SWPPX vs. SFREX

Last updated Jun 13, 2026

SWPPX (Schwab S&P 500 Index Fund) and SFREX (Schwab Fundamental Global Real Estate Index Fund) are both mutual funds - SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index, while SFREX is a REIT fund managed by Charles Schwab. Over the past 10 years, SWPPX returned 15.41%/yr vs 3.73%/yr for SFREX. A 0.68 correlation means they provide meaningful diversification when combined. SWPPX charges 0.02%/yr vs 0.39%/yr for SFREX.

Performance

SWPPX vs. SFREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab S&P 500 Index Fund (SWPPX) and Schwab Fundamental Global Real Estate Index Fund (SFREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWPPX achieves a 8.55% return, which is significantly higher than SFREX's 6.46% return. Over the past 10 years, SWPPX has outperformed SFREX with an annualized return of 15.41%, while SFREX has yielded a comparatively lower 3.73% annualized return.

SWPPX

• 1D: 1.76%
• 1M: -0.57%
• YTD: 8.55%
• 6M: 8.92%
• 1Y: 23.75%
• 3Y*: 21.04%
• 5Y*: 13.31%
• 10Y*: 15.41%

SFREX

• 1D: 0.58%
• 1M: -1.60%
• YTD: 6.46%
• 6M: 6.46%
• 1Y: 11.31%
• 3Y*: 9.36%
• 5Y*: -0.41%
• 10Y*: 3.73%

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

SWPPX vs. SFREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWPPX Schwab S&P 500 Index Fund	8.55%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%
SFREX Schwab Fundamental Global Real Estate Index Fund	6.46%	11.26%	3.05%	4.10%	-21.06%	18.56%	-11.16%	22.61%	-8.26%	20.07%

Correlation

The correlation between SWPPX and SFREX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.68

The correlation between SWPPX and SFREX shifts across timeframes, from 0.52 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SWPPX vs. SFREX — Risk / Return Rank

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

SWPPX

SWPPX Risk / Return Rank: 73
SWPPX Sharpe Ratio Rank: 72
SWPPX Sortino Ratio Rank: 67
SWPPX Omega Ratio Rank: 68
SWPPX Calmar Ratio Rank: 73
SWPPX Martin Ratio Rank: 83

SFREX

SFREX Risk / Return Rank: 18
SFREX Sharpe Ratio Rank: 19
SFREX Sortino Ratio Rank: 20
SFREX Omega Ratio Rank: 19
SFREX Calmar Ratio Rank: 15
SFREX Martin Ratio Rank: 15

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.

SWPPX vs. SFREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab S&P 500 Index Fund (SWPPX) and Schwab Fundamental Global Real Estate Index Fund (SFREX). 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.

	SWPPX	SFREX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	0.99	+0.97
Sortino ratio: Return per unit of downside risk	2.66	1.51	+1.15
Omega ratio: Gain probability vs. loss probability	1.36	1.18	+0.18
Calmar ratio: Return relative to maximum drawdown	2.74	1.00	+1.74
Martin ratio: Return relative to average drawdown	12.42	3.21	+9.21

SWPPX vs. SFREX - Sharpe Ratio Comparison

The current SWPPX Sharpe Ratio is 1.96, which is higher than the SFREX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SWPPX and SFREX, 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

SWPPX vs. SFREX - Drawdown Comparison

The maximum SWPPX drawdown since its inception was -55.06%, which is greater than SFREX's maximum drawdown of -41.98%. Use the drawdown chart below to compare losses from any high point for SWPPX and SFREX.

Drawdown Indicators

	SWPPX	SFREX	Difference
Max Drawdown Largest peak-to-trough decline	-55.06%	-41.98%	-13.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-11.96%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-20.54%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-33.97%	+9.46%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-41.98%	+8.18%
Current Drawdown Current decline from peak	-2.81%	-3.64%	+0.83%
Average Drawdown Average peak-to-trough decline	-9.94%	-10.43%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.71%	-1.75%

Volatility

SWPPX vs. SFREX - Volatility Comparison

Schwab S&P 500 Index Fund (SWPPX) has a higher volatility of 4.47% compared to Schwab Fundamental Global Real Estate Index Fund (SFREX) at 3.46%. This indicates that SWPPX's price experiences larger fluctuations and is considered to be riskier than SFREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWPPX	SFREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	3.46%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	9.34%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	12.06%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	16.39%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	17.96%	+0.30%

SWPPX vs. SFREX - Expense Ratio Comparison

SWPPX has a 0.02% expense ratio, which is lower than SFREX's 0.39% expense ratio.

Dividends

SWPPX vs. SFREX - Dividend Comparison

SWPPX's dividend yield for the trailing twelve months is around 1.02%, less than SFREX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SFREX Schwab Fundamental Global Real Estate Index Fund	3.29%	3.51%	3.75%	3.53%	2.89%	2.92%	3.46%	4.10%	5.45%	2.78%	5.00%	1.29%
SWPPX Schwab S&P 500 Index Fund	1.02%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%

Frequently Asked Questions

Can I hold both SWPPX and SFREX in my portfolio?

SWPPX and SFREX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWPPX or SFREX?

SWPPX has higher volatility (4.47%) compared to SFREX (3.46%). In terms of maximum drawdown, SWPPX dropped -55.06% vs SFREX's -41.98%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (1.96 vs 0.99), 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.