TCIEX vs. SWPPX

Last updated Jun 24, 2026

TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds - TCIEX tracks the MSCI EAFE Index while SWPPX tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, TCIEX returned 10.23%/yr vs 15.77%/yr for SWPPX. A 0.74 correlation means they provide meaningful diversification when combined. TCIEX charges 0.05%/yr vs 0.02%/yr for SWPPX.

Performance

TCIEX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCIEX achieves a 10.77% return, which is significantly higher than SWPPX's 9.75% return. Over the past 10 years, TCIEX has underperformed SWPPX with an annualized return of 10.23%, while SWPPX has yielded a comparatively higher 15.77% annualized return.

TCIEX

• 1D: 0.16%
• 1M: 2.15%
• YTD: 10.77%
• 6M: 10.26%
• 1Y: 24.50%
• 3Y*: 17.59%
• 5Y*: 9.31%
• 10Y*: 10.23%

SWPPX

• 1D: -0.36%
• 1M: 0.10%
• YTD: 9.75%
• 6M: 8.76%
• 1Y: 25.48%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

TCIEX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	10.77%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%
SWPPX Schwab S&P 500 Index Fund	9.75%	17.87%	24.96%	26.26%	-18.14%	28.67%	18.38%	31.46%	-4.47%	21.81%

Correlation

The correlation between TCIEX and SWPPX 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	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.74

The correlation between TCIEX and SWPPX has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

TCIEX vs. SWPPX — Risk / Return Rank

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

TCIEX

TCIEX Risk / Return Rank: 38
TCIEX Sharpe Ratio Rank: 37
TCIEX Sortino Ratio Rank: 36
TCIEX Omega Ratio Rank: 37
TCIEX Calmar Ratio Rank: 39
TCIEX Martin Ratio Rank: 42

SWPPX

SWPPX Risk / Return Rank: 65
SWPPX Sharpe Ratio Rank: 63
SWPPX Sortino Ratio Rank: 56
SWPPX Omega Ratio Rank: 59
SWPPX Calmar Ratio Rank: 68
SWPPX Martin Ratio Rank: 78

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.

TCIEX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Schwab S&P 500 Index Fund (SWPPX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TCIEX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.14	-0.49
Sortino ratio: Return per unit of downside risk	2.34	2.89	-0.55
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.26	3.02	-0.76
Martin ratio: Return relative to average drawdown	8.43	13.59	-5.15

TCIEX vs. SWPPX - Sharpe Ratio Comparison

The current TCIEX Sharpe Ratio is 1.65, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of TCIEX and SWPPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TCIEX vs. SWPPX - Drawdown Comparison

The maximum TCIEX drawdown since its inception was -59.27%, which is greater than SWPPX's maximum drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for TCIEX and SWPPX.

Drawdown Indicators

	TCIEX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-55.06%	-4.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-8.89%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-18.74%	+5.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-24.51%	-4.74%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	-33.80%	+0.22%
Current Drawdown Current decline from peak	0.00%	-1.74%	+1.74%
Average Drawdown Average peak-to-trough decline	-10.56%	-9.93%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.97%	+1.06%

Volatility

TCIEX vs. SWPPX - Volatility Comparison

TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Schwab S&P 500 Index Fund (SWPPX) have volatilities of 4.80% and 4.73%, 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

	TCIEX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.73%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	9.87%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	12.53%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	17.02%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	18.27%	-1.64%

TCIEX vs. SWPPX - Expense Ratio Comparison

TCIEX has a 0.05% expense ratio, which is higher than SWPPX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TCIEX vs. SWPPX - Dividend Comparison

TCIEX's dividend yield for the trailing twelve months is around 3.51%, more than SWPPX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWPPX Schwab S&P 500 Index Fund	1.01%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.51%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%

Frequently Asked Questions

Can I hold both TCIEX and SWPPX in my portfolio?

TCIEX and SWPPX 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, TCIEX or SWPPX?

TCIEX has higher volatility (4.80%) compared to SWPPX (4.73%). In terms of maximum drawdown, TCIEX dropped -59.27% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

SWPPX currently has the higher Sharpe Ratio (2.14 vs 1.65), 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.