NSMRX vs. SWSSX

Last updated Jun 23, 2026

NSMRX (Nuveen Small/Mid Cap Value Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, NSMRX returned 12.80%/yr vs 11.44%/yr for SWSSX. Their correlation of 0.93 suggests significant overlap in exposure. NSMRX charges 1.05%/yr vs 0.04%/yr for SWSSX.

Performance

NSMRX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Small/Mid Cap Value Fund (NSMRX) 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, NSMRX achieves a 18.58% return, which is significantly lower than SWSSX's 20.72% return. Over the past 10 years, NSMRX has outperformed SWSSX with an annualized return of 12.80%, while SWSSX has yielded a comparatively lower 11.44% annualized return.

NSMRX

• 1D: 1.23%
• 1M: 0.12%
• YTD: 18.58%
• 6M: 16.21%
• 1Y: 37.67%
• 3Y*: 19.95%
• 5Y*: 14.33%
• 10Y*: 12.80%

SWSSX

• 1D: 2.10%
• 1M: 3.96%
• YTD: 20.72%
• 6M: 17.16%
• 1Y: 43.08%
• 3Y*: 18.36%
• 5Y*: 7.40%
• 10Y*: 11.44%

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

NSMRX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSMRX Nuveen Small/Mid Cap Value Fund	18.58%	12.10%	20.17%	14.45%	-5.69%	39.41%	0.97%	30.56%	-19.00%	10.35%
SWSSX Schwab Small-Cap Index Fund-Select Shares	20.72%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between NSMRX and SWSSX 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	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 14, 2006	0.93

The correlation between NSMRX and SWSSX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

NSMRX vs. SWSSX — Risk / Return Rank

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

NSMRX

NSMRX Risk / Return Rank: 66
NSMRX Sharpe Ratio Rank: 62
NSMRX Sortino Ratio Rank: 60
NSMRX Omega Ratio Rank: 53
NSMRX Calmar Ratio Rank: 82
NSMRX Martin Ratio Rank: 74

SWSSX

SWSSX Risk / Return Rank: 69
SWSSX Sharpe Ratio Rank: 66
SWSSX Sortino Ratio Rank: 61
SWSSX Omega Ratio Rank: 50
SWSSX Calmar Ratio Rank: 86
SWSSX Martin Ratio Rank: 80

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.

NSMRX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Small/Mid Cap Value Fund (NSMRX) 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.

	NSMRX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.18	-0.05
Sortino ratio: Return per unit of downside risk	2.97	2.99	-0.02
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	3.59	3.91	-0.32
Martin ratio: Return relative to average drawdown	13.06	13.84	-0.79

NSMRX vs. SWSSX - Sharpe Ratio Comparison

The current NSMRX Sharpe Ratio is 2.13, which is comparable to the SWSSX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of NSMRX 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

NSMRX vs. SWSSX - Drawdown Comparison

The maximum NSMRX drawdown since its inception was -68.14%, which is greater than SWSSX's maximum drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for NSMRX and SWSSX.

Drawdown Indicators

	NSMRX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-68.14%	-60.34%	-7.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.55%	-11.00%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.02%	-27.50%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-24.02%	-31.93%	+7.91%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-41.81%	-2.76%
Current Drawdown Current decline from peak	-1.77%	0.00%	-1.77%
Average Drawdown Average peak-to-trough decline	-11.39%	-10.71%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	3.10%	-0.21%

Volatility

NSMRX vs. SWSSX - Volatility Comparison

The current volatility for Nuveen Small/Mid Cap Value Fund (NSMRX) is 6.02%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 6.76%. This indicates that NSMRX 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

	NSMRX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.02%	6.76%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	14.36%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	19.71%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.39%	22.68%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.44%	24.14%	-2.70%

NSMRX vs. SWSSX - Expense Ratio Comparison

NSMRX has a 1.05% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

NSMRX vs. SWSSX - Dividend Comparison

NSMRX's dividend yield for the trailing twelve months is around 5.81%, more than SWSSX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSMRX Nuveen Small/Mid Cap Value Fund	5.81%	6.89%	11.02%	0.69%	5.19%	19.32%	0.46%	0.55%	43.81%	5.27%	0.00%	0.00%
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 NSMRX and SWSSX in my portfolio?

NSMRX and SWSSX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSMRX or SWSSX?

SWSSX has higher volatility (6.76%) compared to NSMRX (6.02%). In terms of maximum drawdown, NSMRX dropped -68.14% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.18 vs 2.13), 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.