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Security Comparison

SWPPX vs SCHG: Same Shop, Different Job and Wrapper

A head-to-head of Schwab's S&P 500 Index Fund and U.S. Large-Cap Growth ETF covering trading, cost, and what each is for.

Data updated September 4, 2026

Best for

  • SCHGInvestors who want a growth tilt and can accept bigger swings for higher upside.
  • SWPPXInvestors who want higher current income (1.01% vs 0.38% for SCHG).

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SCHG has lagged SWPPX over the trailing twelve months, posting a 16.75% total return against 20.89%. The picture flips over 10 years, though — SCHG has compounded at 18.54% a year, ahead of SWPPX at 15.30%. SWPPX has been the steadier holding, though — annualized volatility of 15.1% against 19.4% for SCHG. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Dec 2009Volatility Sharpe Sortino Max drawdown
SCHG9.57%16.75%23.20%13.02%18.54%16.53%19.4%0.851.21-23.4%
SWPPX12.64%20.89%21.06%12.69%15.30%14.29%15.1%0.981.41-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Dec 2009” measures every fund from December 11, 2009 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSCHGSWPPX
Full nameSchwab U.S. Large-Cap Growth ETFSchwab S&P 500 Index Fund
IssuerSchwabSchwab
Last Close$35.53 as of September 4, 2026$19.79 as of September 2, 2026
Distribution yield0.38%1.01%
Distribution Safety Score™ 10096
Safety-Adjusted Yield 0.38%0.97%
Expense ratio0.04%0.59%
AUM$62.4B$144B
Distribution frequencyQuarterlyAnnual
Underlying indexDow Jones U.S. Large-Cap Growth Total Stock Market Index—
ObjectiveSeeks to track the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, holding the components ranked 1-750 by full market capitalization that are classified as growth.—
Asset classEquityEquity
Inception date12/11/200905/19/1997
Beta1.211.0
Last dividend$0.034$0.1946
Ex-dividend date06/24/202612/12/2025

Bottom lineChoose SCHG if you want a growth tilt and can accept bigger swings for higher upside. Choose SWPPX if you want higher current income (1.01% vs 0.38% for SCHG).

SCHG vs SWPPX: growth ETF or S&P 500 fund?

Same issuer, different job and wrapper. SCHG is large-cap growth. SWPPX is Schwab's S&P 500 index mutual fund.

SCHGSWPPX
VehicleETFIndex mutual fund
What it ownsUS large-cap growthS&P 500
TradingIntraday at a market priceEnd-of-day net asset value
Expense ratio0.04%0.59%
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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

Schwab
ETFs33
Total AUM$616B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHG.

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Quick verdict

SCHG (Schwab U.S. Large-Cap Growth ETF) is an ETF, while SWPPX (Schwab S&P 500 Index Fund) is a mutual fund — they take fundamentally different approaches.

SWPPX offers the higher yield at 1.01% vs 0.38% for SCHG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHG is cheaper with an expense ratio of 0.04% compared to 0.59%.

SWPPX is the larger fund by assets ($144B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose SCHG

Schwab U.S. Large-Cap Growth ETF

  • Want a growth tilt and can accept larger swings for more upside.
  • Want to keep costs low — a 0.04% expense ratio vs 0.59% for SWPPX.

Choose SWPPX

Schwab S&P 500 Index Fund

  • Want higher current income — SWPPX yields 1.01% vs 0.38% for SCHG.
  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 1.0 vs 1.2 for SCHG.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, SCHG would generate roughly $3.17/month, while SWPPX would produce $8.42/month, at current distribution rates.

SCHG yield0.38%
SWPPX yield1.01%
Monthly diff on $10K$5.25

Cost & efficiency

Over 10 years on $10,000, SCHG would cost approximately $40 in fees vs $590 for SWPPX (simplified, not compounded). The $550.00 difference may be offset by yield or performance.

SCHG ER0.04%
SWPPX ER0.59%

Strategy & risk

SCHG tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index. SWPPX is a mutual fund whose tracked index or strategy detail is not recorded in our data, so this comparison rests on the measured figures — yield, fees, size, and performance — rather than strategy labels. Beta is 1.21 for SCHG and 1.0 for SWPPX, making SWPPX the less volatile of the two by this measure.

SCHG beta1.21
SWPPX beta1.0

Fund details

SCHG is managed by Schwab (launched 12/11/2009) with $62.4B in assets. SWPPX is managed by Schwab (launched 05/19/1997) with $144B in assets.

SCHG AUM$62.4B
SWPPX AUM$144B
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Frequently asked questions

What is the difference between SWPPX and SCHG?

Same shop, different job and wrapper. SWPPX (Schwab S&P 500 Index Fund) is a Schwab S&P 500 index mutual fund that transacts at end-of-day net asset value. SCHG (Schwab U.S. Large-Cap Growth ETF) is a large-cap growth ETF that trades all day. Cost is 0.59% versus 0.04%; distributions are 1.01% and 0.38% as of September 2026. SWPPX is a mutual fund, not an exchange-traded fund. Account fit and style are the decision.

What is the current distribution yield for SCHG and SWPPX?

SCHG currently distributes 0.38% and SWPPX 1.01%, based on fund data updated September 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SCHG or SWPPX better for dividend income?

It depends on your goals. SWPPX currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both SCHG and SWPPX?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is SCHG or SWPPX safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SCHG scores 100, SWPPX scores 96, so SCHG's payout currently looks the more resilient of the two. SWPPX has also shown lower price volatility (beta 1.00 vs 1.21 for SCHG). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SCHG or SWPPX?

SCHG has an expense ratio of 0.04% while SWPPX charges 0.59%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SCHG vs SWPPX generate?

At current rates, $10,000 in SCHG would generate roughly $3.17 per month ($38.00 annually). The same in SWPPX would produce about $8.42 per month ($101.00 annually).

Which has performed better historically, SCHG or SWPPX?

SCHG has lagged SWPPX over the trailing twelve months, posting a 16.75% total return against 20.89%. The picture flips over 10 years, though — SCHG has compounded at 18.54% a year, ahead of SWPPX at 15.30%. SWPPX has been the steadier holding, though — annualized volatility of 15.1% against 19.4% for SCHG. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SCHG vs SWPPX — at a glance

Generated August 29, 2026.

Overview

SCHG is a large-cap growth ETF tracking the Dow Jones U.S. Large-Cap Growth index with a 0.04% expense ratio and $62.4B in assets. SWPPX is a mutual fund tracking the S&P 500, a much broader index spanning growth, value, and all market-cap ranges, with a 0.59% expense ratio and $144B in assets. The core distinction: SCHG isolates the 750 largest growth stocks, while SWPPX holds the full 500-stock broad market benchmark.

How they differ

SCHG's growth tilt creates higher volatility and a different return profile than SWPPX's balanced market approach. SCHG carries a beta of 1.21, meaning it amplifies market moves about 21% more than the broad market; SWPPX's beta of 1.0 tracks the S&P 500 directly. SWPPX is also 2.3 times larger by assets and has been operating since 1997, compared to SCHG's 2009 inception.

Who each is best for

SCHG: Fits investors seeking concentrated exposure to large-cap growth momentum and willing to accept higher volatility in exchange for potential outperformance in growth-favoring markets. Also appropriate for cost-conscious investors building equity core allocations where the 0.04% expense ratio meaningfully compounds over decades.

SWPPX: Designed for investors who want broad large- and mid-cap exposure across the entire market cycle, with a preference for dividend income and less sensitivity to valuation-driven sector rotations. Fits those indifferent between ETF and mutual fund structure and comfortable with a slightly higher fee for the stability of full-market representation.

Key risks to know

  • Sector concentration in growth: SCHG's 750-stock universe is weighted heavily toward technology and growth-sensitive sectors, creating drawdown risk during value-dominated or rising-rate environments when growth multiples compress.
  • Volatility amplification: SCHG's beta of 1.21 means it will decline more steeply than the broad market in downturns and rise more sharply in rallies, making it less suitable for investors with lower risk tolerance or shorter time horizons.
  • Valuation sensitivity: Large-cap growth stocks trade at historically higher price-to-earnings multiples than the S&P 500 average, creating the risk that SCHG underperforms on mean-reversion if growth premiums normalize.
  • Index methodology divergence: The Dow Jones U.S. Large-Cap Growth index and S&P 500 use different constituent selection rules; holdings may overlap substantially but are not identical, so comparing past performance between them can mask structural differences in timing and weighting.

Bottom line

If you prioritize minimal cost and want full market exposure without sector tilt, SWPPX's 0.59% expense ratio trades off against SCHG's ultralow 0.04% fee to deliver simplicity and income. If you're comfortable accepting growth volatility and want to amplify upside in bull markets while keeping costs near zero, SCHG offers that tradeoff—but expect steeper drawdowns and dividend shortfall during growth downturns. Past performance of either index does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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