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SWYHX vs. SWSSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SWYHX vs. SWSSX

Last updated Jun 4, 2026

SWYHX (Schwab Target 2045 Index Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both mutual funds - SWYHX 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, SWYHX returned 9.68%/yr vs 6.65%/yr for SWSSX. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.04% expense ratio.

Performance

SWYHX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2045 Index Fund (SWYHX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SWYHX achieves a 11.33% return, which is significantly lower than SWSSX's 18.71% return.

SWYHX

1D
0.30%
1M
4.71%
YTD
11.33%
6M
11.84%
1Y
25.55%
3Y*
18.34%
5Y*
9.68%
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)

SWYHX vs. SWSSX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SWYHX
Schwab Target 2045 Index Fund		11.33%18.65%13.72%20.34%-17.37%17.04%14.50%24.80%-7.28%20.07%
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 SWYHX and SWSSX is 0.85, 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

0.85

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

0.84

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

0.87

Correlation (All Time)
Calculated using the full available price history since Aug 31, 2016

0.85

The correlation between SWYHX and SWSSX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

SWYHX vs. SWSSX - Sectors Allocation Comparison

Sectors
SWYHX
SWSSX

Technology

27.1%
17.0%

Financial Services

15.1%
15.8%

Industrials

11.2%
17.7%

Consumer Cyclical

8.9%
8.4%

Healthcare

7.8%
16.5%

Communication Services

7.6%
2.4%

Real Estate

7.5%
6.1%

Consumer Defensive

4.6%
2.4%

Energy

4.0%
6.1%

Basic Materials

3.7%
4.8%

Utilities

2.5%
2.9%

Technology

SWYHX
27.1%
SWSSX
17.0%

Financial Services

SWYHX
15.1%
SWSSX
15.8%

Industrials

SWYHX
11.2%
SWSSX
17.7%

Consumer Cyclical

SWYHX
8.9%
SWSSX
8.4%

Healthcare

SWYHX
7.8%
SWSSX
16.5%

Communication Services

SWYHX
7.6%
SWSSX
2.4%

Real Estate

SWYHX
7.5%
SWSSX
6.1%

Consumer Defensive

SWYHX
4.6%
SWSSX
2.4%

Energy

SWYHX
4.0%
SWSSX
6.1%

Basic Materials

SWYHX
3.7%
SWSSX
4.8%

Utilities

SWYHX
2.5%
SWSSX
2.9%

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Schwab Target 2045 Index Fund

Schwab Small-Cap Index Fund-Select Shares

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Often compared with SWSSX:
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Return for Risk

SWYHX vs. SWSSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SWYHX
SWYHX Risk / Return Rank: 6969
Overall Rank
SWYHX Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SWYHX Sortino Ratio Rank: 6868
Sortino Ratio Rank
SWYHX Omega Ratio Rank: 6464
Omega Ratio Rank
SWYHX Calmar Ratio Rank: 6969
Calmar Ratio Rank
SWYHX Martin Ratio Rank: 7676
Martin Ratio Rank
SWSSX
SWSSX Risk / Return Rank: 6464
Overall Rank
SWSSX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SWSSX Sortino Ratio Rank: 5555
Sortino Ratio Rank
SWSSX Omega Ratio Rank: 4747
Omega Ratio Rank
SWSSX Calmar Ratio Rank: 8484
Calmar Ratio Rank
SWSSX Martin Ratio Rank: 7474
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.

SWYHX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2045 Index Fund (SWYHX) 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.

SWYHXSWSSXDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.28

+0.17

Sortino ratioReturn per unit of downside risk
3.42
3.13

+0.29

Omega ratioGain probability vs. loss probability

1.45

1.37

+0.07

Calmar ratioReturn relative to maximum drawdown

3.19

3.97

-0.78

Martin ratioReturn relative to average drawdown

14.32

14.11

+0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWYHX vs. SWSSX - Sharpe Ratio Comparison

The current SWYHX Sharpe Ratio is 2.45, which is comparable to the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of SWYHX 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.

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Sharpe Ratios by Period

SWYHXSWSSXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.45

2.28

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.30

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.47

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.75

0.36

+0.39

Drawdowns

SWYHX vs. SWSSX - Drawdown Comparison

The maximum SWYHX drawdown since its inception was -29.41%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for SWYHX and SWSSX.

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Drawdown Indicators

SWYHXSWSSXDifference

Max Drawdown

Largest peak-to-trough decline

-29.41%

-60.34%

+30.93%

Max Drawdown (1Y)

Largest decline over 1 year

-8.14%

-11.00%

+2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-14.14%

-27.50%

+13.36%

Max Drawdown (5Y)

Largest decline over 5 years

-24.92%

-31.93%

+7.01%

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

-4.38%

-10.73%

+6.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.81%

3.09%

-1.28%

Volatility

SWYHX vs. SWSSX - Volatility Comparison

The current volatility for Schwab Target 2045 Index Fund (SWYHX) is 3.22%, while Schwab Small-Cap Index Fund-Select Shares (SWSSX) has a volatility of 5.61%. This indicates that SWYHX 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.

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Volatility by Period

SWYHXSWSSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.22%

5.61%

-2.39%

Volatility (6M)

Calculated over the trailing 6-month period

8.41%

13.60%

-5.19%

Volatility (1Y)

Calculated over the trailing 1-year period

10.63%

19.15%

-8.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.09%

22.59%

-8.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.01%

24.09%

-9.08%

SWYHX vs. SWSSX - Expense Ratio Comparison

Both SWYHX 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

SWYHX vs. SWSSX - Dividend Comparison

SWYHX's dividend yield for the trailing twelve months is around 1.87%, more than SWSSX's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SWYHX
Schwab Target 2045 Index Fund		1.87%2.08%2.13%2.02%1.98%1.80%1.65%1.96%2.23%1.42%1.05%0.00%

Frequently Asked Questions

SWYHX and SWSSX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SWSSX has higher volatility (5.61%) compared to SWYHX (3.22%). In terms of maximum drawdown, SWYHX dropped -29.41% vs SWSSX's -60.34%.

SWYHX currently has the higher Sharpe Ratio (2.45 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.

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