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SWSSX vs. VTMSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SWSSX vs. VTMSX

Last updated Aug 5, 2026
Documentation

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both Small Cap Blend Equities funds - SWSSX tracks the Russell 2000 Index while VTMSX tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, SWSSX returned 10.76%/yr vs 10.87%/yr for VTMSX. Their 0.98 correlation means they have historically moved very closely together. SWSSX charges 0.04%/yr vs 0.05%/yr for VTMSX.

Performance

SWSSX vs. VTMSX - 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 Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). 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 20.94% return, which is significantly lower than VTMSX's 23.81% return. Both investments have delivered pretty close results over the past 10 years, with SWSSX having a 10.76% annualized return and VTMSX not far ahead at 10.87%.

SWSSX

1D
1.73%
1M
-0.41%
6M
13.29%
YTD
20.94%
1Y
36.49%
3Y*
16.70%
5Y*
7.82%
10Y*
10.76%
ALL TIME*
8.61%

VTMSX

1D
1.64%
1M
0.97%
6M
15.98%
YTD
23.81%
1Y
36.05%
3Y*
14.55%
5Y*
8.16%
10Y*
10.87%
ALL TIME*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

SWSSX

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

VTMSX

Vanguard Tax-Managed Small-Cap Fund Admiral Shares
$0.00$0.00$0.00

SWSSX vs. VTMSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SWSSX
Schwab Small-Cap Index Fund-Select Shares		20.94%12.88%11.57%17.07%-20.43%14.77%20.12%25.63%-11.19%14.76%
VTMSX
Vanguard Tax-Managed Small-Cap Fund Admiral Shares		23.81%5.93%8.61%15.95%-16.16%27.08%11.05%23.28%-8.62%13.05%

Correlation

The correlation between SWSSX and VTMSX is 0.92, meaning they have usually moved in the same direction, including during past declines.

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

0.92

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

0.96

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

0.97

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

0.96

Correlation (All Time)
Calculated using the full available price history since Mar 25, 1999

0.98

The correlation between SWSSX and VTMSX has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

SWSSX vs. VTMSX - Sectors Allocation Comparison

Sectors
SWSSX
VTMSX

Healthcare

20.2%
12.2%

Financial Services

17.6%
17.1%

Technology

14.8%
15.5%

Industrials

14.1%
15.6%

Consumer Cyclical

9.2%
13.4%

Real Estate

6.7%
7.6%

Energy

5.4%
4.9%

Basic Materials

4.4%
4.8%

Utilities

2.7%
1.7%

Consumer Defensive

2.6%
4.0%

Communication Services

2.2%
3.2%

Healthcare

SWSSX
20.2%
VTMSX
12.2%

Financial Services

SWSSX
17.6%
VTMSX
17.1%

Technology

SWSSX
14.8%
VTMSX
15.5%

Industrials

SWSSX
14.1%
VTMSX
15.6%

Consumer Cyclical

SWSSX
9.2%
VTMSX
13.4%

Real Estate

SWSSX
6.7%
VTMSX
7.6%

Energy

SWSSX
5.4%
VTMSX
4.9%

Basic Materials

SWSSX
4.4%
VTMSX
4.8%

Utilities

SWSSX
2.7%
VTMSX
1.7%

Consumer Defensive

SWSSX
2.6%
VTMSX
4.0%

Communication Services

SWSSX
2.2%
VTMSX
3.2%

Compare stocks, funds, or ETFs

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Schwab Small-Cap Index Fund-Select Shares

Vanguard Tax-Managed Small-Cap Fund Admiral Shares

Often compared with SWSSX:
SWSSX vs. SCHASWSSX vs. SWPPXSWSSX vs. SFSNXSWSSX vs. SWSCXSWSSX vs. VSMAXSWSSX vs. VSIAXSWSSX vs. VBR
Often compared with VTMSX:
VTMSX vs. VSMAXVTMSX vs. VTCLXVTMSX vs. AVUVVTMSX vs. VFIAXVTMSX vs. ^SP600VTMSX vs. FSMDXVTMSX vs. FNDA

Return for Risk

SWSSX vs. VTMSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SWSSX
SWSSX Risk / Return Rank: 8484
Overall Rank
SWSSX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SWSSX Sortino Ratio Rank: 8181
Sortino Ratio Rank
SWSSX Omega Ratio Rank: 7373
Omega Ratio Rank
SWSSX Calmar Ratio Rank: 9090
Calmar Ratio Rank
SWSSX Martin Ratio Rank: 9090
Martin Ratio Rank
VTMSX
VTMSX Risk / Return Rank: 8989
Overall Rank
VTMSX Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
VTMSX Sortino Ratio Rank: 8888
Sortino Ratio Rank
VTMSX Omega Ratio Rank: 8181
Omega Ratio Rank
VTMSX Calmar Ratio Rank: 9595
Calmar Ratio Rank
VTMSX Martin Ratio Rank: 9494
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. VTMSX - 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 Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). 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.

SWSSXVTMSXDifference
Sharpe ratioReturn per unit of total volatility
2.05
2.22

-0.17

Sortino ratioReturn per unit of downside risk
2.87
3.23

-0.36

Omega ratioGain probability vs. loss probability

1.34

1.38

-0.04

Calmar ratioReturn relative to maximum drawdown

3.60

4.47

-0.88

Martin ratioReturn relative to average drawdown

12.75

15.22

-2.47

SWSSX vs. VTMSX - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 2.05, which is comparable to the VTMSX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SWSSX and VTMSX, 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. VTMSX - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, roughly equal to the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for SWSSX and VTMSX.

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Drawdown Indicators

SWSSXVTMSXDifference

Max Drawdown

Largest peak-to-trough decline

-60.34%

-57.84%

-2.50%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

-8.59%

-2.41%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-27.93%

+0.43%

Max Drawdown (5Y)

Largest decline over 5 years

-31.93%

-27.93%

-4.00%

Max Drawdown (10Y)

Largest decline over 10 years

-41.81%

-43.88%

+2.07%

Current Drawdown

Current decline from peak

-1.33%

-0.31%

-1.02%

Average Drawdown

Average peak-to-trough decline

-10.67%

-8.88%

-1.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

2.52%

+0.58%

Volatility

SWSSX vs. VTMSX - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a higher volatility of 4.22% compared to Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) at 3.76%. This indicates that SWSSX's price experiences larger fluctuations and is considered to be riskier than VTMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SWSSXVTMSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.22%

3.76%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

14.15%

11.72%

+2.43%

Volatility (1Y)

Calculated over the trailing 1-year period

19.38%

17.35%

+2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.57%

21.33%

+1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.08%

23.08%

+1.00%

SWSSX vs. VTMSX - Expense Ratio Comparison

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

SWSSX's dividend yield for the trailing twelve months is around 1.06%, less than VTMSX's 1.18% yield.

PositionTTM20252024202320222021202020192018201720162015
SWSSX
Schwab Small-Cap Index Fund-Select Shares		1.06%1.29%1.66%1.49%1.32%8.88%2.55%6.12%10.45%5.22%4.10%6.92%
VTMSX
Vanguard Tax-Managed Small-Cap Fund Admiral Shares		1.18%1.28%1.44%1.50%1.51%1.16%1.09%1.15%1.26%1.11%1.01%1.26%

Frequently Asked Questions

With a correlation of 0.92, SWSSX and VTMSX 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 (4.22%) compared to VTMSX (3.76%). In terms of maximum drawdown, SWSSX dropped -60.34% vs VTMSX's -57.84%.

VTMSX currently has the higher Sharpe Ratio (2.22 vs 2.05), 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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