MMSIX vs. SWSSX

Last updated Jun 24, 2026

MMSIX (Praxis Small Cap Index Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, MMSIX returned 10.27%/yr vs 11.83%/yr for SWSSX. With a 0.97 correlation, they move nearly in lockstep. MMSIX charges 0.43%/yr vs 0.04%/yr for SWSSX.

Performance

MMSIX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Praxis Small Cap Index Fund (MMSIX) 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, MMSIX achieves a 16.37% return, which is significantly lower than SWSSX's 21.72% return. Over the past 10 years, MMSIX has underperformed SWSSX with an annualized return of 10.27%, while SWSSX has yielded a comparatively higher 11.83% annualized return.

MMSIX

• 1D: 0.22%
• 1M: 3.41%
• YTD: 16.37%
• 6M: 14.37%
• 1Y: 27.65%
• 3Y*: 15.46%
• 5Y*: 6.58%
• 10Y*: 10.27%

SWSSX

• 1D: 0.83%
• 1M: 4.82%
• YTD: 21.72%
• 6M: 18.97%
• 1Y: 42.68%
• 3Y*: 19.85%
• 5Y*: 6.95%
• 10Y*: 11.83%

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

MMSIX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMSIX Praxis Small Cap Index Fund	16.37%	6.67%	8.48%	16.66%	-19.61%	34.07%	11.05%	24.44%	-7.90%	11.30%
SWSSX Schwab Small-Cap Index Fund-Select Shares	21.72%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between MMSIX and SWSSX 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 (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 2, 2007	0.97

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

Return for Risk

MMSIX vs. SWSSX — Risk / Return Rank

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

MMSIX

MMSIX Risk / Return Rank: 50
MMSIX Sharpe Ratio Rank: 41
MMSIX Sortino Ratio Rank: 41
MMSIX Omega Ratio Rank: 37
MMSIX Calmar Ratio Rank: 70
MMSIX Martin Ratio Rank: 59

SWSSX

SWSSX Risk / Return Rank: 72
SWSSX Sharpe Ratio Rank: 71
SWSSX Sortino Ratio Rank: 65
SWSSX Omega Ratio Rank: 53
SWSSX Calmar Ratio Rank: 88
SWSSX Martin Ratio Rank: 83

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.

MMSIX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Praxis Small Cap Index Fund (MMSIX) 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.

	MMSIX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.26	-0.52
Sortino ratio: Return per unit of downside risk	2.50	3.07	-0.57
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	3.09	4.04	-0.96
Martin ratio: Return relative to average drawdown	11.08	14.31	-3.23

MMSIX vs. SWSSX - Sharpe Ratio Comparison

The current MMSIX Sharpe Ratio is 1.74, which is comparable to the SWSSX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MMSIX 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

MMSIX vs. SWSSX - Drawdown Comparison

The maximum MMSIX drawdown since its inception was -57.70%, roughly equal to the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for MMSIX and SWSSX.

Drawdown Indicators

	MMSIX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-57.70%	-60.34%	+2.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-11.00%	+1.60%
Max Drawdown (3Y) Largest decline over 3 years	-25.89%	-27.50%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-26.99%	-31.93%	+4.94%
Max Drawdown (10Y) Largest decline over 10 years	-42.42%	-41.81%	-0.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.26%	-10.71%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.10%	-0.49%

Volatility

MMSIX vs. SWSSX - Volatility Comparison

The current volatility for Praxis Small Cap Index Fund (MMSIX) is 4.87%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 6.39%. This indicates that MMSIX experiences smaller price fluctuations and is considered to be less risky than SWSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSIX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	6.39%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	14.33%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	19.75%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.39%	22.68%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	24.15%	-1.16%

MMSIX vs. SWSSX - Expense Ratio Comparison

MMSIX has a 0.43% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

MMSIX vs. SWSSX - Dividend Comparison

MMSIX's dividend yield for the trailing twelve months is around 7.64%, more than SWSSX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMSIX Praxis Small Cap Index Fund	7.64%	8.89%	1.14%	1.30%	1.08%	15.39%	1.19%	4.58%	6.37%	23.15%	5.35%	15.37%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.06%	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 MMSIX and SWSSX in my portfolio?

With a correlation of 0.96, MMSIX 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, MMSIX or SWSSX?

SWSSX has higher volatility (6.39%) compared to MMSIX (4.87%). In terms of maximum drawdown, MMSIX dropped -57.70% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.26 vs 1.74), 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.