LKSCX vs. SWSCX

Last updated Jun 23, 2026

LKSCX (LKCM Small Cap Equity Fund) and SWSCX (Schwab Small-Cap Equity Fund™) are both mutual funds - LKSCX is a Small Cap Growth Equities fund managed by LKCM, while SWSCX is a Small Cap Blend Equities fund managed by Charles Schwab. Over the past 10 years, LKSCX returned 11.90%/yr vs 10.90%/yr for SWSCX. Their correlation of 0.95 suggests significant overlap in exposure. LKSCX charges 1.03%/yr vs 1.08%/yr for SWSCX.

Performance

LKSCX vs. SWSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LKCM Small Cap Equity Fund (LKSCX) and Schwab Small-Cap Equity Fund™ (SWSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LKSCX achieves a 8.50% return, which is significantly lower than SWSCX's 22.50% return. Over the past 10 years, LKSCX has outperformed SWSCX with an annualized return of 11.90%, while SWSCX has yielded a comparatively lower 10.90% annualized return.

LKSCX

• 1D: 1.63%
• 1M: 1.24%
• YTD: 8.50%
• 6M: 5.88%
• 1Y: 26.82%
• 3Y*: 16.18%
• 5Y*: 6.57%
• 10Y*: 11.90%

SWSCX

• 1D: 1.95%
• 1M: 5.45%
• YTD: 22.50%
• 6M: 19.08%
• 1Y: 36.54%
• 3Y*: 16.52%
• 5Y*: 9.66%
• 10Y*: 10.90%

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

LKSCX vs. SWSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LKSCX LKCM Small Cap Equity Fund	8.50%	13.22%	15.35%	22.57%	-22.14%	14.54%	34.70%	22.68%	-5.67%	17.08%
SWSCX Schwab Small-Cap Equity Fund™	22.50%	5.66%	9.89%	19.90%	-14.12%	29.29%	7.63%	17.89%	-12.47%	10.04%

Correlation

The correlation between LKSCX and SWSCX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 16, 2003	0.95

The correlation between LKSCX and SWSCX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

LKSCX vs. SWSCX — Risk / Return Rank

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

LKSCX

LKSCX Risk / Return Rank: 40
LKSCX Sharpe Ratio Rank: 34
LKSCX Sortino Ratio Rank: 34
LKSCX Omega Ratio Rank: 30
LKSCX Calmar Ratio Rank: 53
LKSCX Martin Ratio Rank: 49

SWSCX

SWSCX Risk / Return Rank: 42
SWSCX Sharpe Ratio Rank: 40
SWSCX Sortino Ratio Rank: 33
SWSCX Omega Ratio Rank: 39
SWSCX Calmar Ratio Rank: 61
SWSCX Martin Ratio Rank: 38

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.

LKSCX vs. SWSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LKCM Small Cap Equity Fund (LKSCX) and Schwab Small-Cap Equity Fund™ (SWSCX). 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.

	LKSCX	SWSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.71	-0.15
Sortino ratio: Return per unit of downside risk	2.26	2.21	+0.05
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.67	2.87	-0.20
Martin ratio: Return relative to average drawdown	9.56	7.94	+1.63

LKSCX vs. SWSCX - Sharpe Ratio Comparison

The current LKSCX Sharpe Ratio is 1.56, which is comparable to the SWSCX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of LKSCX and SWSCX, 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

LKSCX vs. SWSCX - Drawdown Comparison

The maximum LKSCX drawdown since its inception was -59.07%, smaller than the maximum SWSCX drawdown of -63.30%. Use the drawdown chart below to compare losses from any high point for LKSCX and SWSCX.

Drawdown Indicators

	LKSCX	SWSCX	Difference
Max Drawdown Largest peak-to-trough decline	-59.07%	-63.30%	+4.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-12.75%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-27.35%	+3.14%
Max Drawdown (5Y) Largest decline over 5 years	-33.84%	-27.35%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	-49.32%	+5.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.38%	-10.58%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	4.59%	-1.83%

Volatility

LKSCX vs. SWSCX - Volatility Comparison

The current volatility for LKCM Small Cap Equity Fund (LKSCX) is 5.00%, while Schwab Small-Cap Equity Fund™ (SWSCX) has a volatility of 6.57%. This indicates that LKSCX experiences smaller price fluctuations and is considered to be less risky than SWSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LKSCX	SWSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	6.57%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	17.06%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	21.42%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	22.55%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	23.64%	-0.52%

LKSCX vs. SWSCX - Expense Ratio Comparison

LKSCX has a 1.03% expense ratio, which is lower than SWSCX's 1.08% expense ratio.

Dividends

LKSCX vs. SWSCX - Dividend Comparison

LKSCX's dividend yield for the trailing twelve months is around 8.28%, while SWSCX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKSCX LKCM Small Cap Equity Fund	8.28%	8.98%	7.27%	2.77%	2.43%	15.70%	3.86%	5.24%	20.61%	19.58%	15.37%	14.66%
SWSCX Schwab Small-Cap Equity Fund™	0.00%	0.00%	14.10%	0.36%	10.14%	12.07%	0.19%	0.11%	26.16%	14.46%	0.41%	14.47%

Frequently Asked Questions

Can I hold both LKSCX and SWSCX in my portfolio?

With a correlation of 0.90, LKSCX and SWSCX 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, LKSCX or SWSCX?

SWSCX has higher volatility (6.57%) compared to LKSCX (5.00%). In terms of maximum drawdown, LKSCX dropped -59.07% vs SWSCX's -63.30%.

Which has better risk-adjusted returns?

SWSCX currently has the higher Sharpe Ratio (1.71 vs 1.56), 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.