SWSSX vs. VOOG

Last updated Jun 13, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and VOOG (Vanguard S&P 500 Growth ETF) are both funds - SWSSX is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, SWSSX returned 11.28%/yr vs 17.86%/yr for VOOG. A 0.75 correlation means they provide meaningful diversification when combined. SWSSX charges 0.04%/yr vs 0.07%/yr for VOOG.

Performance

SWSSX vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Vanguard S&P 500 Growth ETF (VOOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWSSX achieves a 18.28% return, which is significantly higher than VOOG's 9.67% return. Over the past 10 years, SWSSX has underperformed VOOG with an annualized return of 11.28%, while VOOG has yielded a comparatively higher 17.86% annualized return.

SWSSX

• 1D: 3.02%
• 1M: 2.82%
• YTD: 18.28%
• 6M: 15.19%
• 1Y: 38.25%
• 3Y*: 17.64%
• 5Y*: 6.05%
• 10Y*: 11.28%

VOOG

• 1D: 0.38%
• 1M: -1.66%
• YTD: 9.67%
• 6M: 10.61%
• 1Y: 27.55%
• 3Y*: 25.78%
• 5Y*: 14.86%
• 10Y*: 17.86%

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

SWSSX vs. VOOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.28%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%
VOOG Vanguard S&P 500 Growth ETF	9.67%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%

Correlation

The correlation between SWSSX and VOOG is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.75

The correlation between SWSSX and VOOG shifts across timeframes, from 0.65 (3 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

SWSSX vs. VOOG - Sectors Allocation Comparison

Sectors	SWSSX	VOOG
Industrials	17.7%	6.2%
Technology	17.0%	49.4%
Healthcare	16.5%	5.8%
Financial Services	15.8%	8.8%
Consumer Cyclical	8.4%	9.4%
Real Estate	6.1%	0.6%
Energy	6.1%	0.1%
Basic Materials	4.8%	0.4%
Utilities	2.9%	0.4%
Communication Services	2.4%	18.0%
Consumer Defensive	2.4%	1.0%

Return for Risk

SWSSX vs. VOOG — Risk / Return Rank

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

SWSSX

SWSSX Risk / Return Rank: 72
SWSSX Sharpe Ratio Rank: 69
SWSSX Sortino Ratio Rank: 67
SWSSX Omega Ratio Rank: 56
SWSSX Calmar Ratio Rank: 86
SWSSX Martin Ratio Rank: 82

VOOG

VOOG Risk / Return Rank: 52
VOOG Sharpe Ratio Rank: 57
VOOG Sortino Ratio Rank: 53
VOOG Omega Ratio Rank: 53
VOOG Calmar Ratio Rank: 46
VOOG Martin Ratio Rank: 53

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. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Vanguard S&P 500 Growth ETF (VOOG). 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	VOOG	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.67	+0.26
Sortino ratio: Return per unit of downside risk	2.67	2.26	+0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.45	2.02	+1.43
Martin ratio: Return relative to average drawdown	12.17	8.11	+4.06

SWSSX vs. VOOG - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 1.92, which is comparable to the VOOG Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of SWSSX and VOOG, 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. VOOG - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for SWSSX and VOOG.

Drawdown Indicators

	SWSSX	VOOG	Difference
Max Drawdown Largest peak-to-trough decline	-60.34%	-32.73%	-27.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-13.71%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-22.18%	-5.32%
Max Drawdown (5Y) Largest decline over 5 years	-31.93%	-32.73%	+0.80%
Max Drawdown (10Y) Largest decline over 10 years	-41.81%	-32.73%	-9.08%
Current Drawdown Current decline from peak	-0.49%	-4.65%	+4.16%
Average Drawdown Average peak-to-trough decline	-10.72%	-4.97%	-5.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	3.40%	-0.29%

Volatility

SWSSX vs. VOOG - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a higher volatility of 7.06% compared to Vanguard S&P 500 Growth ETF (VOOG) at 6.29%. This indicates that SWSSX's price experiences larger fluctuations and is considered to be riskier than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSSX	VOOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	6.29%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	13.43%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.72%	16.60%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.68%	21.29%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.13%	20.78%	+3.35%

SWSSX vs. VOOG - Expense Ratio Comparison

SWSSX has a 0.04% expense ratio, which is lower than VOOG's 0.07% 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. VOOG - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.09%, more than VOOG's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.09%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%
VOOG Vanguard S&P 500 Growth ETF	0.45%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both SWSSX and VOOG in my portfolio?

SWSSX and VOOG have a correlation of 0.67, 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 VOOG?

SWSSX has higher volatility (7.06%) compared to VOOG (6.29%). In terms of maximum drawdown, SWSSX dropped -60.34% vs VOOG's -32.73%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (1.92 vs 1.67), 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.