SWCRX vs. PRTBX

Last updated Jun 4, 2026

SWCRX (Schwab Target 2020 Fund) and PRTBX (Permanent Portfolio Short-Term Treasury Portfolio) are both mutual funds - SWCRX is a Target Retirement Date fund managed by Charles Schwab, while PRTBX is a Ultrashort Bond fund managed by Permanent Portfolio. Over the past 10 years, SWCRX returned 6.63%/yr vs 1.26%/yr for PRTBX. At a 0.07 correlation, their price movements are largely independent. SWCRX charges 0.00%/yr vs 0.65%/yr for PRTBX.

Performance

SWCRX vs. PRTBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2020 Fund (SWCRX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWCRX achieves a 4.95% return, which is significantly higher than PRTBX's 0.76% return. Over the past 10 years, SWCRX has outperformed PRTBX with an annualized return of 6.63%, while PRTBX has yielded a comparatively lower 1.26% annualized return.

SWCRX

• 1D: 0.15%
• 1M: 2.26%
• YTD: 4.95%
• 6M: 5.20%
• 1Y: 13.76%
• 3Y*: 10.79%
• 5Y*: 4.95%
• 10Y*: 6.63%

PRTBX

• 1D: 0.00%
• 1M: 0.18%
• YTD: 0.76%
• 6M: 1.03%
• 1Y: 3.18%
• 3Y*: 3.85%
• 5Y*: 1.98%
• 10Y*: 1.26%

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

SWCRX vs. PRTBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWCRX Schwab Target 2020 Fund	4.95%	12.23%	8.32%	12.83%	-14.76%	7.86%	11.47%	16.16%	-4.46%	13.05%
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	0.76%	4.19%	4.12%	3.79%	-2.28%	-0.74%	0.10%	1.76%	1.16%	0.12%

Correlation

The correlation between SWCRX and PRTBX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 5, 2005	0.07

Over the past year, SWCRX and PRTBX have become more correlated (0.42) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

SWCRX vs. PRTBX — Risk / Return Rank

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

SWCRX

SWCRX Risk / Return Rank: 61
SWCRX Sharpe Ratio Rank: 61
SWCRX Sortino Ratio Rank: 64
SWCRX Omega Ratio Rank: 63
SWCRX Calmar Ratio Rank: 54
SWCRX Martin Ratio Rank: 63

PRTBX

PRTBX Risk / Return Rank: 99
PRTBX Sharpe Ratio Rank: 99
PRTBX Sortino Ratio Rank: 99
PRTBX Omega Ratio Rank: 98
PRTBX Calmar Ratio Rank: 99
PRTBX Martin Ratio Rank: 99

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.

SWCRX vs. PRTBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2020 Fund (SWCRX) and Permanent Portfolio Short-Term Treasury Portfolio (PRTBX). 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.

	SWCRX	PRTBX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	4.73	-2.42
Sortino ratio: Return per unit of downside risk	3.36	8.82	-5.46
Omega ratio: Gain probability vs. loss probability	1.44	2.27	-0.83
Calmar ratio: Return relative to maximum drawdown	2.80	10.02	-7.22
Martin ratio: Return relative to average drawdown	12.41	48.61	-36.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWCRX vs. PRTBX - Sharpe Ratio Comparison

The current SWCRX Sharpe Ratio is 2.31, which is lower than the PRTBX Sharpe Ratio of 4.73. The chart below compares the historical Sharpe Ratios of SWCRX and PRTBX, 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

	SWCRX	PRTBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	4.73	-2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	1.65	-1.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	1.46	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	3.89	-3.34

Drawdowns

SWCRX vs. PRTBX - Drawdown Comparison

The maximum SWCRX drawdown since its inception was -42.19%, which is greater than PRTBX's maximum drawdown of -5.13%. Use the drawdown chart below to compare losses from any high point for SWCRX and PRTBX.

Drawdown Indicators

	SWCRX	PRTBX	Difference
Max Drawdown Largest peak-to-trough decline	-42.19%	-5.13%	-37.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-0.32%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-8.01%	-0.44%	-7.57%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	-3.70%	-21.58%
Max Drawdown (10Y) Largest decline over 10 years	-25.28%	-4.36%	-20.92%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.81%	-0.96%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.07%	+1.05%

Volatility

SWCRX vs. PRTBX - Volatility Comparison

Schwab Target 2020 Fund (SWCRX) has a higher volatility of 1.98% compared to Permanent Portfolio Short-Term Treasury Portfolio (PRTBX) at 0.15%. This indicates that SWCRX's price experiences larger fluctuations and is considered to be riskier than PRTBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWCRX	PRTBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	0.15%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	4.84%	0.40%	+4.44%
Volatility (1Y) Calculated over the trailing 1-year period	6.03%	0.68%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	1.21%	+9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.42%	0.86%	+8.56%

SWCRX vs. PRTBX - Expense Ratio Comparison

SWCRX has a 0.00% expense ratio, which is lower than PRTBX's 0.65% expense ratio.

Dividends

SWCRX vs. PRTBX - Dividend Comparison

SWCRX's dividend yield for the trailing twelve months is around 9.87%, more than PRTBX's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRTBX Permanent Portfolio Short-Term Treasury Portfolio	3.36%	3.39%	2.69%	1.79%	0.00%	0.00%	0.21%	1.65%	0.83%	0.00%	0.00%	0.00%
SWCRX Schwab Target 2020 Fund	9.87%	10.36%	9.04%	7.12%	6.14%	7.58%	3.91%	5.67%	6.04%	5.72%	5.65%	5.69%

Frequently Asked Questions

Can I hold both SWCRX and PRTBX in my portfolio?

SWCRX and PRTBX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWCRX or PRTBX?

SWCRX has higher volatility (1.98%) compared to PRTBX (0.15%). In terms of maximum drawdown, SWCRX dropped -42.19% vs PRTBX's -5.13%.

Which has better risk-adjusted returns?

PRTBX currently has the higher Sharpe Ratio (4.72 vs 2.31), 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.