PIEQX vs. SWISX

Last updated Jun 4, 2026

PIEQX (T. Rowe Price International Equity Index Fund) and SWISX (Schwab International Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PIEQX returned 9.00%/yr vs 9.33%/yr for SWISX. With a 0.97 correlation, they move nearly in lockstep. PIEQX charges 0.29%/yr vs 0.06%/yr for SWISX.

Performance

PIEQX vs. SWISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price International Equity Index Fund (PIEQX) and Schwab International Index Fund (SWISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PIEQX having a 9.41% return and SWISX slightly higher at 9.54%. Both investments have delivered pretty close results over the past 10 years, with PIEQX having a 9.00% annualized return and SWISX not far ahead at 9.33%.

PIEQX

• 1D: 0.37%
• 1M: 4.10%
• YTD: 9.41%
• 6M: 11.81%
• 1Y: 22.04%
• 3Y*: 16.82%
• 5Y*: 8.56%
• 10Y*: 9.00%

SWISX

• 1D: 0.35%
• 1M: 4.10%
• YTD: 9.54%
• 6M: 11.96%
• 1Y: 22.29%
• 3Y*: 17.02%
• 5Y*: 8.74%
• 10Y*: 9.33%

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

PIEQX vs. SWISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PIEQX T. Rowe Price International Equity Index Fund	9.41%	31.37%	3.40%	18.07%	-14.54%	11.02%	9.21%	21.04%	-14.29%	23.44%
SWISX Schwab International Index Fund	9.54%	31.59%	3.54%	18.13%	-14.30%	11.25%	8.14%	21.87%	-13.38%	25.32%

Correlation

The correlation between PIEQX and SWISX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 1, 2000	0.97

The correlation between PIEQX and SWISX has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

Return for Risk

PIEQX vs. SWISX — Risk / Return Rank

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

PIEQX

PIEQX Risk / Return Rank: 25
PIEQX Sharpe Ratio Rank: 24
PIEQX Sortino Ratio Rank: 23
PIEQX Omega Ratio Rank: 24
PIEQX Calmar Ratio Rank: 25
PIEQX Martin Ratio Rank: 30

SWISX

SWISX Risk / Return Rank: 26
SWISX Sharpe Ratio Rank: 25
SWISX Sortino Ratio Rank: 24
SWISX Omega Ratio Rank: 24
SWISX Calmar Ratio Rank: 25
SWISX Martin Ratio Rank: 30

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.

PIEQX vs. SWISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price International Equity Index Fund (PIEQX) and Schwab International Index Fund (SWISX). 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.

	PIEQX	SWISX	Difference
Sharpe ratio Return per unit of total volatility	1.40	1.41	-0.02
Sortino ratio Return per unit of downside risk	2.01	2.03	-0.02
Omega ratio Gain probability vs. loss probability	1.25	1.26	0.00
Calmar ratio Return relative to maximum drawdown	1.86	1.88	-0.02
Martin ratio Return relative to average drawdown	6.97	7.06	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PIEQX vs. SWISX - Sharpe Ratio Comparison

The current PIEQX Sharpe Ratio is 1.40, which is comparable to the SWISX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PIEQX and SWISX, 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

	PIEQX	SWISX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.41	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.54	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.55	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.31	-0.03

Drawdowns

PIEQX vs. SWISX - Drawdown Comparison

The maximum PIEQX drawdown since its inception was -60.73%, roughly equal to the maximum SWISX drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for PIEQX and SWISX.

Drawdown Indicators

	PIEQX	SWISX	Difference
Max Drawdown Largest peak-to-trough decline	-60.73%	-60.65%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-11.39%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	-13.68%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.56%	-29.42%	-0.14%
Max Drawdown (10Y) Largest decline over 10 years	-35.19%	-33.83%	-1.36%
Current Drawdown Current decline from peak	-0.55%	-0.47%	-0.08%
Average Drawdown Average peak-to-trough decline	-13.96%	-14.81%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.03%	+0.01%

Volatility

PIEQX vs. SWISX - Volatility Comparison

T. Rowe Price International Equity Index Fund (PIEQX) and Schwab International Index Fund (SWISX) have volatilities of 4.78% and 4.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIEQX	SWISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	4.69%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	12.35%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.20%	15.18%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	16.28%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	16.88%	-0.11%

PIEQX vs. SWISX - Expense Ratio Comparison

PIEQX has a 0.29% expense ratio, which is higher than SWISX's 0.06% expense ratio.

Dividends

PIEQX vs. SWISX - Dividend Comparison

PIEQX's dividend yield for the trailing twelve months is around 2.92%, less than SWISX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIEQX T. Rowe Price International Equity Index Fund	2.92%	3.19%	2.89%	3.00%	2.67%	3.15%	1.71%	2.82%	2.99%	0.21%	2.90%	2.69%
SWISX Schwab International Index Fund	3.24%	3.55%	3.29%	3.31%	2.73%	3.34%	1.88%	3.09%	3.15%	2.71%	3.19%	2.71%

Frequently Asked Questions

Can I hold both PIEQX and SWISX in my portfolio?

With a correlation of 1.00, PIEQX and SWISX 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, PIEQX or SWISX?

PIEQX has higher volatility (4.78%) compared to SWISX (4.69%). In terms of maximum drawdown, PIEQX dropped -60.73% vs SWISX's -60.65%.

Which has better risk-adjusted returns?

SWISX currently has the higher Sharpe Ratio (1.41 vs 1.40), 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.