OAKMX vs. SWPPX

Last updated Aug 1, 2026

OAKMX (Oakmark Fund Investor Class) and SWPPX (Schwab S&P 500 Index Fund) are both mutual funds - OAKMX is a Large Cap Value Equities fund actively managed by Oakmark, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. OAKMX is actively managed, while SWPPX is passively managed. Over the past 10 years, OAKMX returned 13.92%/yr vs 14.98%/yr for SWPPX. Their correlation of 0.87 means they have usually moved in the same direction. OAKMX charges 0.89%/yr vs 0.02%/yr for SWPPX.

Performance

OAKMX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark Fund Investor Class (OAKMX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OAKMX achieves a 6.38% return, which is significantly lower than SWPPX's 9.35% return. Over the past 10 years, OAKMX has underperformed SWPPX with an annualized return of 13.92%, while SWPPX has yielded a comparatively higher 14.98% annualized return.

OAKMX

• 1D: -0.32%
• 1M: 3.39%
• 6M: 6.34%
• YTD: 6.38%
• 1Y: 16.84%
• 3Y*: 14.26%
• 5Y*: 11.20%
• 10Y*: 13.92%
• ALL TIME*: 12.85%

SWPPX

• 1D: 1.70%
• 1M: -0.52%
• 6M: 7.81%
• YTD: 9.35%
• 1Y: 20.64%
• 3Y*: 19.02%
• 5Y*: 12.67%
• 10Y*: 14.98%
• ALL TIME*: 9.75%

*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)
OAKMX Oakmark Fund Investor Class	$0.00	$0.00	$0.00
SWPPX Schwab S&P 500 Index Fund	$0.00	$0.00	$0.00

OAKMX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAKMX Oakmark Fund Investor Class	6.38%	14.13%	16.02%	30.92%	-13.38%	34.85%	12.90%	27.14%	-12.76%	21.12%
SWPPX Schwab S&P 500 Index Fund	9.35%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between OAKMX and SWPPX is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since May 20, 1997	0.87

Over the past year, the correlation between OAKMX and SWPPX has dropped to 0.51 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

Return for Risk

OAKMX vs. SWPPX — Risk / Return Rank

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

OAKMX

OAKMX Risk / Return Rank: 38
OAKMX Sharpe Ratio Rank: 32
OAKMX Sortino Ratio Rank: 33
OAKMX Omega Ratio Rank: 31
OAKMX Calmar Ratio Rank: 57
OAKMX Martin Ratio Rank: 34

SWPPX

SWPPX Risk / Return Rank: 63
SWPPX Sharpe Ratio Rank: 61
SWPPX Sortino Ratio Rank: 57
SWPPX Omega Ratio Rank: 58
SWPPX Calmar Ratio Rank: 65
SWPPX Martin Ratio Rank: 76

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.

OAKMX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark Fund Investor Class (OAKMX) and Schwab S&P 500 Index Fund (SWPPX). 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.

	OAKMX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.42	-0.43
Sortino ratio: Return per unit of downside risk	1.51	1.99	-0.47
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.94	2.07	-0.13
Martin ratio: Return relative to average drawdown	4.80	8.85	-4.05

OAKMX vs. SWPPX - Sharpe Ratio Comparison

The current OAKMX Sharpe Ratio is 1.00, which is comparable to the SWPPX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of OAKMX and SWPPX, 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

OAKMX vs. SWPPX - Drawdown Comparison

The maximum OAKMX drawdown since its inception was -56.19%, roughly equal to the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for OAKMX and SWPPX.

Drawdown Indicators

	OAKMX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.19%	-55.06%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-8.89%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	-18.74%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.68%	-24.51%	+0.83%
Max Drawdown (10Y) Largest decline over 10 years	-41.43%	-33.80%	-7.63%
Current Drawdown Current decline from peak	-0.45%	-2.09%	+1.64%
Average Drawdown Average peak-to-trough decline	-6.37%	-9.90%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.07%	+0.75%

Volatility

OAKMX vs. SWPPX - Volatility Comparison

Oakmark Fund Investor Class (OAKMX) has a higher volatility of 4.55% compared to Schwab S&P 500 Index Fund (SWPPX) at 3.49%. This indicates that OAKMX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAKMX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	3.49%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	10.13%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	12.89%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	17.05%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	18.23%	+2.08%

OAKMX vs. SWPPX - Expense Ratio Comparison

OAKMX has a 0.89% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

OAKMX vs. SWPPX - Dividend Comparison

OAKMX's dividend yield for the trailing twelve months is around 0.86%, less than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OAKMX Oakmark Fund Investor Class	0.86%	0.92%	1.12%	1.02%	0.92%	1.94%	0.17%	8.33%	8.13%	4.06%	2.58%	1.43%
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both OAKMX and SWPPX in my portfolio?

OAKMX and SWPPX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAKMX or SWPPX?

OAKMX has higher volatility (4.55%) compared to SWPPX (3.49%). In terms of maximum drawdown, OAKMX dropped -56.19% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (1.42 vs 1.00), 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.