SWMCX vs. PESPX

Last updated Jun 4, 2026

SWMCX (Schwab U.S. Mid-Cap Index Fund) and PESPX (BNY Mellon MidCap Index Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, SWMCX returned 8.33%/yr vs 7.36%/yr for PESPX. With a 0.96 correlation, they move nearly in lockstep. SWMCX charges 0.04%/yr vs 0.50%/yr for PESPX.

Performance

SWMCX vs. PESPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Mid-Cap Index Fund (SWMCX) and BNY Mellon MidCap Index Fund (PESPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWMCX achieves a 12.72% return, which is significantly lower than PESPX's 13.87% return.

SWMCX

• 1D: 0.68%
• 1M: 4.11%
• YTD: 12.72%
• 6M: 12.56%
• 1Y: 22.05%
• 3Y*: 17.46%
• 5Y*: 8.33%
• 10Y*: —

PESPX

• 1D: 0.85%
• 1M: 3.86%
• YTD: 13.87%
• 6M: 14.02%
• 1Y: 24.86%
• 3Y*: 14.68%
• 5Y*: 7.36%
• 10Y*: 10.94%

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

SWMCX vs. PESPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWMCX Schwab U.S. Mid-Cap Index Fund	12.72%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%
PESPX BNY Mellon MidCap Index Fund	13.87%	6.90%	11.88%	14.75%	-13.67%	24.34%	13.30%	40.74%	-10.55%	0.50%

Correlation

The correlation between SWMCX and PESPX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.96

The correlation between SWMCX and PESPX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

SWMCX vs. PESPX — Risk / Return Rank

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

SWMCX

SWMCX Risk / Return Rank: 43
SWMCX Sharpe Ratio Rank: 36
SWMCX Sortino Ratio Rank: 36
SWMCX Omega Ratio Rank: 33
SWMCX Calmar Ratio Rank: 56
SWMCX Martin Ratio Rank: 55

PESPX

PESPX Risk / Return Rank: 43
PESPX Sharpe Ratio Rank: 35
PESPX Sortino Ratio Rank: 35
PESPX Omega Ratio Rank: 33
PESPX Calmar Ratio Rank: 60
PESPX Martin Ratio Rank: 53

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.

SWMCX vs. PESPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Mid-Cap Index Fund (SWMCX) and BNY Mellon MidCap Index Fund (PESPX). 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.

	SWMCX	PESPX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.72	+0.02
Sortino ratio: Return per unit of downside risk	2.50	2.49	+0.01
Omega ratio: Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.87	3.00	-0.13
Martin ratio: Return relative to average drawdown	11.01	10.88	+0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWMCX vs. PESPX - Sharpe Ratio Comparison

The current SWMCX Sharpe Ratio is 1.74, which is comparable to the PESPX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SWMCX and PESPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SWMCX	PESPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.72	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.38	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.30	+0.22

Drawdowns

SWMCX vs. PESPX - Drawdown Comparison

The maximum SWMCX drawdown since its inception was -40.34%, smaller than the maximum PESPX drawdown of -61.56%. Use the drawdown chart below to compare losses from any high point for SWMCX and PESPX.

Drawdown Indicators

	SWMCX	PESPX	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-61.56%	+21.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-8.86%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-25.18%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-25.18%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.09%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.63%	-10.38%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.44%	-0.32%

Volatility

SWMCX vs. PESPX - Volatility Comparison

The current volatility for Schwab U.S. Mid-Cap Index Fund (SWMCX) is 3.27%, while BNY Mellon MidCap Index Fund (PESPX) has a volatility of 4.46%. This indicates that SWMCX experiences smaller price fluctuations and is considered to be less risky than PESPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWMCX	PESPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	4.46%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	11.31%	-1.35%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	15.46%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	19.67%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	21.59%	-0.95%

SWMCX vs. PESPX - Expense Ratio Comparison

SWMCX has a 0.04% expense ratio, which is lower than PESPX's 0.50% expense ratio.

Dividends

SWMCX vs. PESPX - Dividend Comparison

SWMCX's dividend yield for the trailing twelve months is around 1.89%, less than PESPX's 10.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PESPX BNY Mellon MidCap Index Fund	10.75%	12.24%	11.73%	8.19%	16.04%	15.10%	11.21%	21.60%	14.61%	9.22%	1.09%	1.34%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.89%	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 PESPX in my portfolio?

With a correlation of 0.96, SWMCX and PESPX 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 PESPX?

PESPX has higher volatility (4.46%) compared to SWMCX (3.27%). In terms of maximum drawdown, SWMCX dropped -40.34% vs PESPX's -61.56%.

Which has better risk-adjusted returns?

SWMCX currently has the higher Sharpe Ratio (1.74 vs 1.72), 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.