WFIOX vs. SWYGX

Last updated Jun 23, 2026

WFIOX (Allspring Index Fund) and SWYGX (Schwab Target 2040 Index Fund) are both mutual funds - WFIOX is a Large Cap Blend Equities fund managed by Allspring Global Investments, while SWYGX is a Target Retirement Date fund managed by Charles Schwab. Over the past 5 years, WFIOX returned 13.82%/yr vs 9.08%/yr for SWYGX. Their correlation of 0.95 suggests significant overlap in exposure. WFIOX charges 0.25%/yr vs 0.04%/yr for SWYGX.

Performance

WFIOX vs. SWYGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Index Fund (WFIOX) and Schwab Target 2040 Index Fund (SWYGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with WFIOX having a 10.06% return and SWYGX slightly lower at 10.03%.

WFIOX

• 1D: 1.08%
• 1M: 0.45%
• YTD: 10.06%
• 6M: 9.55%
• 1Y: 26.86%
• 3Y*: 20.68%
• 5Y*: 13.82%
• 10Y*: 15.33%

SWYGX

• 1D: 0.91%
• 1M: 1.47%
• YTD: 10.03%
• 6M: 9.80%
• 1Y: 23.24%
• 3Y*: 16.09%
• 5Y*: 9.08%
• 10Y*: —

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

WFIOX vs. SWYGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WFIOX Allspring Index Fund	10.06%	17.57%	24.66%	26.01%	-18.30%	28.34%	17.74%	31.55%	-4.49%	21.59%
SWYGX Schwab Target 2040 Index Fund	10.03%	17.57%	12.83%	19.45%	-16.94%	15.68%	14.19%	23.63%	-6.62%	19.12%

Correlation

The correlation between WFIOX and SWYGX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 30, 2016	0.95

The correlation between WFIOX and SWYGX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

WFIOX vs. SWYGX — Risk / Return Rank

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

WFIOX

WFIOX Risk / Return Rank: 64
WFIOX Sharpe Ratio Rank: 63
WFIOX Sortino Ratio Rank: 57
WFIOX Omega Ratio Rank: 59
WFIOX Calmar Ratio Rank: 66
WFIOX Martin Ratio Rank: 77

SWYGX

SWYGX Risk / Return Rank: 69
SWYGX Sharpe Ratio Rank: 69
SWYGX Sortino Ratio Rank: 66
SWYGX Omega Ratio Rank: 65
SWYGX Calmar Ratio Rank: 69
SWYGX Martin Ratio Rank: 77

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.

WFIOX vs. SWYGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Index Fund (WFIOX) and Schwab Target 2040 Index Fund (SWYGX). 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.

	WFIOX	SWYGX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.22	-0.08
Sortino ratio: Return per unit of downside risk	2.90	3.09	-0.19
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	2.99	3.07	-0.07
Martin ratio: Return relative to average drawdown	13.51	13.49	+0.02

WFIOX vs. SWYGX - Sharpe Ratio Comparison

The current WFIOX Sharpe Ratio is 2.14, which is comparable to the SWYGX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of WFIOX and SWYGX, 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

WFIOX vs. SWYGX - Drawdown Comparison

The maximum WFIOX drawdown since its inception was -54.40%, which is greater than SWYGX's maximum drawdown of -27.62%. Use the drawdown chart below to compare losses from any high point for WFIOX and SWYGX.

Drawdown Indicators

	WFIOX	SWYGX	Difference
Max Drawdown Largest peak-to-trough decline	-54.40%	-27.62%	-26.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-7.50%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-12.96%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.63%	-24.07%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.94%	—	—
Current Drawdown Current decline from peak	-1.37%	-0.31%	-1.06%
Average Drawdown Average peak-to-trough decline	-9.66%	-4.16%	-5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.70%	+0.27%

Volatility

WFIOX vs. SWYGX - Volatility Comparison

Allspring Index Fund (WFIOX) has a higher volatility of 4.76% compared to Schwab Target 2040 Index Fund (SWYGX) at 4.09%. This indicates that WFIOX's price experiences larger fluctuations and is considered to be riskier than SWYGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WFIOX	SWYGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.09%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	8.54%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	10.36%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	13.26%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.18%	14.04%	+4.14%

WFIOX vs. SWYGX - Expense Ratio Comparison

WFIOX has a 0.25% expense ratio, which is higher than SWYGX's 0.04% 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

WFIOX vs. SWYGX - Dividend Comparison

WFIOX's dividend yield for the trailing twelve months is around 6.40%, more than SWYGX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWYGX Schwab Target 2040 Index Fund	2.03%	2.23%	2.28%	2.06%	2.03%	1.80%	1.72%	1.95%	2.21%	1.44%	1.13%	0.00%
WFIOX Allspring Index Fund	6.40%	7.04%	8.54%	7.63%	10.41%	9.15%	14.40%	33.14%	33.69%	20.04%	10.07%	8.62%

Frequently Asked Questions

Can I hold both WFIOX and SWYGX in my portfolio?

With a correlation of 0.95, WFIOX and SWYGX 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, WFIOX or SWYGX?

WFIOX has higher volatility (4.76%) compared to SWYGX (4.09%). In terms of maximum drawdown, WFIOX dropped -54.40% vs SWYGX's -27.62%.

Which has better risk-adjusted returns?

SWYGX currently has the higher Sharpe Ratio (2.22 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.