SWSSX vs. WMICX

Last updated Jun 4, 2026

SWSSX (Schwab Small-Cap Index Fund-Select Shares) and WMICX (Wasatch Micro Cap Fund) are both mutual funds - SWSSX is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while WMICX is a Small Cap Growth Equities fund managed by Wasatch. Over the past 10 years, SWSSX returned 11.20%/yr vs 14.39%/yr for WMICX. Their correlation of 0.90 suggests significant overlap in exposure. SWSSX charges 0.04%/yr vs 1.63%/yr for WMICX.

Performance

SWSSX vs. WMICX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Wasatch Micro Cap Fund (WMICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWSSX achieves a 18.71% return, which is significantly higher than WMICX's 13.73% return. Over the past 10 years, SWSSX has underperformed WMICX with an annualized return of 11.20%, while WMICX has yielded a comparatively higher 14.39% annualized return.

SWSSX

• 1D: 0.92%
• 1M: 5.00%
• YTD: 18.71%
• 6M: 17.43%
• 1Y: 41.24%
• 3Y*: 18.69%
• 5Y*: 6.65%
• 10Y*: 11.20%

WMICX

• 1D: 0.31%
• 1M: 4.67%
• YTD: 13.73%
• 6M: 13.59%
• 1Y: 29.57%
• 3Y*: 16.04%
• 5Y*: -0.29%
• 10Y*: 14.39%

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

SWSSX vs. WMICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.71%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%
WMICX Wasatch Micro Cap Fund	13.73%	4.84%	20.91%	22.58%	-40.64%	4.51%	64.84%	42.31%	1.73%	36.17%

Correlation

The correlation between SWSSX and WMICX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.90

The correlation between SWSSX and WMICX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

SWSSX vs. WMICX — Risk / Return Rank

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

SWSSX

SWSSX Risk / Return Rank: 64
SWSSX Sharpe Ratio Rank: 60
SWSSX Sortino Ratio Rank: 55
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX Martin Ratio Rank: 74

WMICX

WMICX Risk / Return Rank: 32
WMICX Sharpe Ratio Rank: 32
WMICX Sortino Ratio Rank: 33
WMICX Omega Ratio Rank: 27
WMICX Calmar Ratio Rank: 34
WMICX Martin Ratio Rank: 34

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. WMICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Wasatch Micro Cap Fund (WMICX). 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.

	SWSSX	WMICX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.63	+0.65
Sortino ratio: Return per unit of downside risk	3.13	2.39	+0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	3.97	2.21	+1.76
Martin ratio: Return relative to average drawdown	14.11	7.63	+6.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWSSX vs. WMICX - Sharpe Ratio Comparison

The current SWSSX Sharpe Ratio is 2.28, which is higher than the WMICX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SWSSX and WMICX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SWSSX	WMICX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	1.63	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	-0.01	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.59	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.66	-0.29

Drawdowns

SWSSX vs. WMICX - Drawdown Comparison

The maximum SWSSX drawdown since its inception was -60.34%, smaller than the maximum WMICX drawdown of -65.21%. Use the drawdown chart below to compare losses from any high point for SWSSX and WMICX.

Drawdown Indicators

	SWSSX	WMICX	Difference
Max Drawdown Largest peak-to-trough decline	-60.34%	-65.21%	+4.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-14.32%	+3.32%
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	-29.44%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-31.93%	-48.70%	+16.77%
Max Drawdown (10Y) Largest decline over 10 years	-41.81%	-50.96%	+9.15%
Current Drawdown Current decline from peak	-0.13%	-10.45%	+10.32%
Average Drawdown Average peak-to-trough decline	-10.73%	-13.34%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	4.13%	-1.04%

Volatility

SWSSX vs. WMICX - Volatility Comparison

Schwab Small-Cap Index Fund-Select Shares (SWSSX) and Wasatch Micro Cap Fund (WMICX) have volatilities of 5.61% and 5.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWSSX	WMICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.59%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	13.74%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	19.15%	19.39%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	24.49%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.09%	24.37%	-0.28%

SWSSX vs. WMICX - Expense Ratio Comparison

SWSSX has a 0.04% expense ratio, which is lower than WMICX's 1.63% expense ratio.

Dividends

SWSSX vs. WMICX - Dividend Comparison

SWSSX's dividend yield for the trailing twelve months is around 1.08%, while WMICX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WMICX Wasatch Micro Cap Fund	0.00%	0.00%	0.00%	0.00%	0.00%	30.82%	5.68%	11.40%	29.75%	15.30%	9.30%	16.58%

Frequently Asked Questions

Can I hold both SWSSX and WMICX in my portfolio?

SWSSX and WMICX have a correlation of 0.87, 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 WMICX?

SWSSX has higher volatility (5.61%) compared to WMICX (5.59%). In terms of maximum drawdown, SWSSX dropped -60.34% vs WMICX's -65.21%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.28 vs 1.63), 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.