SWLGX vs. SPYG

Last updated Aug 4, 2026

SWLGX (Schwab U.S. Large-Cap Growth Index Fund) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both funds - SWLGX is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 5 years, SWLGX returned 11.85%/yr vs 13.61%/yr for SPYG. Their 0.98 correlation means they have historically moved very closely together. SWLGX charges 0.04%/yr vs 0.04%/yr for SPYG.

Performance

SWLGX vs. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWLGX achieves a 0.29% return, which is significantly lower than SPYG's 12.43% return.

SWLGX

• 1D: 0.80%
• 1M: -2.44%
• 6M: 1.56%
• YTD: 0.29%
• 1Y: 10.12%
• 3Y*: 19.35%
• 5Y*: 11.85%
• 10Y*: —
• ALL TIME*: 16.66%

SPYG

• 1D: 2.15%
• 1M: 2.10%
• 6M: 11.46%
• YTD: 12.43%
• 1Y: 24.33%
• 3Y*: 25.98%
• 5Y*: 13.61%
• 10Y*: 17.52%
• ALL TIME*: 7.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	$323.67M	$273.71M	$308.17M
SWLGX Schwab U.S. Large-Cap Growth Index Fund	$0.00	$0.00	$0.00

SWLGX vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.29%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	12.43%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	-1.05%

Correlation

The correlation between SWLGX and SPYG is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.98

The correlation between SWLGX and SPYG has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

SWLGX vs. SPYG - Sectors Allocation Comparison

Sectors	SWLGX	SPYG
Technology	54.2%	52.3%
Communication Services	16.2%	15.6%
Industrials	9.0%	6.4%
Consumer Cyclical	8.3%	8.6%
Healthcare	5.4%	6.2%
Financial Services	4.3%	8.7%
Consumer Defensive	1.2%	1.0%
Energy	0.5%	0.1%
Real Estate	0.4%	0.6%
Utilities	0.3%	0.4%
Basic Materials	0.3%	0.3%

Return for Risk

SWLGX vs. SPYG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SWLGX

SWLGX Risk / Return Rank: 10
SWLGX Sharpe Ratio Rank: 11
SWLGX Sortino Ratio Rank: 11
SWLGX Omega Ratio Rank: 10
SWLGX Calmar Ratio Rank: 10
SWLGX Martin Ratio Rank: 10

SPYG

SPYG Risk / Return Rank: 53
SPYG Sharpe Ratio Rank: 55
SPYG Sortino Ratio Rank: 54
SPYG Omega Ratio Rank: 52
SPYG Calmar Ratio Rank: 48
SPYG Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SWLGX vs. SPYG - 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 State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.34	-0.89
Sortino ratio: Return per unit of downside risk	0.75	1.93	-1.18
Omega ratio: Gain probability vs. loss probability	1.09	1.24	-0.15
Calmar ratio: Return relative to maximum drawdown	0.50	1.78	-1.28
Martin ratio: Return relative to average drawdown	1.49	6.45	-4.96

SWLGX vs. SPYG - Sharpe Ratio Comparison

The current SWLGX Sharpe Ratio is 0.46, which is lower than the SPYG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SWLGX and SPYG, 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. SPYG - Drawdown Comparison

The maximum SWLGX drawdown since its inception was -32.69%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for SWLGX and SPYG.

Drawdown Indicators

	SWLGX	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-67.63%	+34.94%
Max Drawdown (1Y) Largest decline over 1 year	-16.16%	-13.76%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-23.30%	-22.14%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-32.69%	-32.67%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-8.01%	-2.28%	-5.73%
Average Drawdown Average peak-to-trough decline	-7.03%	-24.20%	+17.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	3.78%	+1.61%

Volatility

SWLGX vs. SPYG - Volatility Comparison

Schwab U.S. Large-Cap Growth Index Fund (SWLGX) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 6.43% and 6.35%, 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	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	6.35%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	14.96%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.51%	18.23%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.80%	21.53%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.68%	20.81%	+1.87%

SWLGX vs. SPYG - Expense Ratio Comparison

SWLGX has a 0.04% expense ratio, which is lower than SPYG's 0.04% expense ratio. Despite the difference, 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. SPYG - Dividend Comparison

SWLGX's dividend yield for the trailing twelve months is around 0.46%, less than SPYG's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.46%	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 SPYG in my portfolio?

With a correlation of 0.96, SWLGX and SPYG 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 SPYG?

SWLGX has higher volatility (6.43%) compared to SPYG (6.35%). In terms of maximum drawdown, SWLGX dropped -32.69% vs SPYG's -67.63%.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.34 vs 0.46), 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.