TOPT vs. SWHRX

Last updated Jun 4, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and SWHRX (Schwab Target 2025 Fund) are both funds - TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index, while SWHRX is a Target Retirement Date fund managed by Charles Schwab. Over the past year, TOPT returned 30.17% vs 14.24% for SWHRX. A 0.74 correlation means they provide meaningful diversification when combined. TOPT charges 0.20%/yr vs 0.00%/yr for SWHRX.

Performance

TOPT vs. SWHRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) and Schwab Target 2025 Fund (SWHRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPT achieves a 8.94% return, which is significantly higher than SWHRX's 5.19% return.

TOPT

• 1D: -0.87%
• 1M: 5.40%
• YTD: 8.94%
• 6M: 8.53%
• 1Y: 30.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SWHRX

• 1D: 0.13%
• 1M: 2.33%
• YTD: 5.19%
• 6M: 5.43%
• 1Y: 14.24%
• 3Y*: 11.38%
• 5Y*: 5.29%
• 10Y*: 7.46%

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

TOPT vs. SWHRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	8.94%	20.35%	5.03%
SWHRX Schwab Target 2025 Fund	5.19%	12.70%	-0.55%

Correlation

The correlation between TOPT and SWHRX is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Oct 25, 2024	0.74

The correlation between TOPT and SWHRX has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

TOPT vs. SWHRX - Sectors Allocation Comparison

Sectors	TOPT	SWHRX
Technology	43.6%	26.2%
Communication Services	19.4%	8.9%
Financial Services	12.4%	11.8%
Consumer Cyclical	9.2%	9.3%
Healthcare	7.7%	10.5%
Consumer Defensive	4.8%	4.6%
Energy	3.0%	4.3%
Basic Materials	-	3.3%
Industrials	-	11.5%
Real Estate	-	7.7%
Utilities	-	2.0%

Return for Risk

TOPT vs. SWHRX — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 58
TOPT Sharpe Ratio Rank: 65
TOPT Sortino Ratio Rank: 65
TOPT Omega Ratio Rank: 62
TOPT Calmar Ratio Rank: 46
TOPT Martin Ratio Rank: 51

SWHRX

SWHRX Risk / Return Rank: 61
SWHRX Sharpe Ratio Rank: 62
SWHRX Sortino Ratio Rank: 64
SWHRX Omega Ratio Rank: 62
SWHRX Calmar Ratio Rank: 53
SWHRX Martin Ratio Rank: 63

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.

TOPT vs. SWHRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) and Schwab Target 2025 Fund (SWHRX). 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.

	TOPT	SWHRX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.32	-0.10
Sortino ratio: Return per unit of downside risk	3.07	3.36	-0.29
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.31	2.78	-0.47
Martin ratio: Return relative to average drawdown	8.73	12.29	-3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOPT vs. SWHRX - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 2.22, which is comparable to the SWHRX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of TOPT and SWHRX, 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

	TOPT	SWHRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.32	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.56	+0.56

Drawdowns

TOPT vs. SWHRX - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum SWHRX drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for TOPT and SWHRX.

Drawdown Indicators

	TOPT	SWHRX	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-37.97%	+16.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-5.18%	-7.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.06%	—
Current Drawdown Current decline from peak	-1.25%	0.00%	-1.25%
Average Drawdown Average peak-to-trough decline	-3.48%	-5.34%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.17%	+2.29%

Volatility

TOPT vs. SWHRX - Volatility Comparison

iShares Top 20 U.S. Stocks ETF (TOPT) has a higher volatility of 3.46% compared to Schwab Target 2025 Fund (SWHRX) at 2.04%. This indicates that TOPT's price experiences larger fluctuations and is considered to be riskier than SWHRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPT	SWHRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.04%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	4.98%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	6.20%	+7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	10.92%	+8.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	10.50%	+9.33%

TOPT vs. SWHRX - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is higher than SWHRX's 0.00% 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

TOPT vs. SWHRX - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.36%, less than SWHRX's 9.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWHRX Schwab Target 2025 Fund	9.63%	10.13%	7.82%	5.19%	5.72%	6.41%	2.94%	5.47%	5.95%	3.78%	5.31%	7.05%
TOPT iShares Top 20 U.S. Stocks ETF	0.36%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPT and SWHRX in my portfolio?

TOPT and SWHRX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or SWHRX?

TOPT has higher volatility (3.46%) compared to SWHRX (2.04%). In terms of maximum drawdown, TOPT dropped -21.21% vs SWHRX's -37.97%.

Which has better risk-adjusted returns?

SWHRX currently has the higher Sharpe Ratio (2.32 vs 2.22), 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.