SWPPX vs. SWYOX

Last updated Jun 4, 2026

SWPPX (Schwab S&P 500 Index Fund) and SWYOX (Schwab Target 2065 Index Fund) are both mutual funds - SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index, while SWYOX is a Target Retirement Date fund managed by Charles Schwab. Over the past 5 years, SWPPX returned 14.26%/yr vs 10.74%/yr for SWYOX. Their correlation of 0.94 suggests significant overlap in exposure. SWPPX charges 0.02%/yr vs 0.04%/yr for SWYOX.

Performance

SWPPX vs. SWYOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab S&P 500 Index Fund (SWPPX) and Schwab Target 2065 Index Fund (SWYOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWPPX achieves a 11.69% return, which is significantly lower than SWYOX's 13.13% return.

SWPPX

• 1D: 0.15%
• 1M: 5.83%
• YTD: 11.69%
• 6M: 11.71%
• 1Y: 28.97%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.63%

SWYOX

• 1D: 0.36%
• 1M: 5.35%
• YTD: 13.13%
• 6M: 13.75%
• 1Y: 29.00%
• 3Y*: 20.24%
• 5Y*: 10.74%
• 10Y*: —

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

SWPPX vs. SWYOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWPPX Schwab S&P 500 Index Fund	11.69%	17.87%	24.96%	26.26%	-18.14%	26.13%
SWYOX Schwab Target 2065 Index Fund	13.13%	20.48%	14.95%	21.61%	-17.90%	16.04%

Correlation

The correlation between SWPPX and SWYOX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.94

The correlation between SWPPX and SWYOX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

SWPPX vs. SWYOX - Sectors Allocation Comparison

Sectors	SWPPX	SWYOX
Technology	35.6%	26.8%
Financial Services	11.8%	15.4%
Communication Services	11.2%	7.5%
Consumer Cyclical	10.1%	8.9%
Healthcare	8.5%	7.8%
Industrials	8.3%	11.3%
Consumer Defensive	4.9%	4.6%
Energy	3.5%	4.1%
Utilities	2.4%	2.5%
Real Estate	1.9%	7.3%
Basic Materials	1.8%	3.8%

Return for Risk

SWPPX vs. SWYOX — 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: 75
SWPPX Sortino Ratio Rank: 67
SWPPX Omega Ratio Rank: 67
SWPPX Calmar Ratio Rank: 74
SWPPX Martin Ratio Rank: 83

SWYOX

SWYOX Risk / Return Rank: 69
SWYOX Sharpe Ratio Rank: 70
SWYOX Sortino Ratio Rank: 65
SWYOX Omega Ratio Rank: 62
SWYOX Calmar Ratio Rank: 70
SWYOX Martin Ratio Rank: 77

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. SWYOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab S&P 500 Index Fund (SWPPX) and Schwab Target 2065 Index Fund (SWYOX). 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.

	SWPPX	SWYOX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.44	+0.07
Sortino ratio: Return per unit of downside risk	3.41	3.37	+0.04
Omega ratio: Gain probability vs. loss probability	1.46	1.44	+0.02
Calmar ratio: Return relative to maximum drawdown	3.36	3.24	+0.12
Martin ratio: Return relative to average drawdown	15.67	14.44	+1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWPPX vs. SWYOX - Sharpe Ratio Comparison

The current SWPPX Sharpe Ratio is 2.52, which is comparable to the SWYOX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SWPPX and SWYOX, 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

	SWPPX	SWYOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.44	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.69	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.78	-0.27

Drawdowns

SWPPX vs. SWYOX - Drawdown Comparison

The maximum SWPPX drawdown since its inception was -55.06%, which is greater than SWYOX's maximum drawdown of -26.02%. Use the drawdown chart below to compare losses from any high point for SWPPX and SWYOX.

Drawdown Indicators

	SWPPX	SWYOX	Difference
Max Drawdown Largest peak-to-trough decline	-55.06%	-26.02%	-29.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.13%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-16.05%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-26.02%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.95%	-5.72%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.04%	-0.14%

Volatility

SWPPX vs. SWYOX - Volatility Comparison

The current volatility for Schwab S&P 500 Index Fund (SWPPX) is 2.83%, while Schwab Target 2065 Index Fund (SWYOX) has a volatility of 3.62%. This indicates that SWPPX experiences smaller price fluctuations and is considered to be less risky than SWYOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWPPX	SWYOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	3.62%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	9.60%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	12.11%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	15.58%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.23%	15.44%	+2.79%

SWPPX vs. SWYOX - Expense Ratio Comparison

SWPPX has a 0.02% expense ratio, which is lower than SWYOX's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SWPPX vs. SWYOX - Dividend Comparison

SWPPX's dividend yield for the trailing twelve months is around 0.99%, less than SWYOX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWPPX Schwab S&P 500 Index Fund	0.99%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%
SWYOX Schwab Target 2065 Index Fund	1.65%	1.87%	1.76%	1.82%	1.80%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWPPX and SWYOX in my portfolio?

With a correlation of 0.95, SWPPX and SWYOX 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, SWPPX or SWYOX?

SWYOX has higher volatility (3.62%) compared to SWPPX (2.83%). In terms of maximum drawdown, SWPPX dropped -55.06% vs SWYOX's -26.02%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.52 vs 2.44), 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.