SWHYX vs. SWAGX

Last updated Jun 5, 2026

SWHYX (Schwab Opportunistic Municipal Bond Fund) and SWAGX (Schwab U.S. Aggregate Bond Index Fund) are both mutual funds - SWHYX is a Municipal Bonds fund managed by Charles Schwab, while SWAGX is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Over the past 5 years, SWHYX returned 0.43%/yr vs -0.11%/yr for SWAGX. A 0.53 correlation means they provide meaningful diversification when combined. SWHYX charges 0.50%/yr vs 0.04%/yr for SWAGX.

Performance

SWHYX vs. SWAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Opportunistic Municipal Bond Fund (SWHYX) and Schwab U.S. Aggregate Bond Index Fund (SWAGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWHYX achieves a 1.84% return, which is significantly higher than SWAGX's 0.16% return.

SWHYX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 1.84%
• 6M: 2.15%
• 1Y: 7.70%
• 3Y*: 4.00%
• 5Y*: 0.43%
• 10Y*: —

SWAGX

• 1D: -0.22%
• 1M: 0.13%
• YTD: 0.16%
• 6M: 0.29%
• 1Y: 4.54%
• 3Y*: 3.89%
• 5Y*: -0.11%
• 10Y*: —

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

SWHYX vs. SWAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SWHYX Schwab Opportunistic Municipal Bond Fund	1.84%	2.98%	1.89%	9.24%	-12.81%	2.49%	2.52%
SWAGX Schwab U.S. Aggregate Bond Index Fund	0.16%	7.11%	1.38%	5.46%	-13.62%	-2.29%	0.40%

Correlation

The correlation between SWHYX and SWAGX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 13, 2020	0.53

The correlation between SWHYX and SWAGX has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

Return for Risk

SWHYX vs. SWAGX — Risk / Return Rank

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

SWHYX

SWHYX Risk / Return Rank: 73
SWHYX Sharpe Ratio Rank: 84
SWHYX Sortino Ratio Rank: 86
SWHYX Omega Ratio Rank: 90
SWHYX Calmar Ratio Rank: 57
SWHYX Martin Ratio Rank: 49

SWAGX

SWAGX Risk / Return Rank: 20
SWAGX Sharpe Ratio Rank: 20
SWAGX Sortino Ratio Rank: 21
SWAGX Omega Ratio Rank: 18
SWAGX Calmar Ratio Rank: 21
SWAGX Martin Ratio Rank: 19

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.

SWHYX vs. SWAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Opportunistic Municipal Bond Fund (SWHYX) and Schwab U.S. Aggregate Bond Index Fund (SWAGX). 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.

	SWHYX	SWAGX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.28	+1.47
Sortino ratio: Return per unit of downside risk	4.16	1.95	+2.22
Omega ratio: Gain probability vs. loss probability	1.67	1.22	+0.45
Calmar ratio: Return relative to maximum drawdown	2.88	1.69	+1.19
Martin ratio: Return relative to average drawdown	9.99	5.10	+4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWHYX vs. SWAGX - Sharpe Ratio Comparison

The current SWHYX Sharpe Ratio is 2.75, which is higher than the SWAGX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of SWHYX and SWAGX, 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

	SWHYX	SWAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.28	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.02	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.31	-0.04

Drawdowns

SWHYX vs. SWAGX - Drawdown Comparison

The maximum SWHYX drawdown since its inception was -17.46%, smaller than the maximum SWAGX drawdown of -19.68%. Use the drawdown chart below to compare losses from any high point for SWHYX and SWAGX.

Drawdown Indicators

	SWHYX	SWAGX	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-19.68%	+2.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-3.05%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-7.16%	-6.14%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.46%	-18.76%	+1.30%
Current Drawdown Current decline from peak	-0.32%	-3.60%	+3.28%
Average Drawdown Average peak-to-trough decline	-5.13%	-5.68%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.01%	-0.21%

Volatility

SWHYX vs. SWAGX - Volatility Comparison

The current volatility for Schwab Opportunistic Municipal Bond Fund (SWHYX) is 1.12%, while Schwab U.S. Aggregate Bond Index Fund (SWAGX) has a volatility of 1.32%. This indicates that SWHYX experiences smaller price fluctuations and is considered to be less risky than SWAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWHYX	SWAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.32%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.90%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.02%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	6.08%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	5.11%	-0.76%

SWHYX vs. SWAGX - Expense Ratio Comparison

SWHYX has a 0.50% expense ratio, which is higher than SWAGX's 0.04% expense ratio.

Dividends

SWHYX vs. SWAGX - Dividend Comparison

SWHYX's dividend yield for the trailing twelve months is around 4.05%, less than SWAGX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWAGX Schwab U.S. Aggregate Bond Index Fund	4.14%	4.02%	3.88%	3.22%	1.93%	1.56%	2.47%	2.87%	2.80%	1.98%
SWHYX Schwab Opportunistic Municipal Bond Fund	4.05%	4.12%	3.79%	6.48%	3.38%	2.46%	1.71%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWHYX and SWAGX in my portfolio?

SWHYX and SWAGX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWHYX or SWAGX?

SWAGX has higher volatility (1.32%) compared to SWHYX (1.12%). In terms of maximum drawdown, SWHYX dropped -17.46% vs SWAGX's -19.68%.

Which has better risk-adjusted returns?

SWHYX currently has the higher Sharpe Ratio (2.75 vs 1.28), 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.