SWLGX vs. FSPGX

Last updated Jun 23, 2026

SWLGX (Schwab U.S. Large-Cap Growth Index Fund) and FSPGX (Fidelity Large Cap Growth Index Fund) are both Large Cap Growth Equities funds. Over the past 5 years, SWLGX returned 14.30%/yr vs 14.30%/yr for FSPGX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

SWLGX vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Large-Cap Growth Index Fund (SWLGX) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SWLGX having a 4.51% return and FSPGX slightly lower at 4.50%.

SWLGX

• 1D: 1.38%
• 1M: -1.24%
• YTD: 4.51%
• 6M: 3.85%
• 1Y: 22.81%
• 3Y*: 22.68%
• 5Y*: 14.30%
• 10Y*: —

FSPGX

• 1D: 1.38%
• 1M: -1.25%
• YTD: 4.50%
• 6M: 3.80%
• 1Y: 22.80%
• 3Y*: 22.67%
• 5Y*: 14.30%
• 10Y*: —

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

SWLGX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWLGX Schwab U.S. Large-Cap Growth Index Fund	4.51%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%
FSPGX Fidelity Large Cap Growth Index Fund	4.50%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	36.38%	-1.79%	-1.62%

Correlation

The correlation between SWLGX and FSPGX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	1.00

The correlation between SWLGX and FSPGX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

SWLGX vs. FSPGX — Risk / Return Rank

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

SWLGX

SWLGX Risk / Return Rank: 22
SWLGX Sharpe Ratio Rank: 26
SWLGX Sortino Ratio Rank: 24
SWLGX Omega Ratio Rank: 25
SWLGX Calmar Ratio Rank: 17
SWLGX Martin Ratio Rank: 19

FSPGX

FSPGX Risk / Return Rank: 22
FSPGX Sharpe Ratio Rank: 26
FSPGX Sortino Ratio Rank: 24
FSPGX Omega Ratio Rank: 25
FSPGX Calmar Ratio Rank: 17
FSPGX 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.

SWLGX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Large-Cap Growth Index Fund (SWLGX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	SWLGX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.38	0.00
Sortino ratio: Return per unit of downside risk	1.90	1.90	0.00
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	1.38	1.37	0.00
Martin ratio: Return relative to average drawdown	4.53	4.51	+0.02

SWLGX vs. FSPGX - Sharpe Ratio Comparison

The current SWLGX Sharpe Ratio is 1.38, which is comparable to the FSPGX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SWLGX and FSPGX, 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

SWLGX vs. FSPGX - Drawdown Comparison

The maximum SWLGX drawdown since its inception was -32.69%, roughly equal to the maximum FSPGX drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for SWLGX and FSPGX.

Drawdown Indicators

	SWLGX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-32.66%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-16.17%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	-23.32%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	-32.66%	-0.03%
Current Drawdown Current decline from peak	-4.13%	-4.14%	+0.01%
Average Drawdown Average peak-to-trough decline	-7.04%	-6.36%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	4.91%	-0.01%

Volatility

SWLGX vs. FSPGX - Volatility Comparison

Schwab U.S. Large-Cap Growth Index Fund (SWLGX) and Fidelity Large Cap Growth Index Fund (FSPGX) have volatilities of 5.94% and 5.97%, 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

	SWLGX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	5.97%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	12.68%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	16.13%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	21.60%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.69%	21.56%	+1.13%

SWLGX vs. FSPGX - Expense Ratio Comparison

Both SWLGX and FSPGX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SWLGX vs. FSPGX - Dividend Comparison

SWLGX's dividend yield for the trailing twelve months is around 0.44%, more than FSPGX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPGX Fidelity Large Cap Growth Index Fund	0.33%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.44%	0.46%	0.52%	0.67%	0.93%	1.76%	0.67%	0.96%	1.03%	0.00%

Frequently Asked Questions

Can I hold both SWLGX and FSPGX in my portfolio?

With a correlation of 1.00, SWLGX and FSPGX 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, SWLGX or FSPGX?

FSPGX has higher volatility (5.97%) compared to SWLGX (5.94%). In terms of maximum drawdown, SWLGX dropped -32.69% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

SWLGX currently has the higher Sharpe Ratio (1.38 vs 1.38), 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.