SWANX vs. SWSSX

Last updated Jun 4, 2026

SWANX (Schwab Core Equity Fund™) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both mutual funds - SWANX is a Large Cap Blend Equities fund managed by Charles Schwab, while SWSSX is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, SWANX returned 12.30%/yr vs 11.20%/yr for SWSSX. Their correlation of 0.84 suggests significant overlap in exposure. SWANX charges 0.73%/yr vs 0.04%/yr for SWSSX.

Performance

SWANX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Core Equity Fund™ (SWANX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWANX achieves a 6.28% return, which is significantly lower than SWSSX's 18.71% return. Over the past 10 years, SWANX has outperformed SWSSX with an annualized return of 12.30%, while SWSSX has yielded a comparatively lower 11.20% annualized return.

SWANX

• 1D: -0.30%
• 1M: 3.81%
• YTD: 6.28%
• 6M: -0.49%
• 1Y: 12.62%
• 3Y*: 16.16%
• 5Y*: 10.23%
• 10Y*: 12.30%

SWSSX

• 1D: 0.92%
• 1M: 5.00%
• YTD: 18.71%
• 6M: 17.43%
• 1Y: 41.24%
• 3Y*: 18.69%
• 5Y*: 6.65%
• 10Y*: 11.20%

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

SWANX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWANX Schwab Core Equity Fund™	6.28%	6.61%	25.42%	22.83%	-18.00%	27.27%	11.95%	29.50%	-9.53%	24.26%
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.71%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between SWANX and SWSSX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.84

The correlation between SWANX and SWSSX shifts across timeframes, from 0.69 (3 years) to 0.84 (all time), reflecting how their relationship changes across market environments.

SWANX vs. SWSSX - Sectors Allocation Comparison

Sectors	SWANX	SWSSX
Technology	40.0%	17.0%
Communication Services	11.9%	2.4%
Healthcare	8.9%	16.5%
Industrials	8.3%	17.7%
Financial Services	8.3%	15.8%
Consumer Cyclical	7.5%	8.4%
Energy	4.6%	6.1%
Utilities	4.5%	2.9%
Consumer Defensive	4.1%	2.4%
Basic Materials	1.4%	4.8%
Real Estate	0.5%	6.1%

Return for Risk

SWANX vs. SWSSX — Risk / Return Rank

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

SWANX

SWANX Risk / Return Rank: 11
SWANX Sharpe Ratio Rank: 13
SWANX Sortino Ratio Rank: 10
SWANX Omega Ratio Rank: 15
SWANX Calmar Ratio Rank: 8
SWANX Martin Ratio Rank: 8

SWSSX

SWSSX Risk / Return Rank: 64
SWSSX Sharpe Ratio Rank: 60
SWSSX Sortino Ratio Rank: 55
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX 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. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Core Equity Fund™ (SWANX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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.

	SWANX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.28	-1.32
Sortino ratio: Return per unit of downside risk	1.25	3.13	-1.89
Omega ratio: Gain probability vs. loss probability	1.20	1.37	-0.17
Calmar ratio: Return relative to maximum drawdown	0.85	3.97	-3.12
Martin ratio: Return relative to average drawdown	2.48	14.11	-11.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWANX vs. SWSSX - Sharpe Ratio Comparison

The current SWANX Sharpe Ratio is 0.96, which is lower than the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SWANX and SWSSX, 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

	SWANX	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	2.28	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.30	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.47	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.36	+0.12

Drawdowns

SWANX vs. SWSSX - Drawdown Comparison

The maximum SWANX drawdown since its inception was -51.33%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for SWANX and SWSSX.

Drawdown Indicators

	SWANX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-51.33%	-60.34%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-15.58%	-11.00%	-4.58%
Max Drawdown (3Y) Largest decline over 3 years	-18.43%	-27.50%	+9.07%
Max Drawdown (5Y) Largest decline over 5 years	-23.72%	-31.93%	+8.21%
Max Drawdown (10Y) Largest decline over 10 years	-34.66%	-41.81%	+7.15%
Current Drawdown Current decline from peak	-1.09%	-0.13%	-0.96%
Average Drawdown Average peak-to-trough decline	-11.29%	-10.73%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	3.09%	+2.25%

Volatility

SWANX vs. SWSSX - Volatility Comparison

The current volatility for Schwab Core Equity Fund™ (SWANX) is 2.84%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 5.61%. This indicates that SWANX experiences smaller price fluctuations and is considered to be less risky than SWSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWANX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	5.61%	-2.77%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	13.60%	-1.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	19.15%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	22.59%	-5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	24.09%	-5.96%

SWANX vs. SWSSX - Expense Ratio Comparison

SWANX has a 0.73% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

SWANX vs. SWSSX - Dividend Comparison

SWANX has not paid dividends to shareholders, while SWSSX's dividend yield for the trailing twelve months is around 1.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.08%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Frequently Asked Questions

Can I hold both SWANX and SWSSX in my portfolio?

SWANX and SWSSX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWANX or SWSSX?

SWSSX has higher volatility (5.61%) compared to SWANX (2.84%). In terms of maximum drawdown, SWANX dropped -51.33% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.28 vs 0.96), 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.