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SWSSX vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SWSSX vs. IJR

Last updated Jun 4, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds - SWSSX tracks the Russell 2000 Index while IJR tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, SWSSX returned 11.20%/yr vs 10.66%/yr for IJR. With a 0.97 correlation, they move nearly in lockstep. SWSSX charges 0.04%/yr vs 0.06%/yr for IJR.

Performance

SWSSX vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Small-Cap Index Fund-Select Shares (SWSSX) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SWSSX achieves a 18.71% return, which is significantly higher than IJR's 15.38% return. Both investments have delivered pretty close results over the past 10 years, with SWSSX having a 11.20% annualized return and IJR not far behind at 10.66%.

SWSSX

1D
0.92%
1M
5.00%
YTD
18.71%
6M
17.43%
1Y
41.24%
3Y*
18.69%
5Y*
6.65%
10Y*
11.20%

IJR

1D
-0.89%
1M
1.67%
YTD
15.38%
6M
14.25%
1Y
31.54%
3Y*
14.39%
5Y*
5.64%
10Y*
10.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SWSSX vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SWSSX
Schwab Small-Cap Index Fund-Select Shares		18.71%12.88%11.57%17.07%-20.43%14.77%20.12%25.63%-11.19%14.76%
IJR
iShares Core S&P Small-Cap ETF		15.38%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between SWSSX and IJR is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since May 30, 2000

0.97

The correlation between SWSSX and IJR has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

SWSSX vs. IJR - Sectors Allocation Comparison

Sectors
SWSSX
IJR

Industrials

17.7%
15.5%

Technology

17.0%
15.5%

Healthcare

16.5%
11.1%

Financial Services

15.8%
16.8%

Consumer Cyclical

8.4%
13.4%

Real Estate

6.1%
7.6%

Energy

6.1%
5.9%

Basic Materials

4.8%
5.1%

Utilities

2.9%
2.0%

Communication Services

2.4%
3.6%

Consumer Defensive

2.4%
3.5%

Industrials

SWSSX
17.7%
IJR
15.5%

Technology

SWSSX
17.0%
IJR
15.5%

Healthcare

SWSSX
16.5%
IJR
11.1%

Financial Services

SWSSX
15.8%
IJR
16.8%

Consumer Cyclical

SWSSX
8.4%
IJR
13.4%

Real Estate

SWSSX
6.1%
IJR
7.6%

Energy

SWSSX
6.1%
IJR
5.9%

Basic Materials

SWSSX
4.8%
IJR
5.1%

Utilities

SWSSX
2.9%
IJR
2.0%

Communication Services

SWSSX
2.4%
IJR
3.6%

Consumer Defensive

SWSSX
2.4%
IJR
3.5%

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Schwab Small-Cap Index Fund-Select Shares

iShares Core S&P Small-Cap ETF

Often compared with SWSSX:
SWSSX vs. SCHASWSSX vs. SWPPXSWSSX vs. SFSNXSWSSX vs. SWSCXSWSSX vs. VSMAXSWSSX vs. VSIAXSWSSX vs. VBR
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

SWSSX vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SWSSX
SWSSX Risk / Return Rank: 6464
Overall Rank
SWSSX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SWSSX Sortino Ratio Rank: 5555
Sortino Ratio Rank
SWSSX Omega Ratio Rank: 4747
Omega Ratio Rank
SWSSX Calmar Ratio Rank: 8484
Calmar Ratio Rank
SWSSX Martin Ratio Rank: 7474
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 5858
Overall Rank
IJR Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 5454
Sortino Ratio Rank
IJR Omega Ratio Rank: 4949
Omega Ratio Rank
IJR Calmar Ratio Rank: 7171
Calmar Ratio Rank
IJR Martin Ratio Rank: 6565
Martin Ratio Rank
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.

SWSSX vs. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Small-Cap Index Fund-Select Shares (SWSSX) and iShares Core S&P Small-Cap ETF (IJR). 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.

SWSSXIJRDifference
Sharpe ratioReturn per unit of total volatility
2.28
1.81

+0.47

Sortino ratioReturn per unit of downside risk
3.13
2.64

+0.49

Omega ratioGain probability vs. loss probability

1.37

1.31

+0.06

Calmar ratioReturn relative to maximum drawdown

3.97

3.65

+0.32

Martin ratioReturn relative to average drawdown

14.11

12.14

+1.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWSSX vs. IJR - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 2.28, which is comparable to the IJR Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SWSSX and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SWSSXIJRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

1.81

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.26

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.47

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.43

-0.07

Drawdowns

SWSSX vs. IJR - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, roughly equal to the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for SWSSX and IJR.

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Drawdown Indicators

SWSSXIJRDifference

Max Drawdown

Largest peak-to-trough decline

-60.34%

-58.15%

-2.19%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-8.68%

-2.32%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-28.02%

+0.52%

Max Drawdown (5Y)

Largest decline over 5 years

-31.93%

-28.02%

-3.91%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-44.36%

+2.55%

Current Drawdown

Current decline from peak

-0.13%

-0.91%

+0.78%

Average Drawdown

Average peak-to-trough decline

-10.73%

-9.28%

-1.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

2.60%

+0.49%

Volatility

SWSSX vs. IJR - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a higher volatility of 5.61% compared to iShares Core S&P Small-Cap ETF (IJR) at 4.45%. This indicates that SWSSX's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SWSSXIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.61%

4.45%

+1.16%

Volatility (6M)

Calculated over the trailing 6-month period

13.60%

11.65%

+1.95%

Volatility (1Y)

Calculated over the trailing 1-year period

19.15%

17.54%

+1.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.59%

21.41%

+1.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.09%

22.91%

+1.18%

SWSSX vs. IJR - Expense Ratio Comparison

SWSSX has a 0.04% expense ratio, which is lower than IJR's 0.06% 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

SWSSX vs. IJR - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.08%, less than IJR's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.15%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
SWSSX
Schwab Small-Cap Index Fund-Select Shares		1.08%1.29%1.66%1.49%1.32%8.88%2.55%6.12%10.45%5.22%4.10%6.92%

Frequently Asked Questions

With a correlation of 0.93, SWSSX and IJR 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.

SWSSX has higher volatility (5.61%) compared to IJR (4.45%). In terms of maximum drawdown, SWSSX dropped -60.34% vs IJR's -58.15%.

SWSSX currently has the higher Sharpe Ratio (2.28 vs 1.81), 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.

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