VKSFX vs. SWMCX

Last updated Jun 4, 2026

VKSFX (Virtus KAR Small-Mid Cap Value Fund) and SWMCX (Schwab U.S. Mid-Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 3 years, VKSFX returned 5.61%/yr vs 17.46%/yr for SWMCX. Their correlation of 0.91 suggests significant overlap in exposure. VKSFX charges 0.94%/yr vs 0.04%/yr for SWMCX.

Performance

VKSFX vs. SWMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Small-Mid Cap Value Fund (VKSFX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VKSFX achieves a -2.19% return, which is significantly lower than SWMCX's 12.72% return.

VKSFX

• 1D: 0.20%
• 1M: -1.41%
• YTD: -2.19%
• 6M: -2.84%
• 1Y: -4.17%
• 3Y*: 5.61%
• 5Y*: —
• 10Y*: —

SWMCX

• 1D: 0.68%
• 1M: 4.11%
• YTD: 12.72%
• 6M: 12.56%
• 1Y: 22.05%
• 3Y*: 17.46%
• 5Y*: 8.33%
• 10Y*: —

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

VKSFX vs. SWMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VKSFX Virtus KAR Small-Mid Cap Value Fund	-2.19%	-3.61%	10.24%	16.94%	-20.43%	4.02%
SWMCX Schwab U.S. Mid-Cap Index Fund	12.72%	10.54%	15.28%	17.20%	-17.31%	4.74%

Correlation

The correlation between VKSFX and SWMCX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.91

The correlation between VKSFX and SWMCX has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

VKSFX vs. SWMCX — Risk / Return Rank

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

VKSFX

VKSFX Risk / Return Rank: 2
VKSFX Sharpe Ratio Rank: 2
VKSFX Sortino Ratio Rank: 2
VKSFX Omega Ratio Rank: 2
VKSFX Calmar Ratio Rank: 2
VKSFX Martin Ratio Rank: 2

SWMCX

SWMCX Risk / Return Rank: 43
SWMCX Sharpe Ratio Rank: 36
SWMCX Sortino Ratio Rank: 36
SWMCX Omega Ratio Rank: 33
SWMCX Calmar Ratio Rank: 56
SWMCX Martin Ratio Rank: 55

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.

VKSFX vs. SWMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Mid Cap Value Fund (VKSFX) and Schwab U.S. Mid-Cap Index Fund (SWMCX). 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.

	VKSFX	SWMCX	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	1.74	-1.96
Sortino ratio: Return per unit of downside risk	-0.23	2.50	-2.73
Omega ratio: Gain probability vs. loss probability	0.98	1.30	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.28	2.87	-3.14
Martin ratio: Return relative to average drawdown	-0.56	11.01	-11.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VKSFX vs. SWMCX - Sharpe Ratio Comparison

The current VKSFX Sharpe Ratio is -0.22, which is lower than the SWMCX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of VKSFX and SWMCX, 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

	VKSFX	SWMCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	1.74	-1.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.52	-0.52

Drawdowns

VKSFX vs. SWMCX - Drawdown Comparison

The maximum VKSFX drawdown since its inception was -25.46%, smaller than the maximum SWMCX drawdown of -40.34%. Use the drawdown chart below to compare losses from any high point for VKSFX and SWMCX.

Drawdown Indicators

	VKSFX	SWMCX	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-40.34%	+14.88%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-8.15%	-3.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-21.07%	+0.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.09%	—
Current Drawdown Current decline from peak	-13.23%	0.00%	-13.23%
Average Drawdown Average peak-to-trough decline	-10.66%	-6.63%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	2.12%	+3.46%

Volatility

VKSFX vs. SWMCX - Volatility Comparison

Virtus KAR Small-Mid Cap Value Fund (VKSFX) has a higher volatility of 3.56% compared to Schwab U.S. Mid-Cap Index Fund (SWMCX) at 3.27%. This indicates that VKSFX's price experiences larger fluctuations and is considered to be riskier than SWMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VKSFX	SWMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.27%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	9.96%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	13.42%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	18.25%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	20.64%	-2.48%

VKSFX vs. SWMCX - Expense Ratio Comparison

VKSFX has a 0.94% expense ratio, which is higher than SWMCX's 0.04% expense ratio.

Dividends

VKSFX vs. SWMCX - Dividend Comparison

VKSFX's dividend yield for the trailing twelve months is around 0.24%, less than SWMCX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SWMCX Schwab U.S. Mid-Cap Index Fund	1.89%	2.13%	2.60%	1.49%	1.59%	2.93%	1.45%	2.44%	1.41%
VKSFX Virtus KAR Small-Mid Cap Value Fund	0.24%	0.23%	0.54%	0.70%	0.46%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VKSFX and SWMCX in my portfolio?

VKSFX and SWMCX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VKSFX or SWMCX?

VKSFX has higher volatility (3.56%) compared to SWMCX (3.27%). In terms of maximum drawdown, VKSFX dropped -25.46% vs SWMCX's -40.34%.

Which has better risk-adjusted returns?

SWMCX currently has the higher Sharpe Ratio (1.74 vs -0.22), 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.