USGRX vs. SWPPX

Last updated Jun 24, 2026

USGRX (USAA Growth & Income Fund) and SWPPX (Schwab S&P 500 Index Fund) are both Large Cap Blend Equities funds. Over the past 10 years, USGRX returned 13.59%/yr vs 15.77%/yr for SWPPX. With a 0.96 correlation, they move nearly in lockstep. USGRX charges 0.81%/yr vs 0.02%/yr for SWPPX.

Performance

USGRX vs. SWPPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Growth & Income Fund (USGRX) and Schwab S&P 500 Index Fund (SWPPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USGRX having a 9.48% return and SWPPX slightly higher at 9.75%. Over the past 10 years, USGRX has underperformed SWPPX with an annualized return of 13.59%, while SWPPX has yielded a comparatively higher 15.77% annualized return.

USGRX

• 1D: 0.07%
• 1M: 1.05%
• YTD: 9.48%
• 6M: 8.45%
• 1Y: 23.46%
• 3Y*: 19.79%
• 5Y*: 11.89%
• 10Y*: 13.59%

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)

USGRX vs. SWPPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USGRX USAA Growth & Income Fund	9.48%	15.94%	21.47%	26.69%	-18.52%	22.53%	17.45%	21.78%	-8.76%	20.67%
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 USGRX and SWPPX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 20, 1997	0.96

The correlation between USGRX and SWPPX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

USGRX vs. SWPPX — Risk / Return Rank

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

USGRX

USGRX Risk / Return Rank: 77
USGRX Sharpe Ratio Rank: 77
USGRX Sortino Ratio Rank: 73
USGRX Omega Ratio Rank: 71
USGRX Calmar Ratio Rank: 78
USGRX Martin Ratio Rank: 84

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.

USGRX vs. SWPPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Growth & Income Fund (USGRX) 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.

	USGRX	SWPPX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.14	+0.22
Sortino ratio: Return per unit of downside risk	3.25	2.89	+0.36
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.31	3.02	+0.29
Martin ratio: Return relative to average drawdown	14.54	13.59	+0.96

USGRX vs. SWPPX - Sharpe Ratio Comparison

The current USGRX Sharpe Ratio is 2.36, which is comparable to the SWPPX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of USGRX 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

USGRX vs. SWPPX - Drawdown Comparison

The maximum USGRX drawdown since its inception was -56.93%, roughly equal to the maximum SWPPX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for USGRX and SWPPX.

Drawdown Indicators

	USGRX	SWPPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.93%	-55.06%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-7.47%	-8.89%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-29.29%	-18.74%	-10.55%
Max Drawdown (5Y) Largest decline over 5 years	-30.81%	-24.51%	-6.30%
Max Drawdown (10Y) Largest decline over 10 years	-34.48%	-33.80%	-0.68%
Current Drawdown Current decline from peak	-1.04%	-1.74%	+0.70%
Average Drawdown Average peak-to-trough decline	-8.70%	-9.93%	+1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.97%	-0.27%

Volatility

USGRX vs. SWPPX - Volatility Comparison

The current volatility for USAA Growth & Income Fund (USGRX) is 3.58%, while Schwab S&P 500 Index Fund (SWPPX) has a volatility of 4.73%. This indicates that USGRX experiences smaller price fluctuations and is considered to be less risky than SWPPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USGRX	SWPPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	4.73%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	9.87%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.50%	12.53%	-2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.89%	17.02%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.11%	18.27%	+1.84%

USGRX vs. SWPPX - Expense Ratio Comparison

USGRX has a 0.81% expense ratio, which is higher than SWPPX's 0.02% expense ratio.

Dividends

USGRX vs. SWPPX - Dividend Comparison

USGRX's dividend yield for the trailing twelve months is around 7.57%, 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%
USGRX USAA Growth & Income Fund	7.57%	8.06%	20.65%	0.93%	12.58%	11.97%	0.84%	24.69%	11.92%	5.12%	1.26%	6.45%

Frequently Asked Questions

Can I hold both USGRX and SWPPX in my portfolio?

With a correlation of 0.94, USGRX and SWPPX 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, USGRX or SWPPX?

SWPPX has higher volatility (4.73%) compared to USGRX (3.58%). In terms of maximum drawdown, USGRX dropped -56.93% vs SWPPX's -55.06%.

Which has better risk-adjusted returns?

USGRX currently has the higher Sharpe Ratio (2.36 vs 2.14), 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.