SWYOX vs. SSBRX

Last updated Jun 4, 2026

SWYOX (Schwab Target 2065 Index Fund) and SSBRX (State Street Target Retirement 2025 Fund) are both Target Retirement Date funds. Over the past 5 years, SWYOX returned 10.74%/yr vs 5.49%/yr for SSBRX. Their correlation of 0.93 suggests significant overlap in exposure. SWYOX charges 0.04%/yr vs 0.13%/yr for SSBRX.

Performance

SWYOX vs. SSBRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2065 Index Fund (SWYOX) and State Street Target Retirement 2025 Fund (SSBRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWYOX achieves a 13.13% return, which is significantly higher than SSBRX's 6.74% return.

SWYOX

• 1D: 0.36%
• 1M: 5.35%
• YTD: 13.13%
• 6M: 13.75%
• 1Y: 29.00%
• 3Y*: 20.24%
• 5Y*: 10.74%
• 10Y*: —

SSBRX

• 1D: 0.15%
• 1M: 2.05%
• YTD: 6.74%
• 6M: 6.99%
• 1Y: 15.84%
• 3Y*: 11.97%
• 5Y*: 5.49%
• 10Y*: 7.95%

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

SWYOX vs. SSBRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWYOX Schwab Target 2065 Index Fund	13.13%	20.48%	14.95%	21.61%	-17.90%	16.04%
SSBRX State Street Target Retirement 2025 Fund	6.74%	12.93%	8.73%	13.61%	-15.51%	9.94%

Correlation

The correlation between SWYOX and SSBRX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 9, 2021	0.93

The correlation between SWYOX and SSBRX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

SWYOX vs. SSBRX — Risk / Return Rank

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

SWYOX

SWYOX Risk / Return Rank: 69
SWYOX Sharpe Ratio Rank: 70
SWYOX Sortino Ratio Rank: 65
SWYOX Omega Ratio Rank: 62
SWYOX Calmar Ratio Rank: 70
SWYOX Martin Ratio Rank: 77

SSBRX

SSBRX Risk / Return Rank: 85
SSBRX Sharpe Ratio Rank: 88
SSBRX Sortino Ratio Rank: 88
SSBRX Omega Ratio Rank: 85
SSBRX Calmar Ratio Rank: 79
SSBRX Martin Ratio Rank: 85

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.

SWYOX vs. SSBRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2065 Index Fund (SWYOX) and State Street Target Retirement 2025 Fund (SSBRX). 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.

	SWYOX	SSBRX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.91	-0.46
Sortino ratio: Return per unit of downside risk	3.37	4.22	-0.84
Omega ratio: Gain probability vs. loss probability	1.44	1.58	-0.14
Calmar ratio: Return relative to maximum drawdown	3.24	3.58	-0.35
Martin ratio: Return relative to average drawdown	14.44	16.33	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWYOX vs. SSBRX - Sharpe Ratio Comparison

The current SWYOX Sharpe Ratio is 2.44, which is comparable to the SSBRX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of SWYOX and SSBRX, 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

	SWYOX	SSBRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.91	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.62	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.74	+0.05

Drawdowns

SWYOX vs. SSBRX - Drawdown Comparison

The maximum SWYOX drawdown since its inception was -26.02%, which is greater than SSBRX's maximum drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for SWYOX and SSBRX.

Drawdown Indicators

	SWYOX	SSBRX	Difference
Max Drawdown Largest peak-to-trough decline	-26.02%	-21.96%	-4.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	-4.44%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	-7.48%	-8.57%
Max Drawdown (5Y) Largest decline over 5 years	-26.02%	-21.13%	-4.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.96%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.72%	-3.72%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	0.97%	+1.07%

Volatility

SWYOX vs. SSBRX - Volatility Comparison

Schwab Target 2065 Index Fund (SWYOX) has a higher volatility of 3.62% compared to State Street Target Retirement 2025 Fund (SSBRX) at 1.74%. This indicates that SWYOX's price experiences larger fluctuations and is considered to be riskier than SSBRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWYOX	SSBRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	1.74%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	9.60%	4.36%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	5.48%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	8.83%	+6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	9.82%	+5.62%

SWYOX vs. SSBRX - Expense Ratio Comparison

SWYOX has a 0.04% expense ratio, which is lower than SSBRX's 0.13% 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

SWYOX vs. SSBRX - Dividend Comparison

SWYOX's dividend yield for the trailing twelve months is around 1.65%, less than SSBRX's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSBRX State Street Target Retirement 2025 Fund	5.68%	6.07%	6.67%	4.60%	6.60%	6.44%	4.74%	6.58%	5.35%	0.60%	1.84%	2.38%
SWYOX Schwab Target 2065 Index Fund	1.65%	1.87%	1.76%	1.82%	1.80%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWYOX and SSBRX in my portfolio?

With a correlation of 0.91, SWYOX and SSBRX 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.

Which is riskier, SWYOX or SSBRX?

SWYOX has higher volatility (3.62%) compared to SSBRX (1.74%). In terms of maximum drawdown, SWYOX dropped -26.02% vs SSBRX's -21.96%.

Which has better risk-adjusted returns?

SSBRX currently has the higher Sharpe Ratio (2.91 vs 2.44), 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.