SPYG vs. SWYFX

Last updated Jun 16, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SWYFX (Schwab Target 2035 Index Fund) are both funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while SWYFX is a Target Retirement Date fund managed by Charles Schwab. Over the past 5 years, SPYG returned 15.56%/yr vs 7.74%/yr for SWYFX. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

SPYG vs. SWYFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Schwab Target 2035 Index Fund (SWYFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 12.85% return, which is significantly higher than SWYFX's 8.10% return.

SPYG

• 1D: 2.87%
• 1M: 1.59%
• YTD: 12.85%
• 6M: 14.09%
• 1Y: 32.88%
• 3Y*: 26.69%
• 5Y*: 15.56%
• 10Y*: 18.30%

SWYFX

• 1D: 0.29%
• 1M: 1.68%
• YTD: 8.10%
• 6M: 8.55%
• 1Y: 19.87%
• 3Y*: 14.85%
• 5Y*: 7.74%
• 10Y*: —

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

SPYG vs. SWYFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	12.85%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
SWYFX Schwab Target 2035 Index Fund	8.10%	16.40%	11.71%	18.20%	-16.36%	14.26%	13.85%	22.37%	-7.99%	17.84%

Correlation

The correlation between SPYG and SWYFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 30, 2016	0.88

The correlation between SPYG and SWYFX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

SPYG vs. SWYFX — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 61
SPYG Sharpe Ratio Rank: 67
SPYG Sortino Ratio Rank: 64
SPYG Omega Ratio Rank: 63
SPYG Calmar Ratio Rank: 53
SPYG Martin Ratio Rank: 60

SWYFX

SWYFX Risk / Return Rank: 67
SWYFX Sharpe Ratio Rank: 66
SWYFX Sortino Ratio Rank: 65
SWYFX Omega Ratio Rank: 64
SWYFX Calmar Ratio Rank: 66
SWYFX Martin Ratio Rank: 75

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.

SPYG vs. SWYFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Schwab Target 2035 Index Fund (SWYFX). 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.

	SPYG	SWYFX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.02	-0.08
Sortino ratio: Return per unit of downside risk	2.63	2.84	-0.21
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.40	2.76	-0.36
Martin ratio: Return relative to average drawdown	9.64	12.09	-2.45

SPYG vs. SWYFX - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.95, which is comparable to the SWYFX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of SPYG and SWYFX, 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

SPYG vs. SWYFX - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than SWYFX's maximum drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for SPYG and SWYFX.

Drawdown Indicators

	SPYG	SWYFX	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-25.51%	-42.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-6.82%	-6.94%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-11.61%	-10.53%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-23.19%	-9.48%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-1.92%	-1.01%	-0.91%
Average Drawdown Average peak-to-trough decline	-24.30%	-4.00%	-20.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.56%	+1.86%

Volatility

SPYG vs. SWYFX - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.86% compared to Schwab Target 2035 Index Fund (SWYFX) at 3.70%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than SWYFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	SWYFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	3.70%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	7.59%	+6.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	9.30%	+7.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	12.13%	+9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	12.85%	+7.88%

SPYG vs. SWYFX - Expense Ratio Comparison

Both SPYG and SWYFX 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

SPYG vs. SWYFX - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.47%, less than SWYFX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
SWYFX Schwab Target 2035 Index Fund	2.11%	2.28%	2.37%	2.14%	2.02%	1.80%	1.73%	2.00%	0.00%	1.44%	0.99%	0.00%

Frequently Asked Questions

Can I hold both SPYG and SWYFX in my portfolio?

SPYG and SWYFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or SWYFX?

SPYG has higher volatility (6.86%) compared to SWYFX (3.70%). In terms of maximum drawdown, SPYG dropped -67.63% vs SWYFX's -25.51%.

Which has better risk-adjusted returns?

SWYFX currently has the higher Sharpe Ratio (2.02 vs 1.95), 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.