SWLSX vs. SPY

Last updated Jun 23, 2026

SWLSX (Schwab Large-Cap Growth Fund™) and SPY (State Street SPDR S&P 500 ETF) are both funds - SWLSX is a Large Cap Growth Equities fund actively managed by Charles Schwab, while SPY is a S&P 500 fund tracking the S&P 500 Index. SWLSX is actively managed, while SPY is passively managed. Over the past 10 years, SWLSX returned 16.70%/yr vs 15.70%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. SWLSX charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

SWLSX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Large-Cap Growth Fund™ (SWLSX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWLSX achieves a 8.77% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, SWLSX has outperformed SPY with an annualized return of 16.70%, while SPY has yielded a comparatively lower 15.70% annualized return.

SWLSX

• 1D: 1.67%
• 1M: 0.44%
• YTD: 8.77%
• 6M: 8.06%
• 1Y: 27.14%
• 3Y*: 22.83%
• 5Y*: 15.06%
• 10Y*: 16.70%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SWLSX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWLSX Schwab Large-Cap Growth Fund™	8.77%	19.69%	29.41%	38.27%	-27.00%	29.03%	29.03%	31.02%	-7.93%	29.01%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SWLSX and SPY is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.94

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

SWLSX vs. SPY - Sectors Allocation Comparison

Sectors	SWLSX	SPY
Technology	47.7%	39.0%
Communication Services	14.3%	10.6%
Consumer Cyclical	13.1%	9.9%
Healthcare	7.6%	8.3%
Industrials	7.5%	7.8%
Financial Services	6.2%	11.1%
Consumer Defensive	3.2%	4.5%
Energy	0.4%	3.1%
Basic Materials	-	1.7%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

SWLSX vs. SPY — Risk / Return Rank

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

SWLSX

SWLSX Risk / Return Rank: 29
SWLSX Sharpe Ratio Rank: 34
SWLSX Sortino Ratio Rank: 31
SWLSX Omega Ratio Rank: 31
SWLSX Calmar Ratio Rank: 22
SWLSX Martin Ratio Rank: 25

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

SWLSX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Large-Cap Growth Fund™ (SWLSX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SWLSX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.16	-0.60
Sortino ratio: Return per unit of downside risk	2.14	2.91	-0.77
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.63	3.01	-1.38
Martin ratio: Return relative to average drawdown	5.55	13.54	-7.99

SWLSX vs. SPY - Sharpe Ratio Comparison

The current SWLSX Sharpe Ratio is 1.56, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SWLSX and SPY, 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

SWLSX vs. SPY - Drawdown Comparison

The maximum SWLSX drawdown since its inception was -49.89%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SWLSX and SPY.

Drawdown Indicators

	SWLSX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.89%	-55.19%	+5.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-8.88%	-7.29%
Max Drawdown (3Y) Largest decline over 3 years	-22.93%	-18.76%	-4.17%
Max Drawdown (5Y) Largest decline over 5 years	-31.32%	-24.50%	-6.82%
Max Drawdown (10Y) Largest decline over 10 years	-31.32%	-33.72%	+2.40%
Current Drawdown Current decline from peak	-2.16%	-1.75%	-0.41%
Average Drawdown Average peak-to-trough decline	-7.92%	-9.04%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.75%	1.97%	+2.78%

Volatility

SWLSX vs. SPY - Volatility Comparison

Schwab Large-Cap Growth Fund™ (SWLSX) has a higher volatility of 6.40% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that SWLSX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWLSX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	4.64%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	9.75%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	12.43%	+4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.18%	17.14%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.91%	17.99%	+2.92%

SWLSX vs. SPY - Expense Ratio Comparison

SWLSX has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SWLSX vs. SPY - Dividend Comparison

SWLSX's dividend yield for the trailing twelve months is around 1.07%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SWLSX Schwab Large-Cap Growth Fund™	1.07%	1.17%	0.11%	0.04%	2.07%	7.77%	1.07%	5.32%	12.35%	7.92%	4.46%	17.08%

Frequently Asked Questions

Can I hold both SWLSX and SPY in my portfolio?

With a correlation of 0.94, SWLSX and SPY 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, SWLSX or SPY?

SWLSX has higher volatility (6.40%) compared to SPY (4.64%). In terms of maximum drawdown, SWLSX dropped -49.89% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.56), 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.