SFLNX vs. SPY

Last updated Jun 14, 2026

SFLNX (Schwab Fundamental US Large Company Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SFLNX is a Large Cap Value Equities fund tracking the Russell RAFI US Large Company Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SFLNX returned 14.31%/yr vs 15.42%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. SFLNX charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

SFLNX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental US Large Company Index Fund (SFLNX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFLNX achieves a 14.44% return, which is significantly higher than SPY's 9.07% return. Over the past 10 years, SFLNX has underperformed SPY with an annualized return of 14.31%, while SPY has yielded a comparatively higher 15.42% annualized return.

SFLNX

• 1D: 1.52%
• 1M: 1.49%
• YTD: 14.44%
• 6M: 13.87%
• 1Y: 31.60%
• 3Y*: 20.20%
• 5Y*: 12.92%
• 10Y*: 14.31%

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

SFLNX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFLNX Schwab Fundamental US Large Company Index Fund	14.44%	17.02%	16.78%	18.16%	-6.89%	31.64%	9.12%	28.91%	-7.43%	17.08%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SFLNX and SPY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.94

The correlation between SFLNX and SPY shifts across timeframes, from 0.80 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

SFLNX vs. SPY - Sectors Allocation Comparison

Sectors	SFLNX	SPY
Technology	19.0%	39.0%
Financial Services	13.9%	11.1%
Healthcare	11.9%	8.3%
Communication Services	10.3%	10.6%
Energy	10.2%	3.1%
Industrials	9.4%	7.8%
Consumer Cyclical	9.2%	9.9%
Consumer Defensive	7.4%	4.5%
Basic Materials	3.7%	1.7%
Utilities	3.2%	2.1%
Real Estate	1.8%	1.8%

Return for Risk

SFLNX vs. SPY — Risk / Return Rank

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

SFLNX

SFLNX Risk / Return Rank: 93
SFLNX Sharpe Ratio Rank: 95
SFLNX Sortino Ratio Rank: 91
SFLNX Omega Ratio Rank: 87
SFLNX Calmar Ratio Rank: 95
SFLNX Martin Ratio Rank: 96

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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.

SFLNX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental US Large Company Index Fund (SFLNX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SFLNX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.98	+0.94
Sortino ratio: Return per unit of downside risk	4.05	2.68	+1.36
Omega ratio: Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio: Return relative to maximum drawdown	5.06	2.74	+2.32
Martin ratio: Return relative to average drawdown	19.68	12.39	+7.29

SFLNX vs. SPY - Sharpe Ratio Comparison

The current SFLNX Sharpe Ratio is 2.92, which is higher than the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SFLNX and SPY, 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

SFLNX vs. SPY - Drawdown Comparison

The maximum SFLNX drawdown since its inception was -56.18%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SFLNX and SPY.

Drawdown Indicators

	SFLNX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-55.19%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	-8.88%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-18.76%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.98%	-24.50%	+5.52%
Max Drawdown (10Y) Largest decline over 10 years	-37.59%	-33.72%	-3.87%
Current Drawdown Current decline from peak	-0.73%	-2.35%	+1.62%
Average Drawdown Average peak-to-trough decline	-6.00%	-9.04%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.97%	-0.40%

Volatility

SFLNX vs. SPY - Volatility Comparison

The current volatility for Schwab Fundamental US Large Company Index Fund (SFLNX) is 3.17%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.34%. This indicates that SFLNX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLNX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.34%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	7.81%	9.58%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	12.29%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	17.12%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	17.96%	+0.45%

SFLNX vs. SPY - Expense Ratio Comparison

SFLNX has a 0.25% expense ratio, which is higher than SPY's 0.09% 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

SFLNX vs. SPY - Dividend Comparison

SFLNX's dividend yield for the trailing twelve months is around 1.46%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFLNX Schwab Fundamental US Large Company Index Fund	1.46%	1.68%	1.78%	1.86%	2.09%	4.78%	6.17%	5.33%	9.69%	3.28%	7.23%	5.68%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SFLNX and SPY in my portfolio?

SFLNX and SPY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFLNX or SPY?

SPY has higher volatility (4.34%) compared to SFLNX (3.17%). In terms of maximum drawdown, SFLNX dropped -56.18% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SFLNX currently has the higher Sharpe Ratio (2.92 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.