SWVXX vs. PMMF
SWVXX (Schwab Prime Advantage Money Fund Investor Shares) and PMMF (iShares Prime Money Market ETF) are both Money Market funds. Both are actively managed. Over the past year, SWVXX returned 3.85% vs 4.00% for PMMF. At a 0.01 correlation, their price movements are largely independent. SWVXX charges 0.34%/yr vs 0.20%/yr for PMMF.
Performance
SWVXX vs. PMMF - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SWVXX having a 1.45% return and PMMF slightly higher at 1.52%.
SWVXX
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.45%
- 6M
- 1.77%
- 1Y
- 3.85%
- 3Y*
- 4.71%
- 5Y*
- 3.14%
- 10Y*
- —
PMMF
- 1D
- 0.01%
- 1M
- 0.30%
- YTD
- 1.52%
- 6M
- 1.82%
- 1Y
- 4.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SWVXX vs. PMMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SWVXX Schwab Prime Advantage Money Fund Investor Shares | 1.45% | 3.76% |
PMMF iShares Prime Money Market ETF | 1.52% | 3.85% |
Correlation
The correlation between SWVXX and PMMF is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025 | 0.01 |
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Return for Risk
SWVXX vs. PMMF — Risk / Return Rank
SWVXX
PMMF
SWVXX vs. PMMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Prime Advantage Money Fund Investor Shares (SWVXX) and iShares Prime Money Market ETF (PMMF). 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.
| SWVXX | PMMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.01 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 38.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 161.17 | — |
| Martin ratioReturn relative to average drawdown | — | 1,488.23 | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SWVXX | PMMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.71 | 19.72 | -16.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.95 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.94 | 11.97 | -9.03 |
Drawdowns
SWVXX vs. PMMF - Drawdown Comparison
The maximum SWVXX drawdown since its inception was 0.00%, smaller than the maximum PMMF drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for SWVXX and PMMF.
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Drawdown Indicators
| SWVXX | PMMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -0.13% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -0.02% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.00% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
SWVXX vs. PMMF - Volatility Comparison
Schwab Prime Advantage Money Fund Investor Shares (SWVXX) has a higher volatility of 0.29% compared to iShares Prime Money Market ETF (PMMF) at 0.05%. This indicates that SWVXX's price experiences larger fluctuations and is considered to be riskier than PMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SWVXX | PMMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.05% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 0.76% | 0.12% | +0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.10% | 0.20% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 0.34% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.09% | 0.34% | +0.75% |
SWVXX vs. PMMF - Expense Ratio Comparison
SWVXX has a 0.34% expense ratio, which is higher than PMMF's 0.20% expense ratio.
Dividends
SWVXX vs. PMMF - Dividend Comparison
SWVXX's dividend yield for the trailing twelve months is around 3.77%, less than PMMF's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
PMMF iShares Prime Money Market ETF | 3.83% | 3.59% | 0.00% | 0.00% |
SWVXX Schwab Prime Advantage Money Fund Investor Shares | 3.77% | 4.06% | 5.02% | 4.91% |
Frequently Asked Questions
SWVXX and PMMF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SWVXX has higher volatility (0.29%) compared to PMMF (0.05%). In terms of maximum drawdown, SWVXX dropped 0.00% vs PMMF's -0.13%.
PMMF currently has the higher Sharpe Ratio (19.72 vs 3.71), 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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