SCHA vs. SWSSX

Last updated Jun 23, 2026

SCHA (Schwab U.S. Small-Cap ETF) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds from Charles Schwab - SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index while SWSSX tracks the Russell 2000 Index. Both are passively managed. Over the past 10 years, SCHA returned 11.91%/yr vs 11.44%/yr for SWSSX. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

SCHA vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Small-Cap ETF (SCHA) 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, SCHA achieves a 24.67% return, which is significantly higher than SWSSX's 20.72% return. Both investments have delivered pretty close results over the past 10 years, with SCHA having a 11.91% annualized return and SWSSX not far behind at 11.44%.

SCHA

• 1D: 0.77%
• 1M: 6.39%
• YTD: 24.67%
• 6M: 21.39%
• 1Y: 45.75%
• 3Y*: 20.54%
• 5Y*: 7.90%
• 10Y*: 11.91%

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)

SCHA vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHA Schwab U.S. Small-Cap ETF	24.67%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%
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 SCHA and SWSSX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.99

The correlation between SCHA and SWSSX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SCHA vs. SWSSX - Sectors Allocation Comparison

Sectors	SCHA	SWSSX
Technology	24.3%	19.1%
Financial Services	15.4%	15.5%
Industrials	15.4%	17.9%
Healthcare	13.8%	16.3%
Consumer Cyclical	9.2%	7.9%
Real Estate	5.8%	5.9%
Energy	4.8%	5.3%
Basic Materials	4.1%	4.7%
Consumer Defensive	2.5%	2.2%
Communication Services	2.3%	2.5%
Utilities	2.1%	2.8%

Return for Risk

SCHA vs. SWSSX — Risk / Return Rank

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

SCHA

SCHA Risk / Return Rank: 81
SCHA Sharpe Ratio Rank: 80
SCHA Sortino Ratio Rank: 80
SCHA Omega Ratio Rank: 72
SCHA Calmar Ratio Rank: 87
SCHA Martin Ratio Rank: 87

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.

SCHA vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Small-Cap ETF (SCHA) 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.

	SCHA	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.18	+0.28
Sortino ratio: Return per unit of downside risk	3.38	2.99	+0.39
Omega ratio: Gain probability vs. loss probability	1.41	1.36	+0.05
Calmar ratio: Return relative to maximum drawdown	4.84	3.91	+0.93
Martin ratio: Return relative to average drawdown	17.72	13.84	+3.88

SCHA vs. SWSSX - Sharpe Ratio Comparison

The current SCHA Sharpe Ratio is 2.46, which is comparable to the SWSSX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SCHA 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

SCHA vs. SWSSX - Drawdown Comparison

The maximum SCHA drawdown since its inception was -42.41%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for SCHA and SWSSX.

Drawdown Indicators

	SCHA	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-60.34%	+17.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-11.00%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-27.50%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-31.93%	+1.14%
Max Drawdown (10Y) Largest decline over 10 years	-42.41%	-41.81%	-0.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.56%	-10.71%	+3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.10%	-0.51%

Volatility

SCHA vs. SWSSX - Volatility Comparison

Schwab U.S. Small-Cap ETF (SCHA) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 6.45% and 6.76%, 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

	SCHA	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	6.76%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	13.80%	14.36%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	19.71%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.03%	22.68%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.78%	24.14%	-1.36%

SCHA vs. SWSSX - Expense Ratio Comparison

Both SCHA and SWSSX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SCHA vs. SWSSX - Dividend Comparison

SCHA's dividend yield for the trailing twelve months is around 0.96%, less than SWSSX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHA Schwab U.S. Small-Cap ETF	0.96%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%
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 SCHA and SWSSX in my portfolio?

With a correlation of 0.98, SCHA and SWSSX 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, SCHA or SWSSX?

SWSSX has higher volatility (6.76%) compared to SCHA (6.45%). In terms of maximum drawdown, SCHA dropped -42.41% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.46 vs 2.18), 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.