SWLGX vs. FXAIX

Last updated Jun 13, 2026

SWLGX (Schwab U.S. Large-Cap Growth Index Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - SWLGX is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, SWLGX returned 14.07%/yr vs 13.34%/yr for FXAIX. Their correlation of 0.94 suggests significant overlap in exposure. SWLGX charges 0.04%/yr vs 0.02%/yr for FXAIX.

Performance

SWLGX vs. FXAIX - 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 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWLGX achieves a 2.97% return, which is significantly lower than FXAIX's 8.59% return.

SWLGX

• 1D: 1.63%
• 1M: -3.37%
• YTD: 2.97%
• 6M: 3.50%
• 1Y: 20.58%
• 3Y*: 22.79%
• 5Y*: 14.07%
• 10Y*: —

FXAIX

• 1D: 1.76%
• 1M: -1.31%
• YTD: 8.59%
• 6M: 8.94%
• 1Y: 25.18%
• 3Y*: 21.06%
• 5Y*: 13.34%
• 10Y*: 15.44%

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

SWLGX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWLGX Schwab U.S. Large-Cap Growth Index Fund	2.97%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%
FXAIX Fidelity 500 Index Fund	8.59%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	-0.56%

Correlation

The correlation between SWLGX and FXAIX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.94

The correlation between SWLGX and FXAIX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

SWLGX vs. FXAIX — Risk / Return Rank

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

SWLGX

SWLGX Risk / Return Rank: 25
SWLGX Sharpe Ratio Rank: 29
SWLGX Sortino Ratio Rank: 27
SWLGX Omega Ratio Rank: 28
SWLGX Calmar Ratio Rank: 19
SWLGX Martin Ratio Rank: 20

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 72
FXAIX Sortino Ratio Rank: 68
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 73
FXAIX Martin Ratio Rank: 84

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. FXAIX - 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 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.97	-0.74
Sortino ratio: Return per unit of downside risk	1.71	2.67	-0.96
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.22	2.74	-1.53
Martin ratio: Return relative to average drawdown	4.03	12.46	-8.42

SWLGX vs. FXAIX - Sharpe Ratio Comparison

The current SWLGX Sharpe Ratio is 1.23, which is lower than the FXAIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SWLGX and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum SWLGX drawdown since its inception was -32.69%, roughly equal to the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for SWLGX and FXAIX.

Drawdown Indicators

	SWLGX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-33.79%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-8.89%	-7.27%
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	-18.76%	-4.54%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	-24.50%	-8.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-5.55%	-2.79%	-2.76%
Average Drawdown Average peak-to-trough decline	-7.04%	-3.79%	-3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	1.95%	+2.91%

Volatility

SWLGX vs. FXAIX - Volatility Comparison

Schwab U.S. Large-Cap Growth Index Fund (SWLGX) has a higher volatility of 5.46% compared to Fidelity 500 Index Fund (FXAIX) at 4.44%. This indicates that SWLGX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWLGX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	4.44%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	9.70%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	12.37%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	16.99%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.69%	18.10%	+4.59%

SWLGX vs. FXAIX - Expense Ratio Comparison

SWLGX has a 0.04% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SWLGX vs. FXAIX - Dividend Comparison

SWLGX's dividend yield for the trailing twelve months is around 0.44%, less than FXAIX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.06%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWLGX and FXAIX in my portfolio?

With a correlation of 0.93, SWLGX and FXAIX 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 FXAIX?

SWLGX has higher volatility (5.46%) compared to FXAIX (4.44%). In terms of maximum drawdown, SWLGX dropped -32.69% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.97 vs 1.23), 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.