SWNTX vs. SWCAX
SWNTX (Schwab Tax-Free Bond Fund™) and SWCAX (Schwab California Tax-Free Bond Fund™) are both Municipal Bonds funds from Charles Schwab. Over the past 10 years, SWNTX returned 1.58%/yr vs 1.43%/yr for SWCAX. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.48% expense ratio.
Performance
SWNTX vs. SWCAX - Performance Comparison
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Returns By Period
In the year-to-date period, SWNTX achieves a 1.33% return, which is significantly higher than SWCAX's 0.94% return. Over the past 10 years, SWNTX has outperformed SWCAX with an annualized return of 1.58%, while SWCAX has yielded a comparatively lower 1.43% annualized return.
SWNTX
- 1D
- -0.09%
- 1M
- 1.39%
- YTD
- 1.33%
- 6M
- 1.72%
- 1Y
- 6.16%
- 3Y*
- 3.30%
- 5Y*
- 0.61%
- 10Y*
- 1.58%
SWCAX
- 1D
- -0.09%
- 1M
- 1.27%
- YTD
- 0.94%
- 6M
- 1.31%
- 1Y
- 5.74%
- 3Y*
- 3.10%
- 5Y*
- 0.54%
- 10Y*
- 1.43%
SWNTX vs. SWCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SWNTX Schwab Tax-Free Bond Fund™ | 1.33% | 4.20% | 1.57% | 5.09% | -8.57% | 0.37% | 4.45% | 6.55% | 0.88% | 4.29% |
SWCAX Schwab California Tax-Free Bond Fund™ | 0.94% | 3.95% | 1.51% | 4.73% | -8.10% | 0.36% | 3.93% | 6.02% | 1.16% | 4.37% |
Correlation
The correlation between SWNTX and SWCAX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1993 | 0.90 |
The correlation between SWNTX and SWCAX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
SWNTX vs. SWCAX — Risk / Return Rank
SWNTX
SWCAX
SWNTX vs. SWCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Tax-Free Bond Fund™ (SWNTX) and Schwab California Tax-Free Bond Fund™ (SWCAX). 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.
| SWNTX | SWCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.67 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 2.14 | +0.05 |
| Martin ratioReturn relative to average drawdown | 7.13 | 6.35 | +0.78 |
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Drawdowns
SWNTX vs. SWCAX - Drawdown Comparison
The maximum SWNTX drawdown since its inception was -13.26%, roughly equal to the maximum SWCAX drawdown of -13.51%. Use the drawdown chart below to compare losses from any high point for SWNTX and SWCAX.
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Drawdown Indicators
| SWNTX | SWCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.26% | -13.51% | +0.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.75% | -0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -4.36% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -13.26% | -12.30% | -0.96% |
Max Drawdown (10Y)Largest decline over 10 years | -13.26% | -12.30% | -0.96% |
Current DrawdownCurrent decline from peak | -0.79% | -1.01% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -1.87% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.92% | -0.04% |
Volatility
SWNTX vs. SWCAX - Volatility Comparison
Schwab Tax-Free Bond Fund™ (SWNTX) has a higher volatility of 0.76% compared to Schwab California Tax-Free Bond Fund™ (SWCAX) at 0.64%. This indicates that SWNTX's price experiences larger fluctuations and is considered to be riskier than SWCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SWNTX | SWCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.64% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.80% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 2.30% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.49% | 3.11% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.57% | 3.37% | +0.20% |
SWNTX vs. SWCAX - Expense Ratio Comparison
Both SWNTX and SWCAX have an expense ratio of 0.48%.
Dividends
SWNTX vs. SWCAX - Dividend Comparison
SWNTX's dividend yield for the trailing twelve months is around 3.46%, more than SWCAX's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWCAX Schwab California Tax-Free Bond Fund™ | 3.19% | 3.46% | 2.67% | 2.23% | 1.57% | 1.68% | 2.45% | 2.54% | 2.50% | 2.22% | 3.10% | 2.79% |
SWNTX Schwab Tax-Free Bond Fund™ | 3.46% | 3.78% | 3.20% | 2.54% | 1.73% | 1.62% | 2.34% | 2.58% | 2.41% | 2.21% | 3.14% | 2.71% |
Frequently Asked Questions
SWNTX and SWCAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SWNTX has higher volatility (0.76%) compared to SWCAX (0.64%). In terms of maximum drawdown, SWNTX dropped -13.26% vs SWCAX's -13.51%.
SWNTX currently has the higher Sharpe Ratio (2.60 vs 2.57), 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.
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