SCMB vs. SWHYX

Last updated Jun 4, 2026

SCMB (Schwab Municipal Bond ETF) and SWHYX (Schwab Opportunistic Municipal Bond Fund) are both Municipal Bonds funds from Charles Schwab. Over the past 3 years, SCMB returned 3.37%/yr vs 4.00%/yr for SWHYX. A 0.73 correlation means they provide meaningful diversification when combined. SCMB charges 0.03%/yr vs 0.50%/yr for SWHYX.

Performance

SCMB vs. SWHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Municipal Bond ETF (SCMB) and Schwab Opportunistic Municipal Bond Fund (SWHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCMB achieves a 1.07% return, which is significantly lower than SWHYX's 1.84% return.

SCMB

• 1D: -0.12%
• 1M: 0.60%
• YTD: 1.07%
• 6M: 1.55%
• 1Y: 6.86%
• 3Y*: 3.37%
• 5Y*: —
• 10Y*: —

SWHYX

• 1D: 0.23%
• 1M: 0.87%
• YTD: 1.84%
• 6M: 2.27%
• 1Y: 7.95%
• 3Y*: 4.00%
• 5Y*: 0.47%
• 10Y*: —

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

SCMB vs. SWHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCMB Schwab Municipal Bond ETF	1.07%	3.78%	0.91%	5.86%	3.05%
SWHYX Schwab Opportunistic Municipal Bond Fund	1.84%	2.98%	1.89%	9.24%	2.21%

Correlation

The correlation between SCMB and SWHYX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.73

The correlation between SCMB and SWHYX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

SCMB vs. SWHYX — Risk / Return Rank

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

SCMB

SCMB Risk / Return Rank: 64
SCMB Sharpe Ratio Rank: 70
SCMB Sortino Ratio Rank: 75
SCMB Omega Ratio Rank: 81
SCMB Calmar Ratio Rank: 47
SCMB Martin Ratio Rank: 47

SWHYX

SWHYX Risk / Return Rank: 73
SWHYX Sharpe Ratio Rank: 84
SWHYX Sortino Ratio Rank: 86
SWHYX Omega Ratio Rank: 90
SWHYX Calmar Ratio Rank: 55
SWHYX Martin Ratio Rank: 47

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.

SCMB vs. SWHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Municipal Bond ETF (SCMB) and Schwab Opportunistic Municipal Bond Fund (SWHYX). 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.

	SCMB	SWHYX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.70	-0.36
Sortino ratio: Return per unit of downside risk	3.45	4.09	-0.64
Omega ratio: Gain probability vs. loss probability	1.50	1.65	-0.16
Calmar ratio: Return relative to maximum drawdown	2.36	2.83	-0.47
Martin ratio: Return relative to average drawdown	7.89	9.84	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCMB vs. SWHYX - Sharpe Ratio Comparison

The current SCMB Sharpe Ratio is 2.34, which is comparable to the SWHYX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of SCMB and SWHYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCMB	SWHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.70	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.27	+0.71

Drawdowns

SCMB vs. SWHYX - Drawdown Comparison

The maximum SCMB drawdown since its inception was -6.13%, smaller than the maximum SWHYX drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SCMB and SWHYX.

Drawdown Indicators

	SCMB	SWHYX	Difference
Max Drawdown Largest peak-to-trough decline	-6.13%	-17.46%	+11.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-2.78%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-5.57%	-7.16%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.46%	—
Current Drawdown Current decline from peak	-0.87%	-0.32%	-0.55%
Average Drawdown Average peak-to-trough decline	-1.32%	-5.13%	+3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.80%	+0.07%

Volatility

SCMB vs. SWHYX - Volatility Comparison

The current volatility for Schwab Municipal Bond ETF (SCMB) is 1.04%, while Schwab Opportunistic Municipal Bond Fund (SWHYX) has a volatility of 1.13%. This indicates that SCMB experiences smaller price fluctuations and is considered to be less risky than SWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCMB	SWHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	1.13%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	2.14%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.94%	2.93%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.16%	4.63%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	4.35%	-0.19%

SCMB vs. SWHYX - Expense Ratio Comparison

SCMB has a 0.03% expense ratio, which is lower than SWHYX's 0.50% expense ratio.

Dividends

SCMB vs. SWHYX - Dividend Comparison

SCMB's dividend yield for the trailing twelve months is around 3.54%, less than SWHYX's 4.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SCMB Schwab Municipal Bond ETF	3.54%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%
SWHYX Schwab Opportunistic Municipal Bond Fund	4.05%	4.12%	3.79%	6.48%	3.38%	2.46%	1.71%

Frequently Asked Questions

Can I hold both SCMB and SWHYX in my portfolio?

SCMB and SWHYX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMB or SWHYX?

SWHYX has higher volatility (1.13%) compared to SCMB (1.04%). In terms of maximum drawdown, SCMB dropped -6.13% vs SWHYX's -17.46%.

Which has better risk-adjusted returns?

SWHYX currently has the higher Sharpe Ratio (2.70 vs 2.34), 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.