.87%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.27%	-6.64%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.12%	+0.29%

Volatility

IVOO vs. SWMCX - Volatility Comparison

Vanguard S&P Mid-Cap 400 ETF (IVOO) has a higher volatility of 4.46% compared to Schwab U.S. Mid-Cap Index Fund (SWMCX) at 3.25%. This indicates that IVOO's price experiences larger fluctuations and is considered to be riskier than SWMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOO	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	3.25%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	9.95%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	13.44%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	18.25%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	20.64%	+0.56%

IVOO vs. SWMCX - Expense Ratio Comparison

IVOO has a 0.10% expense ratio, which is higher than SWMCX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVOO vs. SWMCX - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.19%, less than SWMCX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.19%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.90%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVOO and SWMCX in my portfolio?

With a correlation of 0.96, IVOO and SWMCX 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, IVOO or SWMCX?

IVOO has higher volatility (4.46%) compared to SWMCX (3.25%). In terms of maximum drawdown, IVOO dropped -42.33% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

IVOO currently has the higher Sharpe Ratio (1.75 vs 1.69), 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.