SCHM vs. SWMCX

Last updated Jun 18, 2026

SCHM (Schwab US Mid-Cap ETF) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both Mid Cap Blend Equities funds from Charles Schwab. Over the past 5 years, SCHM returned 8.59%/yr vs 8.60%/yr for SWMCX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

SCHM vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab US Mid-Cap ETF (SCHM) 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, SCHM achieves a 18.48% return, which is significantly higher than SWMCX's 13.76% return.

SCHM

• 1D: -1.33%
• 1M: 5.18%
• YTD: 18.48%
• 6M: 18.68%
• 1Y: 32.40%
• 3Y*: 16.59%
• 5Y*: 8.59%
• 10Y*: 11.48%

SWMCX

• 1D: -0.43%
• 1M: 5.34%
• YTD: 13.76%
• 6M: 14.00%
• 1Y: 23.82%
• 3Y*: 16.48%
• 5Y*: 8.60%
• 10Y*: —

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

SCHM vs. SWMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHM Schwab US Mid-Cap ETF	18.48%	10.17%	11.98%	16.69%	-17.07%	19.36%	15.26%	27.48%	-8.77%	0.24%
SWMCX Schwab U.S. Mid-Cap Index Fund	13.76%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%

Correlation

The correlation between SCHM and SWMCX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.98

The correlation between SCHM and SWMCX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

SCHM vs. SWMCX - Sectors Allocation Comparison

Sectors	SCHM	SWMCX
Technology	22.1%	17.2%
Industrials	21.7%	18.4%
Financial Services	10.9%	12.5%
Healthcare	10.9%	8.7%
Consumer Cyclical	10.8%	11.2%
Real Estate	6.4%	7.0%
Basic Materials	4.7%	4.3%
Consumer Defensive	3.4%	4.1%
Energy	3.4%	7.2%
Utilities	2.9%	6.1%
Communication Services	2.6%	3.4%

Return for Risk

SCHM vs. SWMCX — Risk / Return Rank

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

SCHM

SCHM Risk / Return Rank: 69
SCHM Sharpe Ratio Rank: 66
SCHM Sortino Ratio Rank: 66
SCHM Omega Ratio Rank: 63
SCHM Calmar Ratio Rank: 74
SCHM Martin Ratio Rank: 78

SWMCX

SWMCX Risk / Return Rank: 43
SWMCX Sharpe Ratio Rank: 36
SWMCX Sortino Ratio Rank: 36
SWMCX Omega Ratio Rank: 33
SWMCX Calmar Ratio Rank: 57
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.

SCHM vs. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab US Mid-Cap ETF (SCHM) 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.

	SCHM	SWMCX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.66	+0.36
Sortino ratio: Return per unit of downside risk	2.83	2.37	+0.46
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	3.49	2.79	+0.70
Martin ratio: Return relative to average drawdown	13.97	10.68	+3.29

SCHM vs. SWMCX - Sharpe Ratio Comparison

The current SCHM Sharpe Ratio is 2.02, which is comparable to the SWMCX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SCHM 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

SCHM vs. SWMCX - Drawdown Comparison

The maximum SCHM drawdown since its inception was -42.43%, which is greater than SWMCX's maximum drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for SCHM and SWMCX.

Drawdown Indicators

	SCHM	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-42.43%	-40.34%	-2.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-8.15%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-23.27%	-21.07%	-2.20%
Max Drawdown (5Y) Largest decline over 5 years	-26.46%	-26.09%	-0.37%
Max Drawdown (10Y) Largest decline over 10 years	-42.43%	—	—
Current Drawdown Current decline from peak	-2.15%	-0.43%	-1.72%
Average Drawdown Average peak-to-trough decline	-5.64%	-6.60%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.13%	+0.20%

Volatility

SCHM vs. SWMCX - Volatility Comparison

Schwab US Mid-Cap ETF (SCHM) has a higher volatility of 5.62% compared to Schwab U.S. Mid-Cap Index Fund (SWMCX) at 4.27%. This indicates that SCHM's price experiences larger fluctuations and is considered to be riskier than SWMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHM	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	4.27%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	10.37%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	13.78%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	18.32%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.51%	20.62%	-0.11%

SCHM vs. SWMCX - Expense Ratio Comparison

Both SCHM and SWMCX 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

SCHM vs. SWMCX - Dividend Comparison

SCHM's dividend yield for the trailing twelve months is around 1.23%, less than SWMCX's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHM Schwab US Mid-Cap ETF	1.23%	1.46%	1.43%	1.50%	1.67%	1.13%	1.31%	1.48%	1.56%	1.27%	1.51%	1.54%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.87%	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 SCHM and SWMCX in my portfolio?

With a correlation of 0.97, SCHM 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, SCHM or SWMCX?

SCHM has higher volatility (5.62%) compared to SWMCX (4.27%). In terms of maximum drawdown, SCHM dropped -42.43% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

SCHM currently has the higher Sharpe Ratio (2.02 vs 1.66), 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.