SFENX vs. SWISX

Last updated Jun 23, 2026

SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) and SWISX (Schwab International Index Fund) are both mutual funds - SFENX is a Emerging Markets Equities fund tracking the RAFI Fundamental High Liquidity Emerging Markets Index, while SWISX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, SFENX returned 10.90%/yr vs 9.58%/yr for SWISX. A 0.76 correlation means they provide meaningful diversification when combined. SFENX charges 0.39%/yr vs 0.06%/yr for SWISX.

Performance

SFENX vs. SWISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Schwab International Index Fund (SWISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFENX achieves a 13.58% return, which is significantly higher than SWISX's 10.58% return. Over the past 10 years, SFENX has outperformed SWISX with an annualized return of 10.90%, while SWISX has yielded a comparatively lower 9.58% annualized return.

SFENX

• 1D: 0.47%
• 1M: 1.10%
• YTD: 13.58%
• 6M: 14.59%
• 1Y: 32.77%
• 3Y*: 19.38%
• 5Y*: 9.93%
• 10Y*: 10.90%

SWISX

• 1D: 0.83%
• 1M: 1.99%
• YTD: 10.58%
• 6M: 10.97%
• 1Y: 25.29%
• 3Y*: 16.19%
• 5Y*: 9.33%
• 10Y*: 9.58%

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

SFENX vs. SWISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.58%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%
SWISX Schwab International Index Fund	10.58%	31.59%	3.54%	18.13%	-14.30%	11.25%	8.14%	21.87%	-13.38%	25.32%

Correlation

The correlation between SFENX and SWISX 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	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.76

The correlation between SFENX and SWISX has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Return for Risk

SFENX vs. SWISX — Risk / Return Rank

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

SFENX

SFENX Risk / Return Rank: 70
SFENX Sharpe Ratio Rank: 73
SFENX Sortino Ratio Rank: 67
SFENX Omega Ratio Rank: 69
SFENX Calmar Ratio Rank: 78
SFENX Martin Ratio Rank: 64

SWISX

SWISX Risk / Return Rank: 35
SWISX Sharpe Ratio Rank: 34
SWISX Sortino Ratio Rank: 33
SWISX Omega Ratio Rank: 33
SWISX Calmar Ratio Rank: 36
SWISX Martin Ratio Rank: 39

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.

SFENX vs. SWISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Schwab International Index Fund (SWISX). 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.

	SFENX	SWISX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.56	+0.73
Sortino ratio: Return per unit of downside risk	3.10	2.23	+0.87
Omega ratio: Gain probability vs. loss probability	1.42	1.28	+0.14
Calmar ratio: Return relative to maximum drawdown	3.36	2.14	+1.22
Martin ratio: Return relative to average drawdown	11.74	8.03	+3.71

SFENX vs. SWISX - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 2.30, which is higher than the SWISX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of SFENX and SWISX, 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

SFENX vs. SWISX - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, smaller than the maximum SWISX drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for SFENX and SWISX.

Drawdown Indicators

	SFENX	SWISX	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-60.65%	+13.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-11.39%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-13.68%	-2.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-29.42%	+0.16%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-33.83%	-5.76%
Current Drawdown Current decline from peak	-3.16%	0.00%	-3.16%
Average Drawdown Average peak-to-trough decline	-12.86%	-14.79%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.04%	-0.34%

Volatility

SFENX vs. SWISX - Volatility Comparison

Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) has a higher volatility of 5.34% compared to Schwab International Index Fund (SWISX) at 5.02%. This indicates that SFENX's price experiences larger fluctuations and is considered to be riskier than SWISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	SWISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	5.02%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	11.51%	13.02%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	15.62%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	16.37%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	16.88%	+0.03%

SFENX vs. SWISX - Expense Ratio Comparison

SFENX has a 0.39% expense ratio, which is higher than SWISX's 0.06% expense ratio.

Dividends

SFENX vs. SWISX - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.46%, more than SWISX's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.46%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%
SWISX Schwab International Index Fund	3.21%	3.55%	3.29%	3.31%	2.73%	3.34%	1.88%	3.09%	3.15%	2.71%	3.19%	2.71%

Frequently Asked Questions

Can I hold both SFENX and SWISX in my portfolio?

SFENX and SWISX 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, SFENX or SWISX?

SFENX has higher volatility (5.34%) compared to SWISX (5.02%). In terms of maximum drawdown, SFENX dropped -47.19% vs SWISX's -60.65%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.30 vs 1.56), 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.