SWSSX vs. SWPPX

Last updated Aug 2, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and SWPPX (Schwab S&P 500 Index Fund) are both mutual funds - SWSSX is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while SWPPX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SWSSX returned 10.73%/yr vs 14.98%/yr for SWPPX. Their correlation of 0.85 means they have usually moved in the same direction. SWSSX charges 0.04%/yr vs 0.02%/yr for SWPPX.

Performance

SWSSX vs. SWPPX - 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 S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWSSX achieves a 19.46% return, which is significantly higher than SWPPX's 9.35% return. Over the past 10 years, SWSSX has underperformed SWPPX with an annualized return of 10.73%, while SWPPX has yielded a comparatively higher 14.98% annualized return.

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%

SWPPX

• 1D: 1.70%
• 1M: -0.52%
• 6M: 7.81%
• YTD: 9.35%
• 1Y: 20.64%
• 3Y*: 19.02%
• 5Y*: 12.67%
• 10Y*: 14.98%
• ALL TIME*: 9.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SWPPX Schwab S&P 500 Index Fund	$0.00	$0.00	$0.00
SWSSX Schwab Small-Cap Index Fund-Select Shares	$0.00	$0.00	$0.00

SWSSX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SWPPX Schwab S&P 500 Index Fund	9.35%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between SWSSX and SWPPX is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998	0.85

The correlation between SWSSX and SWPPX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

SWSSX vs. SWPPX - Sectors Allocation Comparison

Sectors	SWSSX	SWPPX
Healthcare	20.2%	8.9%
Financial Services	17.6%	11.6%
Technology	14.8%	38.5%
Industrials	14.1%	8.4%
Consumer Cyclical	9.2%	9.5%
Real Estate	6.7%	1.8%
Energy	5.4%	3.0%
Basic Materials	4.4%	1.7%
Utilities	2.7%	2.2%
Consumer Defensive	2.6%	4.5%
Communication Services	2.2%	9.9%

Return for Risk

SWSSX vs. SWPPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SWSSX

SWSSX Risk / Return Rank: 79
SWSSX Sharpe Ratio Rank: 76
SWSSX Sortino Ratio Rank: 75
SWSSX Omega Ratio Rank: 69
SWSSX Calmar Ratio Rank: 88
SWSSX Martin Ratio Rank: 87

SWPPX

SWPPX Risk / Return Rank: 63
SWPPX Sharpe Ratio Rank: 61
SWPPX Sortino Ratio Rank: 57
SWPPX Omega Ratio Rank: 58
SWPPX Calmar Ratio Rank: 65
SWPPX Martin Ratio Rank: 76

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. SWPPX - 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 S&P 500 Index Fund (SWPPX). 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	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.42	+0.31
Sortino ratio: Return per unit of downside risk	2.48	1.99	+0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	3.07	2.07	+1.00
Martin ratio: Return relative to average drawdown	10.90	8.85	+2.05

SWSSX vs. SWPPX - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 1.74, which is comparable to the SWPPX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SWSSX and SWPPX, 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. SWPPX - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, which is greater than SWPPX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for SWSSX and SWPPX.

Drawdown Indicators

	SWSSX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-60.34%	-55.06%	-5.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-8.89%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-18.74%	-8.76%
Max Drawdown (5Y) Largest decline over 5 years	-31.93%	-24.51%	-7.42%
Max Drawdown (10Y) Largest decline over 10 years	-41.81%	-33.80%	-8.01%
Current Drawdown Current decline from peak	-2.54%	-2.09%	-0.45%
Average Drawdown Average peak-to-trough decline	-10.67%	-9.90%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.07%	+1.03%

Volatility

SWSSX vs. SWPPX - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a higher volatility of 3.83% compared to Schwab S&P 500 Index Fund (SWPPX) at 3.49%. This indicates that SWSSX's price experiences larger fluctuations and is considered to be riskier than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSSX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	3.49%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	14.14%	10.13%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	12.89%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.56%	17.05%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.07%	18.23%	+5.84%

SWSSX vs. SWPPX - Expense Ratio Comparison

SWSSX has a 0.04% expense ratio, which is higher than SWPPX's 0.02% expense ratio. However, 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. SWPPX - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.08%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%
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

Can I hold both SWSSX and SWPPX in my portfolio?

SWSSX and SWPPX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWSSX or SWPPX?

SWSSX has higher volatility (3.83%) compared to SWPPX (3.49%). In terms of maximum drawdown, SWSSX dropped -60.34% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (1.74 vs 1.42), 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.