SWMCX vs. SWLGX

Last updated Jun 4, 2026

SWMCX (Schwab U.S. Mid-Cap Index Fund) and SWLGX (Schwab U.S. Large-Cap Growth Index Fund) are both mutual funds - SWMCX is a Mid Cap Blend Equities fund managed by Charles Schwab, while SWLGX is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index. Over the past 5 years, SWMCX returned 8.33%/yr vs 16.03%/yr for SWLGX. A 0.80 correlation means they provide meaningful diversification when combined. SWMCX charges 0.04%/yr vs 0.04%/yr for SWLGX.

Performance

SWMCX vs. SWLGX - 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. Large-Cap Growth Index Fund (SWLGX). 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 higher than SWLGX's 8.61% return.

SWMCX

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

SWLGX

• 1D: -0.37%
• 1M: 7.15%
• YTD: 8.61%
• 6M: 8.00%
• 1Y: 27.46%
• 3Y*: 25.54%
• 5Y*: 16.03%
• 10Y*: —

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

SWMCX vs. SWLGX - 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%
SWLGX Schwab U.S. Large-Cap Growth Index Fund	8.61%	18.55%	33.30%	42.67%	-29.17%	27.55%	38.43%	36.30%	-1.59%	-0.60%

Correlation

The correlation between SWMCX and SWLGX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 20, 2017	0.80

Over the past year, the correlation between SWMCX and SWLGX has dropped to 0.59 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

SWMCX vs. SWLGX - Sectors Allocation Comparison

Sectors	SWMCX	SWLGX
Industrials	18.4%	5.7%
Technology	17.2%	51.4%
Financial Services	12.5%	5.4%
Consumer Cyclical	11.2%	13.2%
Healthcare	8.7%	7.1%
Energy	7.2%	0.4%
Real Estate	7.0%	0.4%
Utilities	6.1%	0.3%
Basic Materials	4.3%	0.3%
Consumer Defensive	4.1%	2.7%
Communication Services	3.4%	13.2%

Return for Risk

SWMCX vs. SWLGX — 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

SWLGX

SWLGX Risk / Return Rank: 32
SWLGX Sharpe Ratio Rank: 40
SWLGX Sortino Ratio Rank: 36
SWLGX Omega Ratio Rank: 37
SWLGX Calmar Ratio Rank: 22
SWLGX Martin Ratio Rank: 23

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. SWLGX - 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. Large-Cap Growth Index Fund (SWLGX). 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	SWLGX	Difference
Sharpe ratio Return per unit of total volatility	1.74	1.85	-0.11
Sortino ratio Return per unit of downside risk	2.50	2.50	0.00
Omega ratio Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio Return relative to maximum drawdown	2.87	1.76	+1.11
Martin ratio Return relative to average drawdown	11.01	5.92	+5.09
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. SWLGX - Sharpe Ratio Comparison

The current SWMCX Sharpe Ratio is 1.74, which is comparable to the SWLGX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SWMCX and SWLGX, 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	SWLGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.85	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.75	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.80	-0.28

Drawdowns

SWMCX vs. SWLGX - Drawdown Comparison

The maximum SWMCX drawdown since its inception was -40.34%, which is greater than SWLGX's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for SWMCX and SWLGX.

Drawdown Indicators

	SWMCX	SWLGX	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-32.69%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-16.16%	+8.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-23.30%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-32.69%	+6.60%
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-6.63%	-7.05%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	4.80%	-2.68%

Volatility

SWMCX vs. SWLGX - Volatility Comparison

Schwab U.S. Mid-Cap Index Fund (SWMCX) and Schwab U.S. Large-Cap Growth Index Fund (SWLGX) have volatilities of 3.27% and 3.30%, 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

	SWMCX	SWLGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.30%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	11.59%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	15.40%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	21.49%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	22.68%	-2.04%

SWMCX vs. SWLGX - Expense Ratio Comparison

SWMCX has a 0.04% expense ratio, which is higher than SWLGX's 0.04% 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. SWLGX - Dividend Comparison

SWMCX's dividend yield for the trailing twelve months is around 1.89%, more than SWLGX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SWLGX Schwab U.S. Large-Cap Growth Index Fund	0.42%	0.46%	0.52%	0.67%	0.93%	1.76%	0.67%	0.96%	1.03%
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%

Frequently Asked Questions

Can I hold both SWMCX and SWLGX in my portfolio?

SWMCX and SWLGX have a correlation of 0.59, 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 SWLGX?

SWLGX has higher volatility (3.30%) compared to SWMCX (3.27%). In terms of maximum drawdown, SWMCX dropped -40.34% vs SWLGX's -32.69%.

Which has better risk-adjusted returns?

SWLGX currently has the higher Sharpe Ratio (1.85 vs 1.74), 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.