PMFMX vs. SWMCX

Last updated Jun 26, 2026

PMFMX (Principal MidCap S&P 400 Index Fund) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, PMFMX returned 10.47%/yr vs 8.00%/yr for SWMCX. With a 0.95 correlation, they move nearly in lockstep. PMFMX charges 0.73%/yr vs 0.04%/yr for SWMCX.

Performance

PMFMX vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal MidCap S&P 400 Index Fund (PMFMX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMFMX achieves a 14.94% return, which is significantly higher than SWMCX's 13.34% return.

PMFMX

• 1D: 0.59%
• 1M: 1.70%
• YTD: 14.94%
• 6M: 12.68%
• 1Y: 24.93%
• 3Y*: 20.58%
• 5Y*: 10.47%
• 10Y*: 12.36%

SWMCX

• 1D: 0.62%
• 1M: 1.81%
• YTD: 13.34%
• 6M: 11.56%
• 1Y: 21.46%
• 3Y*: 17.29%
• 5Y*: 8.00%
• 10Y*: —

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

PMFMX vs. SWMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMFMX Principal MidCap S&P 400 Index Fund	14.94%	6.77%	28.52%	15.61%	-13.60%	23.61%	12.90%	25.34%	-11.89%	-0.24%
SWMCX Schwab U.S. Mid-Cap Index Fund	13.34%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%

Correlation

The correlation between PMFMX and SWMCX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.95

The correlation between PMFMX and SWMCX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

PMFMX vs. SWMCX — Risk / Return Rank

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

PMFMX

PMFMX Risk / Return Rank: 50
PMFMX Sharpe Ratio Rank: 41
PMFMX Sortino Ratio Rank: 43
PMFMX Omega Ratio Rank: 38
PMFMX Calmar Ratio Rank: 68
PMFMX Martin Ratio Rank: 59

SWMCX

SWMCX Risk / Return Rank: 44
SWMCX Sharpe Ratio Rank: 37
SWMCX Sortino Ratio Rank: 37
SWMCX Omega Ratio Rank: 34
SWMCX Calmar Ratio Rank: 56
SWMCX Martin Ratio Rank: 55

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.

PMFMX vs. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal MidCap S&P 400 Index Fund (PMFMX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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.

	PMFMX	SWMCX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.49	+0.05
Sortino ratio: Return per unit of downside risk	2.26	2.14	+0.12
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.70	2.52	+0.18
Martin ratio: Return relative to average drawdown	9.83	9.61	+0.22

PMFMX vs. SWMCX - Sharpe Ratio Comparison

The current PMFMX Sharpe Ratio is 1.53, which is comparable to the SWMCX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of PMFMX and SWMCX, 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

PMFMX vs. SWMCX - Drawdown Comparison

The maximum PMFMX drawdown since its inception was -55.43%, which is greater than SWMCX's maximum drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for PMFMX and SWMCX.

Drawdown Indicators

	PMFMX	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.43%	-40.34%	-15.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.15%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-22.09%	-21.07%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-26.09%	+2.01%
Max Drawdown (10Y) Largest decline over 10 years	-42.02%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.79%	+0.29%
Average Drawdown Average peak-to-trough decline	-7.80%	-6.59%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.13%	+0.31%

Volatility

PMFMX vs. SWMCX - Volatility Comparison

Principal MidCap S&P 400 Index Fund (PMFMX) and Schwab U.S. Mid-Cap Index Fund (SWMCX) have volatilities of 4.70% and 4.59%, 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

	PMFMX	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.59%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	10.55%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	13.87%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	18.32%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	20.61%	+0.37%

PMFMX vs. SWMCX - Expense Ratio Comparison

PMFMX has a 0.73% expense ratio, which is higher than SWMCX's 0.04% expense ratio.

Dividends

PMFMX vs. SWMCX - Dividend Comparison

PMFMX's dividend yield for the trailing twelve months is around 7.13%, more than SWMCX's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMFMX Principal MidCap S&P 400 Index Fund	7.13%	8.20%	25.27%	3.11%	6.69%	7.76%	6.63%	5.52%	10.65%	6.61%	5.85%	7.40%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.88%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMFMX and SWMCX in my portfolio?

With a correlation of 0.95, PMFMX and SWMCX 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, PMFMX or SWMCX?

PMFMX has higher volatility (4.70%) compared to SWMCX (4.59%). In terms of maximum drawdown, PMFMX dropped -55.43% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

PMFMX currently has the higher Sharpe Ratio (1.53 vs 1.49), 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.