STFAX vs. SWPPX

Last updated Jun 4, 2026

STFAX (State Street Equity 500 Index Fund) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. Over the past 10 years, STFAX returned -8.31%/yr vs 15.63%/yr for SWPPX. With a 0.99 correlation, they move nearly in lockstep. STFAX charges 0.17%/yr vs 0.02%/yr for SWPPX.

Performance

STFAX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Equity 500 Index Fund (STFAX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with STFAX having a 11.63% return and SWPPX slightly higher at 11.69%. Over the past 10 years, STFAX has underperformed SWPPX with an annualized return of -8.31%, while SWPPX has yielded a comparatively higher 15.63% annualized return.

STFAX

• 1D: 0.13%
• 1M: 5.78%
• YTD: 11.63%
• 6M: 11.65%
• 1Y: 28.74%
• 3Y*: 22.54%
• 5Y*: 14.07%
• 10Y*: -8.31%

SWPPX

• 1D: 0.15%
• 1M: 5.83%
• YTD: 11.69%
• 6M: 11.71%
• 1Y: 28.97%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.63%

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

STFAX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STFAX State Street Equity 500 Index Fund	11.63%	17.63%	24.80%	26.09%	-18.28%	28.31%	-88.19%	31.13%	-4.52%	21.43%
SWPPX Schwab S&P 500 Index Fund	11.69%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between STFAX and SWPPX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 20, 2001	0.99

The correlation between STFAX and SWPPX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

STFAX vs. SWPPX — Risk / Return Rank

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

STFAX

STFAX Risk / Return Rank: 72
STFAX Sharpe Ratio Rank: 74
STFAX Sortino Ratio Rank: 66
STFAX Omega Ratio Rank: 66
STFAX Calmar Ratio Rank: 73
STFAX Martin Ratio Rank: 82

SWPPX

SWPPX Risk / Return Rank: 73
SWPPX Sharpe Ratio Rank: 75
SWPPX Sortino Ratio Rank: 67
SWPPX Omega Ratio Rank: 67
SWPPX Calmar Ratio Rank: 74
SWPPX Martin Ratio Rank: 83

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.

STFAX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Equity 500 Index Fund (STFAX) 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.

	STFAX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.52	-0.01
Sortino ratio: Return per unit of downside risk	3.40	3.41	-0.01
Omega ratio: Gain probability vs. loss probability	1.45	1.46	0.00
Calmar ratio: Return relative to maximum drawdown	3.33	3.36	-0.03
Martin ratio: Return relative to average drawdown	15.53	15.67	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STFAX vs. SWPPX - Sharpe Ratio Comparison

The current STFAX Sharpe Ratio is 2.50, which is comparable to the SWPPX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of STFAX 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.

Sharpe Ratios by Period

	STFAX	SWPPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.52	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.85	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.25	0.86	-1.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.51	-0.56

Drawdowns

STFAX vs. SWPPX - Drawdown Comparison

The maximum STFAX drawdown since its inception was -91.92%, which is greater than SWPPX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for STFAX and SWPPX.

Drawdown Indicators

	STFAX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-91.92%	-55.06%	-36.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-8.89%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-18.74%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.57%	-24.51%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-91.92%	-33.80%	-58.12%
Current Drawdown Current decline from peak	-75.64%	0.00%	-75.64%
Average Drawdown Average peak-to-trough decline	-29.65%	-9.95%	-19.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.90%	0.00%

Volatility

STFAX vs. SWPPX - Volatility Comparison

State Street Equity 500 Index Fund (STFAX) and Schwab S&P 500 Index Fund (SWPPX) have volatilities of 2.82% and 2.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STFAX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.83%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	8.98%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	11.85%	11.87%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	16.93%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.66%	18.23%	+15.43%

STFAX vs. SWPPX - Expense Ratio Comparison

STFAX has a 0.17% 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

STFAX vs. SWPPX - Dividend Comparison

STFAX's dividend yield for the trailing twelve months is around 1.15%, more than SWPPX's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
STFAX State Street Equity 500 Index Fund	1.15%	1.29%	1.47%	1.63%	2.01%	2.61%	1.71%	4.28%	5.02%	5.78%	1.92%	1.69%
SWPPX Schwab S&P 500 Index Fund	0.99%	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 STFAX and SWPPX in my portfolio?

With a correlation of 1.00, STFAX 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, STFAX or SWPPX?

SWPPX has higher volatility (2.83%) compared to STFAX (2.82%). In terms of maximum drawdown, STFAX dropped -91.92% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.52 vs 2.50), 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.