TRSGX vs. SWOBX

Last updated Jun 4, 2026

TRSGX (T. Rowe Price Spectrum Moderate Growth Allocation Fund) and SWOBX (Schwab Balanced Fund™) are both Diversified Portfolio funds. Over the past 10 years, TRSGX returned 10.40%/yr vs 8.92%/yr for SWOBX. Their correlation of 0.94 suggests significant overlap in exposure. TRSGX charges 0.61%/yr vs 0.00%/yr for SWOBX.

Performance

TRSGX vs. SWOBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Spectrum Moderate Growth Allocation Fund (TRSGX) and Schwab Balanced Fund™ (SWOBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRSGX achieves a 9.53% return, which is significantly higher than SWOBX's 6.26% return. Over the past 10 years, TRSGX has outperformed SWOBX with an annualized return of 10.40%, while SWOBX has yielded a comparatively lower 8.92% annualized return.

TRSGX

• 1D: 0.32%
• 1M: 3.48%
• YTD: 9.53%
• 6M: 10.23%
• 1Y: 22.30%
• 3Y*: 16.22%
• 5Y*: 7.31%
• 10Y*: 10.40%

SWOBX

• 1D: 0.05%
• 1M: 3.09%
• YTD: 6.26%
• 6M: 6.11%
• 1Y: 17.29%
• 3Y*: 13.39%
• 5Y*: 6.93%
• 10Y*: 8.92%

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

TRSGX vs. SWOBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRSGX T. Rowe Price Spectrum Moderate Growth Allocation Fund	9.53%	17.00%	12.40%	18.04%	-19.70%	14.03%	16.66%	24.69%	-6.02%	20.56%
SWOBX Schwab Balanced Fund™	6.26%	12.76%	12.51%	18.25%	-18.86%	14.76%	14.73%	20.13%	-4.35%	15.52%

Correlation

The correlation between TRSGX and SWOBX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.94

The correlation between TRSGX and SWOBX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

TRSGX vs. SWOBX — Risk / Return Rank

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

TRSGX

TRSGX Risk / Return Rank: 57
TRSGX Sharpe Ratio Rank: 58
TRSGX Sortino Ratio Rank: 56
TRSGX Omega Ratio Rank: 58
TRSGX Calmar Ratio Rank: 50
TRSGX Martin Ratio Rank: 60

SWOBX

SWOBX Risk / Return Rank: 51
SWOBX Sharpe Ratio Rank: 49
SWOBX Sortino Ratio Rank: 49
SWOBX Omega Ratio Rank: 48
SWOBX Calmar Ratio Rank: 49
SWOBX Martin Ratio Rank: 60

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.

TRSGX vs. SWOBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Spectrum Moderate Growth Allocation Fund (TRSGX) and Schwab Balanced Fund™ (SWOBX). 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.

	TRSGX	SWOBX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.06	+0.17
Sortino ratio: Return per unit of downside risk	3.14	2.96	+0.18
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	2.71	2.68	+0.03
Martin ratio: Return relative to average drawdown	11.95	11.90	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSGX vs. SWOBX - Sharpe Ratio Comparison

The current TRSGX Sharpe Ratio is 2.23, which is comparable to the SWOBX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TRSGX and SWOBX, 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

	TRSGX	SWOBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.06	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.50	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.70	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.61	-0.02

Drawdowns

TRSGX vs. SWOBX - Drawdown Comparison

The maximum TRSGX drawdown since its inception was -51.79%, which is greater than SWOBX's maximum drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for TRSGX and SWOBX.

Drawdown Indicators

	TRSGX	SWOBX	Difference
Max Drawdown Largest peak-to-trough decline	-51.79%	-35.99%	-15.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.32%	-6.58%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-12.78%	-11.72%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.83%	-28.30%	+1.47%
Max Drawdown (10Y) Largest decline over 10 years	-29.62%	-28.30%	-1.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.16%	-6.21%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.48%	+0.40%

Volatility

TRSGX vs. SWOBX - Volatility Comparison

T. Rowe Price Spectrum Moderate Growth Allocation Fund (TRSGX) has a higher volatility of 3.08% compared to Schwab Balanced Fund™ (SWOBX) at 2.53%. This indicates that TRSGX's price experiences larger fluctuations and is considered to be riskier than SWOBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSGX	SWOBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	2.53%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	6.74%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	10.12%	8.58%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	13.96%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	12.88%	+0.95%

TRSGX vs. SWOBX - Expense Ratio Comparison

TRSGX has a 0.61% expense ratio, which is higher than SWOBX's 0.00% expense ratio.

Dividends

TRSGX vs. SWOBX - Dividend Comparison

TRSGX's dividend yield for the trailing twelve months is around 6.10%, more than SWOBX's 5.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWOBX Schwab Balanced Fund™	5.15%	5.47%	4.94%	5.67%	10.21%	6.47%	2.97%	5.21%	7.11%	3.20%	7.83%	7.66%
TRSGX T. Rowe Price Spectrum Moderate Growth Allocation Fund	6.10%	6.68%	6.48%	1.84%	7.61%	9.36%	2.60%	3.51%	7.11%	3.57%	2.20%	6.79%

Frequently Asked Questions

Can I hold both TRSGX and SWOBX in my portfolio?

With a correlation of 0.95, TRSGX and SWOBX 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, TRSGX or SWOBX?

TRSGX has higher volatility (3.08%) compared to SWOBX (2.53%). In terms of maximum drawdown, TRSGX dropped -51.79% vs SWOBX's -35.99%.

Which has better risk-adjusted returns?

TRSGX currently has the higher Sharpe Ratio (2.23 vs 2.06), 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.