USNQX vs. SWISX

Last updated Jun 13, 2026

USNQX (USAA Nasdaq 100 Index Fund) and SWISX (Schwab International Index Fund) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while SWISX is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 10 years, USNQX returned 21.43%/yr vs 9.70%/yr for SWISX. A 0.63 correlation means they provide meaningful diversification when combined. USNQX charges 0.42%/yr vs 0.06%/yr for SWISX.

Performance

USNQX vs. SWISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) and Schwab International Index Fund (SWISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USNQX achieves a 16.78% return, which is significantly higher than SWISX's 8.95% return. Over the past 10 years, USNQX has outperformed SWISX with an annualized return of 21.43%, while SWISX has yielded a comparatively lower 9.70% annualized return.

USNQX

• 1D: 3.29%
• 1M: -0.39%
• YTD: 16.78%
• 6M: 17.02%
• 1Y: 36.47%
• 3Y*: 26.28%
• 5Y*: 16.43%
• 10Y*: 21.43%

SWISX

• 1D: 3.03%
• 1M: 0.97%
• YTD: 8.95%
• 6M: 10.44%
• 1Y: 21.50%
• 3Y*: 16.43%
• 5Y*: 8.36%
• 10Y*: 9.70%

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

USNQX vs. SWISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USNQX USAA Nasdaq 100 Index Fund	16.78%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%
SWISX Schwab International Index Fund	8.95%	31.59%	3.54%	18.13%	-14.30%	11.25%	8.14%	21.87%	-13.38%	25.32%

Correlation

The correlation between USNQX and SWISX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	0.63

The correlation between USNQX and SWISX has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

Return for Risk

USNQX vs. SWISX — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 72
USNQX Sharpe Ratio Rank: 75
USNQX Sortino Ratio Rank: 67
USNQX Omega Ratio Rank: 68
USNQX Calmar Ratio Rank: 78
USNQX Martin Ratio Rank: 73

SWISX

SWISX Risk / Return Rank: 35
SWISX Sharpe Ratio Rank: 34
SWISX Sortino Ratio Rank: 34
SWISX Omega Ratio Rank: 34
SWISX Calmar Ratio Rank: 35
SWISX Martin Ratio Rank: 39

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.

USNQX vs. SWISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) and Schwab International Index Fund (SWISX). 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.

	USNQX	SWISX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.33	+0.71
Sortino ratio: Return per unit of downside risk	2.67	1.92	+0.75
Omega ratio: Gain probability vs. loss probability	1.36	1.24	+0.12
Calmar ratio: Return relative to maximum drawdown	2.92	1.83	+1.09
Martin ratio: Return relative to average drawdown	10.87	6.82	+4.05

USNQX vs. SWISX - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 2.04, which is higher than the SWISX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of USNQX and SWISX, 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

USNQX vs. SWISX - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, which is greater than SWISX's maximum drawdown of -60.65%. Use the drawdown chart below to compare losses from any high point for USNQX and SWISX.

Drawdown Indicators

	USNQX	SWISX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-60.65%	-15.59%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-11.39%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-13.68%	-9.20%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	-29.42%	-7.53%
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	-33.83%	-3.12%
Current Drawdown Current decline from peak	-3.92%	-1.01%	-2.91%
Average Drawdown Average peak-to-trough decline	-26.73%	-14.80%	-11.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.05%	+0.18%

Volatility

USNQX vs. SWISX - Volatility Comparison

USAA Nasdaq 100 Index Fund (USNQX) has a higher volatility of 7.55% compared to Schwab International Index Fund (SWISX) at 5.34%. This indicates that USNQX's price experiences larger fluctuations and is considered to be riskier than SWISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USNQX	SWISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	5.34%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	13.07%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	15.74%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.06%	16.39%	+6.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.74%	16.90%	+5.84%

USNQX vs. SWISX - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is higher than SWISX's 0.06% expense ratio.

Dividends

USNQX vs. SWISX - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.58%, less than SWISX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWISX Schwab International Index Fund	3.26%	3.55%	3.29%	3.31%	2.73%	3.34%	1.88%	3.09%	3.15%	2.71%	3.19%	2.71%
USNQX USAA Nasdaq 100 Index Fund	2.58%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both USNQX and SWISX in my portfolio?

USNQX and SWISX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNQX or SWISX?

USNQX has higher volatility (7.55%) compared to SWISX (5.34%). In terms of maximum drawdown, USNQX dropped -76.24% vs SWISX's -60.65%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.04 vs 1.33), 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.