SWRSX vs. SWHYX

Last updated Jun 24, 2026

SWRSX (Schwab Treasury Inflation Protected Securities Index Fund) and SWHYX (Schwab Opportunistic Municipal Bond Fund) are both mutual funds - SWRSX is a Inflation-Protected Bonds fund managed by Charles Schwab, while SWHYX is a Municipal Bonds fund managed by Charles Schwab. Over the past 5 years, SWRSX returned 0.94%/yr vs 0.46%/yr for SWHYX. At a 0.40 correlation, their price movements are largely independent. SWRSX charges 0.05%/yr vs 0.50%/yr for SWHYX.

Performance

SWRSX vs. SWHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) and Schwab Opportunistic Municipal Bond Fund (SWHYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWRSX achieves a 0.84% return, which is significantly lower than SWHYX's 2.07% return.

SWRSX

• 1D: -0.38%
• 1M: -0.10%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 3.57%
• 3Y*: 3.65%
• 5Y*: 0.94%
• 10Y*: 2.51%

SWHYX

• 1D: -0.11%
• 1M: 1.79%
• YTD: 2.07%
• 6M: 2.30%
• 1Y: 7.45%
• 3Y*: 3.81%
• 5Y*: 0.46%
• 10Y*: —

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

SWRSX vs. SWHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	0.84%	6.84%	1.95%	3.80%	-12.01%	5.83%	2.42%
SWHYX Schwab Opportunistic Municipal Bond Fund	2.07%	2.98%	1.89%	9.24%	-12.81%	2.49%	2.52%

Correlation

The correlation between SWRSX and SWHYX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020	0.40

The correlation between SWRSX and SWHYX shifts across timeframes, from 0.40 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SWRSX vs. SWHYX — Risk / Return Rank

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

SWRSX

SWRSX Risk / Return Rank: 21
SWRSX Sharpe Ratio Rank: 18
SWRSX Sortino Ratio Rank: 18
SWRSX Omega Ratio Rank: 17
SWRSX Calmar Ratio Rank: 29
SWRSX Martin Ratio Rank: 25

SWHYX

SWHYX Risk / Return Rank: 74
SWHYX Sharpe Ratio Rank: 88
SWHYX Sortino Ratio Rank: 89
SWHYX Omega Ratio Rank: 91
SWHYX Calmar Ratio Rank: 56
SWHYX Martin Ratio Rank: 49

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.

SWRSX vs. SWHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) and Schwab Opportunistic Municipal Bond Fund (SWHYX). 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.

	SWRSX	SWHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.65	-1.53
Sortino ratio: Return per unit of downside risk	1.68	4.00	-2.33
Omega ratio: Gain probability vs. loss probability	1.20	1.64	-0.44
Calmar ratio: Return relative to maximum drawdown	1.88	2.74	-0.85
Martin ratio: Return relative to average drawdown	5.61	9.49	-3.88

SWRSX vs. SWHYX - Sharpe Ratio Comparison

The current SWRSX Sharpe Ratio is 1.12, which is lower than the SWHYX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of SWRSX and SWHYX, 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

SWRSX vs. SWHYX - Drawdown Comparison

The maximum SWRSX drawdown since its inception was -14.29%, smaller than the maximum SWHYX drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for SWRSX and SWHYX.

Drawdown Indicators

	SWRSX	SWHYX	Difference
Max Drawdown Largest peak-to-trough decline	-14.29%	-17.46%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	-1.90%	-2.78%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-4.46%	-7.16%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-17.46%	+3.17%
Max Drawdown (10Y) Largest decline over 10 years	-14.29%	—	—
Current Drawdown Current decline from peak	-0.96%	-0.11%	-0.85%
Average Drawdown Average peak-to-trough decline	-3.72%	-5.08%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.80%	-0.16%

Volatility

SWRSX vs. SWHYX - Volatility Comparison

Schwab Treasury Inflation Protected Securities Index Fund (SWRSX) has a higher volatility of 1.11% compared to Schwab Opportunistic Municipal Bond Fund (SWHYX) at 0.76%. This indicates that SWRSX's price experiences larger fluctuations and is considered to be riskier than SWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWRSX	SWHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.76%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.14%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	2.88%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.02%	4.63%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.37%	4.33%	+1.04%

SWRSX vs. SWHYX - Expense Ratio Comparison

SWRSX has a 0.05% expense ratio, which is lower than SWHYX's 0.50% expense ratio.

Dividends

SWRSX vs. SWHYX - Dividend Comparison

SWRSX's dividend yield for the trailing twelve months is around 3.81%, less than SWHYX's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWHYX Schwab Opportunistic Municipal Bond Fund	4.04%	4.12%	3.79%	6.48%	3.38%	2.46%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%
SWRSX Schwab Treasury Inflation Protected Securities Index Fund	3.81%	4.20%	3.68%	3.11%	7.95%	4.45%	1.33%	2.20%	2.87%	1.75%	1.81%	1.06%

Frequently Asked Questions

Can I hold both SWRSX and SWHYX in my portfolio?

SWRSX and SWHYX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWRSX or SWHYX?

SWRSX has higher volatility (1.11%) compared to SWHYX (0.76%). In terms of maximum drawdown, SWRSX dropped -14.29% vs SWHYX's -17.46%.

Which has better risk-adjusted returns?

SWHYX currently has the higher Sharpe Ratio (2.65 vs 1.12), 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.