SWSCX vs. SCHA

Last updated Jun 4, 2026

SWSCX (Schwab Small-Cap Equity Fund™) and SCHA (Schwab U.S. Small-Cap ETF) are both funds - SWSCX is a Small Cap Blend Equities fund managed by Charles Schwab, while SCHA is a Small Cap Growth Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Total Return Index. Over the past 10 years, SWSCX returned 10.49%/yr vs 11.13%/yr for SCHA. With a 0.98 correlation, they move nearly in lockstep. SWSCX charges 1.08%/yr vs 0.04%/yr for SCHA.

Performance

SWSCX vs. SCHA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Small-Cap Equity Fund™ (SWSCX) and Schwab U.S. Small-Cap ETF (SCHA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SWSCX having a 18.95% return and SCHA slightly higher at 19.79%. Over the past 10 years, SWSCX has underperformed SCHA with an annualized return of 10.49%, while SCHA has yielded a comparatively higher 11.13% annualized return.

SWSCX

• 1D: 1.03%
• 1M: 4.58%
• YTD: 18.95%
• 6M: 9.41%
• 1Y: 32.07%
• 3Y*: 16.51%
• 5Y*: 8.38%
• 10Y*: 10.49%

SCHA

• 1D: -0.58%
• 1M: 4.77%
• YTD: 19.79%
• 6M: 19.32%
• 1Y: 40.27%
• 3Y*: 18.92%
• 5Y*: 7.13%
• 10Y*: 11.13%

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

SWSCX vs. SCHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWSCX Schwab Small-Cap Equity Fund™	18.95%	5.66%	9.89%	19.90%	-14.12%	29.29%	7.63%	17.89%	-12.47%	10.04%
SCHA Schwab U.S. Small-Cap ETF	19.79%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%

Correlation

The correlation between SWSCX and SCHA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 4, 2009	0.98

The correlation between SWSCX and SCHA has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

SWSCX vs. SCHA — Risk / Return Rank

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

SWSCX

SWSCX Risk / Return Rank: 35
SWSCX Sharpe Ratio Rank: 33
SWSCX Sortino Ratio Rank: 26
SWSCX Omega Ratio Rank: 34
SWSCX Calmar Ratio Rank: 50
SWSCX Martin Ratio Rank: 32

SCHA

SCHA Risk / Return Rank: 71
SCHA Sharpe Ratio Rank: 66
SCHA Sortino Ratio Rank: 67
SCHA Omega Ratio Rank: 60
SCHA Calmar Ratio Rank: 81
SCHA Martin Ratio Rank: 79

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.

SWSCX vs. SCHA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Small-Cap Equity Fund™ (SWSCX) and Schwab U.S. Small-Cap ETF (SCHA). 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.

	SWSCX	SCHA	Difference
Sharpe ratio Return per unit of total volatility	1.64	2.25	-0.62
Sortino ratio Return per unit of downside risk	2.13	3.16	-1.03
Omega ratio Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio Return relative to maximum drawdown	2.69	4.26	-1.57
Martin ratio Return relative to average drawdown	7.44	15.66	-8.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWSCX vs. SCHA - Sharpe Ratio Comparison

The current SWSCX Sharpe Ratio is 1.64, which is comparable to the SCHA Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of SWSCX and SCHA, 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

	SWSCX	SCHA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.25	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.33	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.49	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.57	-0.15

Drawdowns

SWSCX vs. SCHA - Drawdown Comparison

The maximum SWSCX drawdown since its inception was -63.30%, which is greater than SCHA's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SWSCX and SCHA.

Drawdown Indicators

	SWSCX	SCHA	Difference
Max Drawdown Largest peak-to-trough decline	-63.30%	-42.41%	-20.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-9.50%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-27.29%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.35%	-30.79%	+3.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-42.41%	-6.91%
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-10.60%	-7.58%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.59%	2.58%	+2.01%

Volatility

SWSCX vs. SCHA - Volatility Comparison

Schwab Small-Cap Equity Fund™ (SWSCX) has a higher volatility of 5.61% compared to Schwab U.S. Small-Cap ETF (SCHA) at 5.08%. This indicates that SWSCX's price experiences larger fluctuations and is considered to be riskier than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSCX	SCHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.08%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	16.40%	12.83%	+3.57%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	18.01%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	21.93%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.59%	22.71%	+0.88%

SWSCX vs. SCHA - Expense Ratio Comparison

SWSCX has a 1.08% expense ratio, which is higher than SCHA's 0.04% expense ratio.

Dividends

SWSCX vs. SCHA - Dividend Comparison

SWSCX has not paid dividends to shareholders, while SCHA's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHA Schwab U.S. Small-Cap ETF	1.00%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%
SWSCX Schwab Small-Cap Equity Fund™	0.00%	0.00%	14.10%	0.36%	10.14%	12.07%	0.19%	0.11%	26.16%	14.46%	0.41%	14.47%

Frequently Asked Questions

Can I hold both SWSCX and SCHA in my portfolio?

With a correlation of 0.96, SWSCX and SCHA 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, SWSCX or SCHA?

SWSCX has higher volatility (5.61%) compared to SCHA (5.08%). In terms of maximum drawdown, SWSCX dropped -63.30% vs SCHA's -42.41%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.25 vs 1.64), 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.