SWYAX vs. SWSSX

Last updated Jun 4, 2026

SWYAX (Schwab Target 2010 Index Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both mutual funds - SWYAX is a Target Retirement Date fund managed by Charles Schwab, while SWSSX is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 5 years, SWYAX returned 4.69%/yr vs 6.65%/yr for SWSSX. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.04% expense ratio.

Performance

SWYAX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2010 Index Fund (SWYAX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWYAX achieves a 4.71% return, which is significantly lower than SWSSX's 18.71% return.

SWYAX

• 1D: 0.07%
• 1M: 2.08%
• YTD: 4.71%
• 6M: 4.84%
• 1Y: 12.75%
• 3Y*: 9.88%
• 5Y*: 4.69%
• 10Y*: —

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%

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

SWYAX vs. SWSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWYAX Schwab Target 2010 Index Fund	4.71%	11.17%	7.18%	11.95%	-13.28%	6.99%	10.61%	14.55%	-2.27%	9.48%
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%

Correlation

The correlation between SWYAX and SWSSX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 31, 2016	0.74

The correlation between SWYAX and SWSSX has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

SWYAX vs. SWSSX - Sectors Allocation Comparison

Sectors	SWYAX	SWSSX
Technology	28.2%	17.0%
Financial Services	13.9%	15.8%
Industrials	10.8%	17.7%
Consumer Cyclical	8.9%	8.4%
Real Estate	8.2%	6.1%
Communication Services	8.1%	2.4%
Healthcare	8.0%	16.5%
Consumer Defensive	4.7%	2.4%
Energy	3.8%	6.1%
Basic Materials	3.0%	4.8%
Utilities	2.4%	2.9%

Return for Risk

SWYAX vs. SWSSX — Risk / Return Rank

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

SWYAX

SWYAX Risk / Return Rank: 73
SWYAX Sharpe Ratio Rank: 74
SWYAX Sortino Ratio Rank: 76
SWYAX Omega Ratio Rank: 75
SWYAX Calmar Ratio Rank: 65
SWYAX Martin Ratio Rank: 74

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

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.

SWYAX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2010 Index Fund (SWYAX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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.

	SWYAX	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.28	+0.22
Sortino ratio: Return per unit of downside risk	3.64	3.13	+0.51
Omega ratio: Gain probability vs. loss probability	1.49	1.37	+0.12
Calmar ratio: Return relative to maximum drawdown	3.10	3.97	-0.87
Martin ratio: Return relative to average drawdown	13.99	14.11	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWYAX vs. SWSSX - Sharpe Ratio Comparison

The current SWYAX Sharpe Ratio is 2.50, which is comparable to the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SWYAX and SWSSX, 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

	SWYAX	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.28	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.30	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.36	+0.43

Drawdowns

SWYAX vs. SWSSX - Drawdown Comparison

The maximum SWYAX drawdown since its inception was -19.82%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for SWYAX and SWSSX.

Drawdown Indicators

	SWYAX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-19.82%	-60.34%	+40.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-11.00%	+6.84%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-27.50%	+21.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.82%	-31.93%	+12.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.81%	—
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.36%	-10.73%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	3.09%	-2.17%

Volatility

SWYAX vs. SWSSX - Volatility Comparison

The current volatility for Schwab Target 2010 Index Fund (SWYAX) is 1.78%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 5.61%. This indicates that SWYAX experiences smaller price fluctuations and is considered to be less risky than SWSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWYAX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	5.61%	-3.83%
Volatility (6M) Calculated over the trailing 6-month period	4.14%	13.60%	-9.46%
Volatility (1Y) Calculated over the trailing 1-year period	5.15%	19.15%	-14.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.78%	22.59%	-14.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.44%	24.09%	-16.65%

SWYAX vs. SWSSX - Expense Ratio Comparison

Both SWYAX and SWSSX have an expense ratio of 0.04%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SWYAX vs. SWSSX - Dividend Comparison

SWYAX's dividend yield for the trailing twelve months is around 3.98%, more than SWSSX's 1.08% yield.

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%
SWYAX Schwab Target 2010 Index Fund	3.98%	4.17%	3.79%	2.85%	2.69%	2.54%	1.98%	2.27%	2.01%	1.18%	0.75%	0.00%

Frequently Asked Questions

Can I hold both SWYAX and SWSSX in my portfolio?

SWYAX and SWSSX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWYAX or SWSSX?

SWSSX has higher volatility (5.61%) compared to SWYAX (1.78%). In terms of maximum drawdown, SWYAX dropped -19.82% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWYAX currently has the higher Sharpe Ratio (2.50 vs 2.28), 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.