SWHYX vs. SWNTX

Last updated Jun 24, 2026

SWHYX (Schwab Opportunistic Municipal Bond Fund) and SWNTX (Schwab Tax-Free Bond Fund™) are both Municipal Bonds funds from Charles Schwab. Over the past 5 years, SWHYX returned 0.46%/yr vs 0.61%/yr for SWNTX. Their correlation of 0.86 suggests significant overlap in exposure. SWHYX charges 0.50%/yr vs 0.48%/yr for SWNTX.

Performance

SWHYX vs. SWNTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Opportunistic Municipal Bond Fund (SWHYX) and Schwab Tax-Free Bond Fund™ (SWNTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWHYX achieves a 2.07% return, which is significantly higher than SWNTX's 1.33% return.

SWHYX

• 1D: -0.11%
• 1M: 1.79%
• YTD: 2.07%
• 6M: 2.30%
• 1Y: 7.45%
• 3Y*: 3.81%
• 5Y*: 0.46%
• 10Y*: —

SWNTX

• 1D: -0.09%
• 1M: 1.39%
• YTD: 1.33%
• 6M: 1.72%
• 1Y: 6.16%
• 3Y*: 3.30%
• 5Y*: 0.61%
• 10Y*: 1.58%

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

SWHYX vs. SWNTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SWHYX Schwab Opportunistic Municipal Bond Fund	2.07%	2.98%	1.89%	9.24%	-12.81%	2.49%	2.52%
SWNTX Schwab Tax-Free Bond Fund™	1.33%	4.20%	1.57%	5.09%	-8.57%	0.37%	0.91%

Correlation

The correlation between SWHYX and SWNTX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020	0.86

The correlation between SWHYX and SWNTX has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

Return for Risk

SWHYX vs. SWNTX — Risk / Return Rank

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

SWHYX

SWHYX Risk / Return Rank: 74
SWHYX Sharpe Ratio Rank: 88
SWHYX Sortino Ratio Rank: 89
SWHYX Omega Ratio Rank: 91
SWHYX Calmar Ratio Rank: 56
SWHYX Martin Ratio Rank: 49

SWNTX

SWNTX Risk / Return Rank: 68
SWNTX Sharpe Ratio Rank: 86
SWNTX Sortino Ratio Rank: 90
SWNTX Omega Ratio Rank: 93
SWNTX Calmar Ratio Rank: 37
SWNTX Martin Ratio Rank: 34

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. SWNTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Opportunistic Municipal Bond Fund (SWHYX) and Schwab Tax-Free Bond Fund™ (SWNTX). 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.

	SWHYX	SWNTX	Difference
Sharpe ratio: Return per unit of total volatility	2.65	2.60	+0.05
Sortino ratio: Return per unit of downside risk	4.00	4.12	-0.11
Omega ratio: Gain probability vs. loss probability	1.64	1.67	-0.03
Calmar ratio: Return relative to maximum drawdown	2.74	2.19	+0.55
Martin ratio: Return relative to average drawdown	9.49	7.13	+2.36

SWHYX vs. SWNTX - Sharpe Ratio Comparison

The current SWHYX Sharpe Ratio is 2.65, which is comparable to the SWNTX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of SWHYX and SWNTX, 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

SWHYX vs. SWNTX - Drawdown Comparison

The maximum SWHYX drawdown since its inception was -17.46%, which is greater than SWNTX's maximum drawdown of -13.26%. Use the drawdown chart below to compare losses from any high point for SWHYX and SWNTX.

Drawdown Indicators

	SWHYX	SWNTX	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-13.26%	-4.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.88%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-7.16%	-4.85%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-17.46%	-13.26%	-4.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.26%	—
Current Drawdown Current decline from peak	-0.11%	-0.79%	+0.68%
Average Drawdown Average peak-to-trough decline	-5.08%	-1.89%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.88%	-0.08%

Volatility

SWHYX vs. SWNTX - Volatility Comparison

Schwab Opportunistic Municipal Bond Fund (SWHYX) and Schwab Tax-Free Bond Fund™ (SWNTX) have volatilities of 0.76% and 0.76%, 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

	SWHYX	SWNTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.76%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	1.86%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	2.42%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	3.49%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	3.57%	+0.76%

SWHYX vs. SWNTX - Expense Ratio Comparison

SWHYX has a 0.50% expense ratio, which is higher than SWNTX's 0.48% expense ratio.

Dividends

SWHYX vs. SWNTX - Dividend Comparison

SWHYX's dividend yield for the trailing twelve months is around 4.04%, more than SWNTX's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWHYX Schwab Opportunistic Municipal Bond Fund	4.04%	4.12%	3.79%	6.48%	3.38%	2.46%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%
SWNTX Schwab Tax-Free Bond Fund™	3.46%	3.78%	3.20%	2.54%	1.73%	1.62%	2.34%	2.58%	2.41%	2.21%	3.14%	2.71%

Frequently Asked Questions

Can I hold both SWHYX and SWNTX in my portfolio?

SWHYX and SWNTX have a correlation of 0.82, 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 SWNTX?

SWNTX has higher volatility (0.76%) compared to SWHYX (0.76%). In terms of maximum drawdown, SWHYX dropped -17.46% vs SWNTX's -13.26%.

Which has better risk-adjusted returns?

SWHYX currently has the higher Sharpe Ratio (2.65 vs 2.60), 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.