SWMCX vs. IJH

Last updated Aug 2, 2026

SWMCX (Schwab U.S. Mid-Cap Index Fund) and IJH (iShares Core S&P Mid-Cap ETF) are both Mid Cap Blend Equities funds - SWMCX tracks the Russell Midcap Index while IJH tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 5 years, SWMCX returned 8.22%/yr vs 8.44%/yr for IJH. Their 0.96 correlation means they have historically moved very closely together. SWMCX charges 0.04%/yr vs 0.05%/yr for IJH.

Performance

SWMCX vs. IJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Mid-Cap Index Fund (SWMCX) and iShares Core S&P Mid-Cap ETF (IJH). 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 SWMCX having a 14.87% return and IJH slightly lower at 14.60%.

SWMCX

• 1D: 0.30%
• 1M: -0.36%
• 6M: 11.46%
• YTD: 14.87%
• 1Y: 20.65%
• 3Y*: 14.83%
• 5Y*: 8.22%
• 10Y*: —
• ALL TIME*: 10.82%

IJH

• 1D: -0.11%
• 1M: -1.08%
• 6M: 10.14%
• YTD: 14.60%
• 1Y: 22.81%
• 3Y*: 13.01%
• 5Y*: 8.44%
• 10Y*: 11.03%
• ALL TIME*: 9.85%

*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)
IJH iShares Core S&P Mid-Cap ETF	$461.96M	$459.67M	$538.23M
SWMCX Schwab U.S. Mid-Cap Index Fund	$0.00	$0.00	$0.00

SWMCX vs. IJH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWMCX Schwab U.S. Mid-Cap Index Fund	14.87%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%
IJH iShares Core S&P Mid-Cap ETF	14.60%	7.42%	13.92%	16.40%	-13.11%	24.72%	13.60%	26.10%	-11.19%	-0.17%

Correlation

The correlation between SWMCX and IJH is 0.95 - 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.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.97
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.96

The correlation between SWMCX and IJH has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SWMCX vs. IJH - Sectors Allocation Comparison

Sectors	SWMCX	IJH
Technology	18.2%	17.5%
Industrials	17.5%	25.2%
Financial Services	12.6%	13.9%
Healthcare	10.8%	8.9%
Consumer Cyclical	10.1%	10.5%
Real Estate	6.9%	7.2%
Utilities	6.0%	2.8%
Energy	5.8%	4.6%
Consumer Defensive	4.5%	3.2%
Basic Materials	4.2%	4.8%
Communication Services	3.5%	1.5%

Return for Risk

SWMCX vs. IJH — Risk / Return Rank

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

SWMCX

SWMCX Risk / Return Rank: 60
SWMCX Sharpe Ratio Rank: 52
SWMCX Sortino Ratio Rank: 55
SWMCX Omega Ratio Rank: 49
SWMCX Calmar Ratio Rank: 71
SWMCX Martin Ratio Rank: 73

IJH

IJH Risk / Return Rank: 62
IJH Sharpe Ratio Rank: 57
IJH Sortino Ratio Rank: 59
IJH Omega Ratio Rank: 55
IJH Calmar Ratio Rank: 69
IJH Martin Ratio Rank: 71

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.

SWMCX vs. IJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Mid-Cap Index Fund (SWMCX) and iShares Core S&P Mid-Cap ETF (IJH). 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.

	SWMCX	IJH	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.34	-0.01
Sortino ratio: Return per unit of downside risk	1.95	2.00	-0.05
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.24	2.39	-0.15
Martin ratio: Return relative to average drawdown	8.66	8.69	-0.03

SWMCX vs. IJH - Sharpe Ratio Comparison

The current SWMCX Sharpe Ratio is 1.33, which is comparable to the IJH Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SWMCX and IJH, 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

SWMCX vs. IJH - Drawdown Comparison

The maximum SWMCX drawdown since its inception was -40.34%, smaller than the maximum IJH drawdown of -55.07%. Use the drawdown chart below to compare losses from any high point for SWMCX and IJH.

Drawdown Indicators

	SWMCX	IJH	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-55.07%	+14.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-8.83%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-24.10%	+3.03%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-24.10%	-1.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.18%	—
Current Drawdown Current decline from peak	-0.66%	-2.39%	+1.73%
Average Drawdown Average peak-to-trough decline	-6.52%	-7.53%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.42%	-0.31%

Volatility

SWMCX vs. IJH - Volatility Comparison

The current volatility for Schwab U.S. Mid-Cap Index Fund (SWMCX) is 2.39%, while iShares Core S&P Mid-Cap ETF (IJH) has a volatility of 3.46%. This indicates that SWMCX experiences smaller price fluctuations and is considered to be less risky than IJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWMCX	IJH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	3.46%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	11.63%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.71%	15.76%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	19.67%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.52%	21.13%	-0.61%

SWMCX vs. IJH - Expense Ratio Comparison

SWMCX has a 0.04% expense ratio, which is lower than IJH's 0.05% 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

SWMCX vs. IJH - Dividend Comparison

SWMCX's dividend yield for the trailing twelve months is around 1.85%, more than IJH's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJH iShares Core S&P Mid-Cap ETF	1.18%	1.36%	1.33%	1.46%	1.68%	1.18%	1.28%	1.63%	1.72%	1.19%	1.60%	1.56%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.85%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWMCX and IJH in my portfolio?

With a correlation of 0.95, SWMCX and IJH 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, SWMCX or IJH?

IJH has higher volatility (3.46%) compared to SWMCX (2.39%). In terms of maximum drawdown, SWMCX dropped -40.34% vs IJH's -55.07%.

Which has better risk-adjusted returns?

IJH currently has the higher Sharpe Ratio (1.34 vs 1.33), 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.