SCHX vs. SWPPX

Last updated Jun 16, 2026

SCHX (Schwab U.S. Large-Cap ETF) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds from Charles Schwab - SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index while SWPPX tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SCHX returned 15.57%/yr vs 15.49%/yr for SWPPX. With a 0.99 correlation, they move nearly in lockstep. SCHX charges 0.03%/yr vs 0.02%/yr for SWPPX.

Performance

SCHX vs. SWPPX - Performance Comparison

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

Returns By Period

In the year-to-date period, SCHX achieves a 10.76% return, which is significantly higher than SWPPX's 9.12% return. Both investments have delivered pretty close results over the past 10 years, with SCHX having a 15.57% annualized return and SWPPX not far behind at 15.49%.

SCHX

• 1D: 1.75%
• 1M: 2.34%
• YTD: 10.76%
• 6M: 11.21%
• 1Y: 27.29%
• 3Y*: 21.15%
• 5Y*: 13.28%
• 10Y*: 15.57%

SWPPX

• 1D: 0.53%
• 1M: 0.42%
• YTD: 9.12%
• 6M: 9.62%
• 1Y: 25.80%
• 3Y*: 20.96%
• 5Y*: 13.43%
• 10Y*: 15.49%

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

SCHX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHX Schwab U.S. Large-Cap ETF	10.76%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%
SWPPX Schwab S&P 500 Index Fund	9.12%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between SCHX and SWPPX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
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 SCHX and SWPPX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

SCHX vs. SWPPX - Sectors Allocation Comparison

Sectors	SCHX	SWPPX
Technology	42.9%	35.6%
Communication Services	11.7%	11.2%
Consumer Cyclical	9.3%	10.1%
Financial Services	9.0%	11.8%
Healthcare	8.5%	8.5%
Industrials	6.4%	8.3%
Consumer Defensive	4.4%	4.9%
Energy	3.0%	3.5%
Utilities	1.3%	2.4%
Basic Materials	1.0%	1.8%
Real Estate	0.9%	1.9%

Return for Risk

SCHX vs. SWPPX — Risk / Return Rank

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

SCHX

SCHX Risk / Return Rank: 74
SCHX Sharpe Ratio Rank: 77
SCHX Sortino Ratio Rank: 74
SCHX Omega Ratio Rank: 76
SCHX Calmar Ratio Rank: 67
SCHX Martin Ratio Rank: 78

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 57
SWPPX Omega Ratio Rank: 60
SWPPX Calmar Ratio Rank: 66
SWPPX Martin Ratio Rank: 78

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.

SCHX vs. SWPPX - Risk-Adjusted Trends Comparison

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

	SCHX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.98	+0.21
Sortino ratio: Return per unit of downside risk	2.96	2.67	+0.28
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	3.04	2.76	+0.28
Martin ratio: Return relative to average drawdown	13.44	12.49	+0.95

SCHX vs. SWPPX - Sharpe Ratio Comparison

The current SCHX Sharpe Ratio is 2.19, which is comparable to the SWPPX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SCHX 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.

Drawdowns

SCHX vs. SWPPX - Drawdown Comparison

The maximum SCHX drawdown since its inception was -34.33%, smaller than the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for SCHX and SWPPX.

Drawdown Indicators

	SCHX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-34.33%	-55.06%	+20.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-8.89%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-18.74%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.41%	-24.51%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	-33.80%	-0.53%
Current Drawdown Current decline from peak	-0.67%	-2.30%	+1.63%
Average Drawdown Average peak-to-trough decline	-3.96%	-9.94%	+5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.96%	+0.08%

Volatility

SCHX vs. SWPPX - Volatility Comparison

Schwab U.S. Large-Cap ETF (SCHX) has a higher volatility of 4.73% compared to Schwab S&P 500 Index Fund (SWPPX) at 4.47%. This indicates that SCHX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	4.47%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.72%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	12.40%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	17.00%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	18.25%	-0.06%

SCHX vs. SWPPX - Expense Ratio Comparison

SCHX has a 0.03% expense ratio, which is higher than SWPPX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SCHX vs. SWPPX - Dividend Comparison

SCHX's dividend yield for the trailing twelve months is around 1.01%, which matches SWPPX's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHX Schwab U.S. Large-Cap ETF	1.01%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%
SWPPX Schwab S&P 500 Index Fund	1.02%	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

Can I hold both SCHX and SWPPX in my portfolio?

With a correlation of 0.99, SCHX and SWPPX 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, SCHX or SWPPX?

SCHX has higher volatility (4.73%) compared to SWPPX (4.47%). In terms of maximum drawdown, SCHX dropped -34.33% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SCHX currently has the higher Sharpe Ratio (2.19 vs 1.98), 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.