SWPRX vs. SPY

Last updated Aug 5, 2026

SWPRX (Schwab Target 2060 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SWPRX is a Target Retirement Date fund managed by Charles Schwab, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, SWPRX returned 8.98%/yr vs 13.31%/yr for SPY. Their correlation of 0.94 means they have usually moved in the same direction. SWPRX charges 0.00%/yr vs 0.09%/yr for SPY.

Performance

SWPRX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2060 Fund (SWPRX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWPRX achieves a 11.75% return, which is significantly lower than SPY's 13.71% return.

SWPRX

• 1D: 1.10%
• 1M: 1.00%
• 6M: 7.92%
• YTD: 11.75%
• 1Y: 22.16%
• 3Y*: 17.75%
• 5Y*: 8.98%
• 10Y*: —
• ALL TIME*: 11.25%

SPY

• 1D: 1.80%
• 1M: 3.56%
• 6M: 12.46%
• YTD: 13.71%
• 1Y: 23.56%
• 3Y*: 21.46%
• 5Y*: 13.31%
• 10Y*: 15.29%
• ALL TIME*: 10.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$40.91B	$36.93B	$39.82B
SWPRX Schwab Target 2060 Fund	$0.00	$0.00	$0.00

SWPRX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWPRX Schwab Target 2060 Fund	11.75%	20.66%	14.28%	21.13%	-20.24%	18.59%	15.58%	25.05%	-10.61%	21.77%
SPY State Street SPDR S&P 500 ETF	13.71%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SWPRX and SPY is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.94

The correlation between SWPRX and SPY has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

SWPRX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SWPRX

SWPRX Risk / Return Rank: 73
SWPRX Sharpe Ratio Rank: 74
SWPRX Sortino Ratio Rank: 69
SWPRX Omega Ratio Rank: 70
SWPRX Calmar Ratio Rank: 72
SWPRX Martin Ratio Rank: 80

SPY

SPY Risk / Return Rank: 72
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 70
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SWPRX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2060 Fund (SWPRX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SWPRX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.84	-0.02
Sortino ratio: Return per unit of downside risk	2.52	2.54	-0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.51	2.66	-0.15
Martin ratio: Return relative to average drawdown	10.64	11.36	-0.72

SWPRX vs. SPY - Sharpe Ratio Comparison

The current SWPRX Sharpe Ratio is 1.82, which is comparable to the SPY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of SWPRX and SPY, 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

SWPRX vs. SPY - Drawdown Comparison

The maximum SWPRX drawdown since its inception was -32.94%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SWPRX and SPY.

Drawdown Indicators

	SWPRX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.94%	-55.19%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-8.88%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.77%	-18.76%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-30.97%	-24.50%	-6.47%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-6.36%	-9.01%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.08%	+0.17%

Volatility

SWPRX vs. SPY - Volatility Comparison

The current volatility for Schwab Target 2060 Fund (SWPRX) is 3.87%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.13%. This indicates that SWPRX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWPRX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.13%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.99%	10.36%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	12.96%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	17.21%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	17.97%	-1.18%

SWPRX vs. SPY - Expense Ratio Comparison

SWPRX has a 0.00% expense ratio, which is lower than SPY's 0.09% 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

SWPRX vs. SPY - Dividend Comparison

SWPRX's dividend yield for the trailing twelve months is around 3.37%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SWPRX Schwab Target 2060 Fund	3.37%	3.76%	3.11%	3.30%	6.08%	4.64%	1.79%	4.29%	5.07%	2.55%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWPRX and SPY in my portfolio?

With a correlation of 0.94, SWPRX and SPY 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, SWPRX or SPY?

SPY has higher volatility (4.13%) compared to SWPRX (3.87%). In terms of maximum drawdown, SWPRX dropped -32.94% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.84 vs 1.82), 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.