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SWSSX vs. VSMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SWSSX vs. VSMAX

Last updated Jun 23, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds - SWSSX tracks the Russell 2000 Index while VSMAX tracks the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, SWSSX returned 11.44%/yr vs 11.47%/yr for VSMAX. With a 0.99 correlation, they move nearly in lockstep. SWSSX charges 0.04%/yr vs 0.05%/yr for VSMAX.

Performance

SWSSX vs. VSMAX - 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 Small-Cap Index Fund Admiral Shares (VSMAX). 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 20.72% return, which is significantly higher than VSMAX's 15.43% return. Both investments have delivered pretty close results over the past 10 years, with SWSSX having a 11.44% annualized return and VSMAX not far ahead at 11.47%.

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%

VSMAX

1D
1.27%
1M
2.62%
YTD
15.43%
6M
12.70%
1Y
29.88%
3Y*
16.29%
5Y*
7.86%
10Y*
11.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SWSSX vs. VSMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		15.43%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%

Correlation

The correlation between SWSSX and VSMAX is 0.97 - 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

0.97

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

0.97

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.99

The correlation between SWSSX and VSMAX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

SWSSX vs. VSMAX - Sectors Allocation Comparison

Sectors
SWSSX
VSMAX

Technology

19.1%
18.8%

Industrials

17.9%
20.7%

Healthcare

16.3%
11.0%

Financial Services

15.5%
11.9%

Consumer Cyclical

7.9%
10.3%

Real Estate

5.9%
7.1%

Energy

5.3%
4.7%

Basic Materials

4.7%
4.7%

Utilities

2.8%
3.1%

Communication Services

2.5%
2.7%

Consumer Defensive

2.2%
3.4%

Technology

SWSSX
19.1%
VSMAX
18.8%

Industrials

SWSSX
17.9%
VSMAX
20.7%

Healthcare

SWSSX
16.3%
VSMAX
11.0%

Financial Services

SWSSX
15.5%
VSMAX
11.9%

Consumer Cyclical

SWSSX
7.9%
VSMAX
10.3%

Real Estate

SWSSX
5.9%
VSMAX
7.1%

Energy

SWSSX
5.3%
VSMAX
4.7%

Basic Materials

SWSSX
4.7%
VSMAX
4.7%

Utilities

SWSSX
2.8%
VSMAX
3.1%

Communication Services

SWSSX
2.5%
VSMAX
2.7%

Consumer Defensive

SWSSX
2.2%
VSMAX
3.4%

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Schwab Small-Cap Index Fund-Select Shares

Vanguard Small-Cap Index Fund Admiral Shares

Often compared with SWSSX:
SWSSX vs. SCHASWSSX vs. SWPPXSWSSX vs. SFSNXSWSSX vs. SWSCXSWSSX vs. VSIAXSWSSX vs. VBRSWSSX vs. PRSVX
Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM

Return for Risk

SWSSX vs. VSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SWSSX
SWSSX Risk / Return Rank: 6969
Overall Rank
SWSSX Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SWSSX Sortino Ratio Rank: 6161
Sortino Ratio Rank
SWSSX Omega Ratio Rank: 5050
Omega Ratio Rank
SWSSX Calmar Ratio Rank: 8686
Calmar Ratio Rank
SWSSX Martin Ratio Rank: 8080
Martin Ratio Rank
VSMAX
VSMAX Risk / Return Rank: 5555
Overall Rank
VSMAX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 4444
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4040
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 7878
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 6868
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. VSMAX - 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 Small-Cap Index Fund Admiral Shares (VSMAX). 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.

SWSSXVSMAXDifference
Sharpe ratioReturn per unit of total volatility
2.18
1.81

+0.38

Sortino ratioReturn per unit of downside risk
2.99
2.57

+0.42

Omega ratioGain probability vs. loss probability

1.36

1.31

+0.04

Calmar ratioReturn relative to maximum drawdown

3.91

3.36

+0.56

Martin ratioReturn relative to average drawdown

13.84

12.34

+1.50

SWSSX vs. VSMAX - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 2.18, which is comparable to the VSMAX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SWSSX and VSMAX, 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. VSMAX - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for SWSSX and VSMAX.

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Drawdown Indicators

SWSSXVSMAXDifference

Max Drawdown

Largest peak-to-trough decline

-60.34%

-59.68%

-0.66%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-8.97%

-2.03%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-25.25%

-2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-31.93%

-28.14%

-3.79%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-41.82%

+0.01%

Current Drawdown

Current decline from peak

0.00%

-0.57%

+0.57%

Average Drawdown

Average peak-to-trough decline

-10.71%

-9.68%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

2.43%

+0.67%

Volatility

SWSSX vs. VSMAX - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a higher volatility of 6.76% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 5.30%. This indicates that SWSSX's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SWSSXVSMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.76%

5.30%

+1.46%

Volatility (6M)

Calculated over the trailing 6-month period

14.36%

12.24%

+2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

19.71%

16.65%

+3.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.68%

20.77%

+1.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.14%

21.59%

+2.55%

SWSSX vs. VSMAX - Expense Ratio Comparison

SWSSX has a 0.04% expense ratio, which is lower than VSMAX's 0.05% 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. VSMAX - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.07%, less than VSMAX's 1.18% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.18%1.33%1.30%1.56%1.54%1.24%1.14%1.39%1.67%1.35%1.49%1.48%

Frequently Asked Questions

With a correlation of 0.97, SWSSX and VSMAX 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 (6.76%) compared to VSMAX (5.30%). In terms of maximum drawdown, SWSSX dropped -60.34% vs VSMAX's -59.68%.

SWSSX currently has the higher Sharpe Ratio (2.18 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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