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RAFE vs. SWPPX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RAFE vs. SWPPX

Last updated Jun 24, 2026

RAFE (PIMCO RAFI ESG U.S. ETF) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds - RAFE tracks the RAFI ESG US Index while SWPPX tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, RAFE returned 11.34%/yr vs 13.58%/yr for SWPPX. Their correlation of 0.87 suggests significant overlap in exposure. RAFE charges 0.30%/yr vs 0.02%/yr for SWPPX.

Performance

RAFE vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAFI ESG U.S. ETF (RAFE) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RAFE achieves a 13.45% return, which is significantly higher than SWPPX's 9.75% return.

RAFE

1D
-0.39%
1M
2.23%
YTD
13.45%
6M
12.91%
1Y
29.87%
3Y*
19.07%
5Y*
11.34%
10Y*
—

SWPPX

1D
-0.36%
1M
0.10%
YTD
9.75%
6M
8.76%
1Y
25.48%
3Y*
21.36%
5Y*
13.58%
10Y*
15.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RAFE vs. SWPPX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
RAFE
PIMCO RAFI ESG U.S. ETF		13.45%17.60%13.81%18.80%-13.76%30.16%5.29%0.43%
SWPPX
Schwab S&P 500 Index Fund		9.75%17.87%24.96%26.26%-18.14%28.67%18.38%1.29%

Correlation

The correlation between RAFE and SWPPX is 0.83, 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

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.86

Correlation (5Y)
Calculated over the trailing 5-year period

0.90

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2019

0.87

The correlation between RAFE and SWPPX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO RAFI ESG U.S. ETF

Schwab S&P 500 Index Fund

Often compared with RAFE:
RAFE vs. PRFRAFE vs. FNDXRAFE vs. VOORAFE vs. SCHGRAFE vs. SNPERAFE vs. SCHBRAFE vs. VFIAX
Often compared with SWPPX:
SWPPX vs. VOOSWPPX vs. SWTSXSWPPX vs. SCHXSWPPX vs. SCHDSWPPX vs. SWLGXSWPPX vs. SNXFXSWPPX vs. QQQ

Return for Risk

RAFE vs. SWPPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RAFE
RAFE Risk / Return Rank: 8484
Overall Rank
RAFE Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
RAFE Sortino Ratio Rank: 8787
Sortino Ratio Rank
RAFE Omega Ratio Rank: 8383
Omega Ratio Rank
RAFE Calmar Ratio Rank: 8282
Calmar Ratio Rank
RAFE Martin Ratio Rank: 8282
Martin Ratio Rank
SWPPX
SWPPX Risk / Return Rank: 6565
Overall Rank
SWPPX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
SWPPX Sortino Ratio Rank: 5656
Sortino Ratio Rank
SWPPX Omega Ratio Rank: 5959
Omega Ratio Rank
SWPPX Calmar Ratio Rank: 6868
Calmar Ratio Rank
SWPPX Martin Ratio Rank: 7878
Martin Ratio Rank
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.

RAFE vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAFI ESG U.S. ETF (RAFE) 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.

RAFESWPPXDifference
Sharpe ratioReturn per unit of total volatility
2.61
2.14

+0.46

Sortino ratioReturn per unit of downside risk
3.63
2.89

+0.74

Omega ratioGain probability vs. loss probability

1.46

1.39

+0.07

Calmar ratioReturn relative to maximum drawdown

4.02

3.02

+1.01

Martin ratioReturn relative to average drawdown

15.57

13.59

+1.98

RAFE vs. SWPPX - Sharpe Ratio Comparison

The current RAFE Sharpe Ratio is 2.61, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of RAFE 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.

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Drawdowns

RAFE vs. SWPPX - Drawdown Comparison

The maximum RAFE drawdown since its inception was -35.74%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for RAFE and SWPPX.

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Drawdown Indicators

RAFESWPPXDifference

Max Drawdown

Largest peak-to-trough decline

-35.74%

-55.06%

+19.32%

Max Drawdown (1Y)

Largest decline over 1 year

-7.46%

-8.89%

+1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-16.36%

-18.74%

+2.38%

Max Drawdown (5Y)

Largest decline over 5 years

-24.28%

-24.51%

+0.23%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.80%

—

Current Drawdown

Current decline from peak

-1.25%

-1.74%

+0.49%

Average Drawdown

Average peak-to-trough decline

-6.17%

-9.93%

+3.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

1.97%

-0.05%

Volatility

RAFE vs. SWPPX - Volatility Comparison

The current volatility for PIMCO RAFI ESG U.S. ETF (RAFE) is 3.88%, while Schwab S&P 500 Index Fund (SWPPX) has a volatility of 4.73%. This indicates that RAFE experiences smaller price fluctuations and is considered to be less risky than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RAFESWPPXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.88%

4.73%

-0.85%

Volatility (6M)

Calculated over the trailing 6-month period

8.71%

9.87%

-1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

11.54%

12.53%

-0.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.10%

17.02%

-1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.40%

18.27%

+1.13%

RAFE vs. SWPPX - Expense Ratio Comparison

RAFE has a 0.30% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

RAFE vs. SWPPX - Dividend Comparison

RAFE's dividend yield for the trailing twelve months is around 1.50%, more than SWPPX's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
RAFE
PIMCO RAFI ESG U.S. ETF		1.50%1.67%1.79%1.81%2.22%1.42%2.36%0.00%0.00%0.00%0.00%0.00%
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

RAFE and SWPPX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SWPPX has higher volatility (4.73%) compared to RAFE (3.88%). In terms of maximum drawdown, RAFE dropped -35.74% vs SWPPX's -55.06%.

RAFE currently has the higher Sharpe Ratio (2.61 vs 2.14), 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.

Portfolio Optimizer

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