SWMCX vs. SCHB

Last updated Jun 24, 2026

SWMCX (Schwab U.S. Mid-Cap Index Fund) and SCHB (Schwab U.S. Broad Market ETF) are both funds - SWMCX is a Mid Cap Blend Equities fund managed by Charles Schwab, while SCHB is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Broad Stock Market Index. Over the past 5 years, SWMCX returned 8.43%/yr vs 11.98%/yr for SCHB. Their correlation of 0.93 suggests significant overlap in exposure. SWMCX charges 0.04%/yr vs 0.03%/yr for SCHB.

Performance

SWMCX vs. SCHB - Performance Comparison

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

Returns By Period

In the year-to-date period, SWMCX achieves a 13.97% return, which is significantly higher than SCHB's 8.88% return.

SWMCX

• 1D: 0.49%
• 1M: 3.34%
• YTD: 13.97%
• 6M: 12.48%
• 1Y: 22.52%
• 3Y*: 17.51%
• 5Y*: 8.43%
• 10Y*: —

SCHB

• 1D: -1.39%
• 1M: -0.87%
• YTD: 8.88%
• 6M: 7.77%
• 1Y: 24.10%
• 3Y*: 20.64%
• 5Y*: 11.98%
• 10Y*: 15.12%

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

SWMCX vs. SCHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWMCX Schwab U.S. Mid-Cap Index Fund	13.97%	10.54%	15.28%	17.20%	-17.31%	22.55%	17.03%	30.46%	-9.16%	0.40%
SCHB Schwab U.S. Broad Market ETF	8.88%	16.94%	23.93%	26.16%	-19.46%	25.84%	20.76%	30.79%	-5.43%	-0.43%

Correlation

The correlation between SWMCX and SCHB is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 19, 2017	0.93

The correlation between SWMCX and SCHB shifts across timeframes, from 0.82 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

SWMCX vs. SCHB - Sectors Allocation Comparison

Sectors	SWMCX	SCHB
Industrials	18.4%	9.1%
Technology	17.2%	37.3%
Financial Services	12.5%	11.4%
Consumer Cyclical	11.2%	9.8%
Healthcare	8.7%	8.8%
Energy	7.2%	3.3%
Real Estate	7.0%	2.3%
Utilities	6.1%	2.1%
Basic Materials	4.3%	1.9%
Consumer Defensive	4.1%	4.3%
Communication Services	3.4%	9.8%

Return for Risk

SWMCX vs. SCHB — Risk / Return Rank

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

SWMCX

SWMCX Risk / Return Rank: 48
SWMCX Sharpe Ratio Rank: 40
SWMCX Sortino Ratio Rank: 40
SWMCX Omega Ratio Rank: 36
SWMCX Calmar Ratio Rank: 63
SWMCX Martin Ratio Rank: 59

SCHB

SCHB Risk / Return Rank: 59
SCHB Sharpe Ratio Rank: 58
SCHB Sortino Ratio Rank: 56
SCHB Omega Ratio Rank: 57
SCHB Calmar Ratio Rank: 57
SCHB Martin Ratio Rank: 68

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. SCHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Mid-Cap Index Fund (SWMCX) and Schwab U.S. Broad Market ETF (SCHB). 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	SCHB	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.89	-0.18
Sortino ratio: Return per unit of downside risk	2.44	2.58	-0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.90	2.72	+0.18
Martin ratio: Return relative to average drawdown	11.06	12.04	-0.98

SWMCX vs. SCHB - Sharpe Ratio Comparison

The current SWMCX Sharpe Ratio is 1.71, which is comparable to the SCHB Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SWMCX and SCHB, 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. SCHB - Drawdown Comparison

The maximum SWMCX drawdown since its inception was -40.34%, which is greater than SCHB's maximum drawdown of -35.27%. Use the drawdown chart below to compare losses from any high point for SWMCX and SCHB.

Drawdown Indicators

	SWMCX	SCHB	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-35.27%	-5.07%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-8.91%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-19.34%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-25.41%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.27%	—
Current Drawdown Current decline from peak	-0.24%	-2.86%	+2.62%
Average Drawdown Average peak-to-trough decline	-6.60%	-4.11%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.01%	+0.12%

Volatility

SWMCX vs. SCHB - Volatility Comparison

The current volatility for Schwab U.S. Mid-Cap Index Fund (SWMCX) is 4.42%, while Schwab U.S. Broad Market ETF (SCHB) has a volatility of 5.00%. This indicates that SWMCX experiences smaller price fluctuations and is considered to be less risky than SCHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWMCX	SCHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	5.00%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	10.09%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.85%	12.83%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	17.35%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	18.34%	+2.28%

SWMCX vs. SCHB - Expense Ratio Comparison

SWMCX has a 0.04% expense ratio, which is higher than SCHB's 0.03% 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

SWMCX vs. SCHB - Dividend Comparison

SWMCX's dividend yield for the trailing twelve months is around 1.87%, more than SCHB's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHB Schwab U.S. Broad Market ETF	1.04%	1.11%	1.24%	1.40%	1.61%	1.21%	1.63%	1.80%	2.00%	1.65%	1.86%	2.00%
SWMCX Schwab U.S. Mid-Cap Index Fund	1.87%	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 SCHB in my portfolio?

SWMCX and SCHB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWMCX or SCHB?

SCHB has higher volatility (5.00%) compared to SWMCX (4.42%). In terms of maximum drawdown, SWMCX dropped -40.34% vs SCHB's -35.27%.

Which has better risk-adjusted returns?

SCHB currently has the higher Sharpe Ratio (1.89 vs 1.71), 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.