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SWSSX vs. SCHA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SWSSX vs. SCHA

Last updated Aug 2, 2026
Documentation

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 10.73%/yr vs 10.65%/yr for SCHA. Their 0.99 correlation means they have historically moved very closely together. 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.

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Returns By Period

In the year-to-date period, SWSSX achieves a 19.46% return, which is significantly higher than SCHA's 18.33% return. Both investments have delivered pretty close results over the past 10 years, with SWSSX having a 10.73% annualized return and SCHA not far behind at 10.65%.

SWSSX

1D
1.36%
1M
-1.63%
6M
13.40%
YTD
19.46%
1Y
37.67%
3Y*
15.35%
5Y*
7.26%
10Y*
10.73%
ALL TIME*
8.56%

SCHA

1D
-0.39%
1M
-3.89%
6M
12.19%
YTD
18.33%
1Y
34.29%
3Y*
15.08%
5Y*
7.26%
10Y*
10.65%
ALL TIME*
12.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SCHA

Schwab U.S. Small-Cap ETF
$74.33M$80.60M$78.60M

SWSSX

Schwab Small-Cap Index Fund-Select Shares
$0.00$0.00$0.00

SWSSX vs. SCHA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SWSSX
Schwab Small-Cap Index Fund-Select Shares		19.46%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		18.33%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 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.96

Correlation (3Y)
Balances recent behavior with more history.

0.98

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.99

Correlation (10Y)
Provides a long-term view across more market conditions.

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 0.96 to 0.99 - a consistent structural relationship.

SWSSX vs. SCHA - Sectors Allocation Comparison

Sectors
SWSSX
SCHA

Healthcare

20.2%
15.8%

Financial Services

17.6%
16.0%

Technology

14.8%
21.0%

Industrials

14.1%
14.6%

Consumer Cyclical

9.2%
9.2%

Real Estate

6.7%
6.5%

Energy

5.4%
4.9%

Basic Materials

4.4%
4.5%

Utilities

2.7%
2.2%

Consumer Defensive

2.6%
2.5%

Communication Services

2.2%
2.5%

Healthcare

SWSSX
20.2%
SCHA
15.8%

Financial Services

SWSSX
17.6%
SCHA
16.0%

Technology

SWSSX
14.8%
SCHA
21.0%

Industrials

SWSSX
14.1%
SCHA
14.6%

Consumer Cyclical

SWSSX
9.2%
SCHA
9.2%

Real Estate

SWSSX
6.7%
SCHA
6.5%

Energy

SWSSX
5.4%
SCHA
4.9%

Basic Materials

SWSSX
4.4%
SCHA
4.5%

Utilities

SWSSX
2.7%
SCHA
2.2%

Consumer Defensive

SWSSX
2.6%
SCHA
2.5%

Communication Services

SWSSX
2.2%
SCHA
2.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Schwab Small-Cap Index Fund-Select Shares

Schwab U.S. Small-Cap ETF

Often compared with SWSSX:
SWSSX vs. SWPPXSWSSX vs. SFSNXSWSSX vs. SWSCXSWSSX vs. VSMAXSWSSX vs. VSIAXSWSSX vs. VBRSWSSX vs. PRSVX
Often compared with SCHA:
SCHA vs. VBSCHA vs. AVUVSCHA vs. IJRSCHA vs. SCHDSCHA vs. SCHMSCHA vs. SCHBSCHA vs. SCHX

Return for Risk

SWSSX vs. SCHA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SWSSX
SWSSX Risk / Return Rank: 7979
Overall Rank
SWSSX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SWSSX Sortino Ratio Rank: 7575
Sortino Ratio Rank
SWSSX Omega Ratio Rank: 6969
Omega Ratio Rank
SWSSX Calmar Ratio Rank: 8888
Calmar Ratio Rank
SWSSX Martin Ratio Rank: 8787
Martin Ratio Rank
SCHA
SCHA Risk / Return Rank: 7777
Overall Rank
SCHA Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SCHA Sortino Ratio Rank: 7676
Sortino Ratio Rank
SCHA Omega Ratio Rank: 6868
Omega Ratio Rank
SCHA Calmar Ratio Rank: 8686
Calmar Ratio Rank
SCHA Martin Ratio Rank: 8282
Martin Ratio Rank
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.

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.

SWSSXSCHADifference
Sharpe ratioReturn per unit of total volatility
1.74
1.66

+0.08

Sortino ratioReturn per unit of downside risk
2.48
2.43

+0.06

Omega ratioGain probability vs. loss probability

1.29

1.28

+0.01

Calmar ratioReturn relative to maximum drawdown

3.07

3.37

-0.30

Martin ratioReturn relative to average drawdown

10.90

10.77

+0.13

SWSSX vs. SCHA - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 1.74, which is comparable to the SCHA Sharpe Ratio of 1.66. 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.

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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.

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Drawdown Indicators

SWSSXSCHADifference

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

-2.54%

-7.11%

+4.57%

Average Drawdown

Average peak-to-trough decline

-10.67%

-7.54%

-3.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

2.97%

+0.13%

Volatility

SWSSX vs. SCHA - Volatility Comparison

The current volatility for Schwab Small-Cap Index Fund-Select Shares (SWSSX) is 3.83%, while Schwab U.S. Small-Cap ETF (SCHA) has a volatility of 5.74%. This indicates that SWSSX experiences smaller price fluctuations and is considered to be less risky than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SWSSXSCHADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.83%

5.74%

-1.91%

Volatility (6M)

Calculated over the trailing 6-month period

14.14%

14.70%

-0.56%

Volatility (1Y)

Calculated over the trailing 1-year period

19.42%

19.29%

+0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.56%

22.06%

+0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.07%

22.77%

+1.30%

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 1.08%, which matches SCHA's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHA
Schwab U.S. Small-Cap ETF		1.07%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		1.08%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 0.96, 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.

SCHA has higher volatility (5.74%) compared to SWSSX (3.83%). In terms of maximum drawdown, SWSSX dropped -60.34% vs SCHA's -42.41%.

SWSSX currently has the higher Sharpe Ratio (1.74 vs 1.66), 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.

Portfolio Optimizer

Find the right allocation for SWSSX and SCHA

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