SWANX vs. SPY

Last updated Jun 23, 2026

SWANX (Schwab Core Equity Fund™) and SPY (State Street SPDR S&P 500 ETF) are both funds - SWANX is a Large Cap Blend Equities fund managed by Charles Schwab, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SWANX returned 12.10%/yr vs 15.70%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. SWANX charges 0.73%/yr vs 0.09%/yr for SPY.

Performance

SWANX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Core Equity Fund™ (SWANX) 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, SWANX achieves a 3.26% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, SWANX has underperformed SPY with an annualized return of 12.10%, while SPY has yielded a comparatively higher 15.70% annualized return.

SWANX

• 1D: 1.06%
• 1M: -1.46%
• YTD: 3.26%
• 6M: 3.34%
• 1Y: 9.80%
• 3Y*: 14.27%
• 5Y*: 9.81%
• 10Y*: 12.10%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SWANX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWANX Schwab Core Equity Fund™	3.26%	6.61%	25.42%	22.83%	-18.00%	27.27%	11.95%	29.50%	-9.53%	24.26%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SWANX and SPY is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.96

The correlation between SWANX and SPY has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SWANX vs. SPY - Sectors Allocation Comparison

Sectors	SWANX	SPY
Technology	40.0%	39.0%
Communication Services	11.9%	10.6%
Healthcare	8.9%	8.3%
Industrials	8.3%	7.8%
Financial Services	8.3%	11.1%
Consumer Cyclical	7.5%	9.9%
Energy	4.6%	3.1%
Utilities	4.5%	2.1%
Consumer Defensive	4.1%	4.5%
Basic Materials	1.4%	1.7%
Real Estate	0.5%	1.8%

Return for Risk

SWANX vs. SPY — Risk / Return Rank

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

SWANX

SWANX Risk / Return Rank: 8
SWANX Sharpe Ratio Rank: 8
SWANX Sortino Ratio Rank: 7
SWANX Omega Ratio Rank: 10
SWANX Calmar Ratio Rank: 7
SWANX Martin Ratio Rank: 7

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SWANX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Core Equity Fund™ (SWANX) 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.

	SWANX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.66	2.16	-1.50
Sortino ratio: Return per unit of downside risk	0.90	2.91	-2.01
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.25
Calmar ratio: Return relative to maximum drawdown	0.61	3.01	-2.41
Martin ratio: Return relative to average drawdown	1.74	13.54	-11.79

SWANX vs. SPY - Sharpe Ratio Comparison

The current SWANX Sharpe Ratio is 0.66, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SWANX 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

SWANX vs. SPY - Drawdown Comparison

The maximum SWANX drawdown since its inception was -51.33%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SWANX and SPY.

Drawdown Indicators

	SWANX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-51.33%	-55.19%	+3.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.58%	-8.88%	-6.70%
Max Drawdown (3Y) Largest decline over 3 years	-18.43%	-18.76%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-24.50%	+0.78%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-33.72%	-0.94%
Current Drawdown Current decline from peak	-3.90%	-1.75%	-2.15%
Average Drawdown Average peak-to-trough decline	-11.27%	-9.04%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	1.97%	+3.44%

Volatility

SWANX vs. SPY - Volatility Comparison

Schwab Core Equity Fund™ (SWANX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.55% and 4.64%, 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

	SWANX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	4.64%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.41%	9.75%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	12.43%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	17.14%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	17.99%	+0.17%

SWANX vs. SPY - Expense Ratio Comparison

SWANX has a 0.73% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SWANX vs. SPY - Dividend Comparison

SWANX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SWANX Schwab Core Equity Fund™	0.00%	0.00%	8.37%	2.89%	16.55%	28.81%	4.67%	2.88%	15.23%	11.59%	1.66%	17.05%

Frequently Asked Questions

Can I hold both SWANX and SPY in my portfolio?

With a correlation of 0.95, SWANX and SPY 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, SWANX or SPY?

SPY has higher volatility (4.64%) compared to SWANX (4.55%). In terms of maximum drawdown, SWANX dropped -51.33% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.66), 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.