SWSSX vs. SCHA

Last updated Jun 23, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and SCHA (Schwab U.S. Small-Cap ETF) are both Small Cap Blend Equities funds from Charles Schwab - SWSSX tracks the Russell 2000 Index while SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. Both are passively managed. Over the past 10 years, SWSSX returned 11.44%/yr vs 11.91%/yr for SCHA. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.04% expense ratio.

Performance

SWSSX vs. SCHA - Performance Comparison

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

Returns By Period

In the year-to-date period, SWSSX achieves a 20.72% return, which is significantly lower than SCHA's 24.67% return. Both investments have delivered pretty close results over the past 10 years, with SWSSX having a 11.44% annualized return and SCHA not far ahead at 11.91%.

SWSSX

• 1D: 2.10%
• 1M: 3.96%
• YTD: 20.72%
• 6M: 17.16%
• 1Y: 43.08%
• 3Y*: 18.36%
• 5Y*: 7.40%
• 10Y*: 11.44%

SCHA

• 1D: 0.77%
• 1M: 6.39%
• YTD: 24.67%
• 6M: 21.39%
• 1Y: 45.75%
• 3Y*: 20.54%
• 5Y*: 7.90%
• 10Y*: 11.91%

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

SWSSX vs. SCHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWSSX Schwab Small-Cap Index Fund-Select Shares	20.72%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%
SCHA Schwab U.S. Small-Cap ETF	24.67%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%

Correlation

The correlation between SWSSX and SCHA is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.99

The correlation between SWSSX and SCHA has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SWSSX vs. SCHA - Sectors Allocation Comparison

Sectors	SWSSX	SCHA
Technology	19.1%	24.3%
Industrials	17.9%	15.4%
Healthcare	16.3%	13.8%
Financial Services	15.5%	15.4%
Consumer Cyclical	7.9%	9.2%
Real Estate	5.9%	5.8%
Energy	5.3%	4.8%
Basic Materials	4.7%	4.1%
Utilities	2.8%	2.1%
Communication Services	2.5%	2.3%
Consumer Defensive	2.2%	2.5%

Return for Risk

SWSSX vs. SCHA — Risk / Return Rank

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

SWSSX

SWSSX Risk / Return Rank: 69
SWSSX Sharpe Ratio Rank: 66
SWSSX Sortino Ratio Rank: 61
SWSSX Omega Ratio Rank: 50
SWSSX Calmar Ratio Rank: 86
SWSSX Martin Ratio Rank: 80

SCHA

SCHA Risk / Return Rank: 81
SCHA Sharpe Ratio Rank: 80
SCHA Sortino Ratio Rank: 80
SCHA Omega Ratio Rank: 72
SCHA Calmar Ratio Rank: 87
SCHA Martin Ratio Rank: 87

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. SCHA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Small-Cap Index Fund-Select Shares (SWSSX) 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.

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.

	SWSSX	SCHA	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.46	-0.28
Sortino ratio: Return per unit of downside risk	2.99	3.38	-0.39
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.91	4.84	-0.93
Martin ratio: Return relative to average drawdown	13.84	17.72	-3.88

SWSSX vs. SCHA - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 2.18, which is comparable to the SCHA Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of SWSSX 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.

Drawdowns

SWSSX vs. SCHA - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, which is greater than SCHA's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SWSSX and SCHA.

Drawdown Indicators

	SWSSX	SCHA	Difference
Max Drawdown Largest peak-to-trough decline	-60.34%	-42.41%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-9.50%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-27.29%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-31.93%	-30.79%	-1.14%
Max Drawdown (10Y) Largest decline over 10 years	-41.81%	-42.41%	+0.60%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.71%	-7.56%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.59%	+0.51%

Volatility

SWSSX vs. SCHA - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Schwab U.S. Small-Cap ETF (SCHA) have volatilities of 6.76% and 6.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSSX	SCHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.76%	6.45%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	14.36%	13.80%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.71%	18.71%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.68%	22.03%	+0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.14%	22.78%	+1.36%

SWSSX vs. SCHA - Expense Ratio Comparison

Both SWSSX and SCHA have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SWSSX vs. SCHA - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.07%, more than SCHA's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHA Schwab U.S. Small-Cap ETF	0.96%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.07%	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

Can I hold both SWSSX and SCHA in my portfolio?

With a correlation of 0.98, SWSSX 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, SWSSX or SCHA?

SWSSX has higher volatility (6.76%) compared to SCHA (6.45%). In terms of maximum drawdown, SWSSX dropped -60.34% vs SCHA's -42.41%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.46 vs 2.18), 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.