Wealthy PotSCHB vs SWPPX: Schwab's Whole-Market ETF or Its S&P 500 Fund?
SCHB and SWPPX overlap by 87.6%, by our calculation from SEC holdings filings. Almost all of SWPPX (99.5% of its weight) sits inside SCHB. What SCHB adds is about 1,900 mid- and small-cap stocks that were 10.8% of the fund. Both are Schwab index funds and both are cheap: SCHB, an ETF, charges 0.03%, and SWPPX, a no-minimum mutual fund, charges 0.02%. Over the ten years to 30 June 2026, SWPPX returned 15.46% a year and SCHB 15.04%, because large companies beat smaller ones over that stretch.
Table of Contents
The Short Answer
- Overlap: 87.6%. 498 shared stocks. 99.5% of SWPPX is in SCHB; 89.1% of SCHB is in SWPPX. Our calculation from N-PORT filings for 31 May 2026 (SCHB) and 31 July 2026 (SWPPX).
- Fees: SWPPX 0.02%, SCHB 0.03%. One basis point, or $1 a year per $10,000.
- Coverage: SCHB owns the US market down to small caps (2,398 holdings on 2 October 2026). SWPPX owns the S&P 500 (503 holdings on 31 August 2026).
- Returns: SWPPX ahead over five and ten years. To 30 June 2026 at NAV, 15.46% against 15.04% a year over ten years, and 13.37% against 12.30% over five.
- Wrapper: SCHB is an ETF that trades anywhere; SWPPX is a mutual fund bought through Schwab or another intermediary, with no minimum.
How Much SCHB and SWPPX Overlap
Our Portfolio Overlap Checker adds up the smaller weight of every stock both funds hold. The two filings are two months apart, which explains most of the small weight gaps below.
| Overlap measure | Result |
|---|---|
| Shared holdings | 498 |
| Share of SWPPX's weight in SCHB stocks | 99.5% |
| Share of SCHB's weight in SWPPX stocks | 89.1% |
| Overlap (sum of the smaller weight in each shared stock) | 87.6% |
| SCHB stocks not in SWPPX | 1,903, together 10.78% of SCHB |
| Stock | SCHB (31 May 2026) | SWPPX (31 Jul 2026) |
|---|---|---|
| Nvidia | 7.02% | 7.52% |
| Apple | 6.26% | 7.02% |
| Alphabet (both classes) | 5.44% | 5.84% |
| Microsoft | 4.57% | 5.34% |
| Amazon | 3.62% | 4.11% |
| Broadcom | 2.90% | 2.85% |
| Meta Platforms | 1.89% | 1.89% |
| Tesla | 1.68% | 1.36% |
The 1,903 SCHB-only holdings are each tiny. The largest named ones, Snowflake and Cloudflare, were about 0.1% each. Together they make SCHB roughly 89% S&P 500 and 11% everything smaller.
SCHB vs SWPPX Side by Side
| SCHB | SWPPX | |
|---|---|---|
| Full name | Schwab U.S. Broad Market ETF | Schwab S&P 500 Index Fund |
| Index | Dow Jones U.S. Broad Stock Market Index (largest 2,500 US companies) | S&P 500 |
| Method | Sampling | Replication |
| Structure | ETF | Mutual fund |
| Expense ratio | 0.03% | 0.02% |
| Minimum | One share (or a fractional share where offered) | No minimum |
| Holdings | 2,398 (2 Oct 2026) | 503 (31 Aug 2026) |
| Top 10 weight (N-PORT) | 36.06% (31 May 2026) | 38.92% (31 Jul 2026) |
| 30-day SEC yield | 1.02% (1 Oct 2026) | Not published |
| Turnover | 3.03% (31 Aug 2026) | 2.53% (31 Aug 2026) |
| Net assets | $44.86 billion (2 Oct 2026) | $149.93 billion (2 Oct 2026) |
| Inception | 3 November 2009 | 19 May 1997 |
Where the Two Funds Differ
Company size. SCHB's prospectus says its index "includes the largest 2,500 publicly traded U.S. companies"; it had 2,457 stocks on 31 August 2025. The S&P 500 stops at about 500 large companies. Because both indexes weight by market value, the extra 1,900 names add only about a tenth of SCHB's money, so the two funds behave alike most of the time. SCHB does not reach the smallest micro caps that a total-market fund such as VTI holds; see SCHB vs VTI.
Sectors. Schwab's sector tables for 30 June 2026 show how small the tilt is. Information technology was 35.81% of SCHB and 38.02% of SWPPX. Industrials (10.37% against 8.93%) and financials (12.09% against 11.76%) were a little larger in SCHB, which is where many mid-size companies sit. No sector differed by more than about two and a quarter points.
Wrapper. SCHB trades on NYSE Arca all day at a market price. SWPPX is priced once a day at net asset value and has no minimum, so it suits automatic dollar-amount purchases. Its prospectus says investors "may only invest in the fund through an account at Charles Schwab & Co., Inc. (Schwab) or another financial intermediary," and other brokers may charge a fee to buy it.
Returns and Taxes
| Average annual return at NAV | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHB, to 30 Jun 2026 | 23.00% | 20.44% | 12.30% | 15.04% |
| SWPPX, to 30 Jun 2026 | 22.27% | 20.57% | 13.37% | 15.46% |
| SCHB minus SWPPX | +0.73 | -0.13 | -1.07 | -0.42 |
| SCHB, to 31 Aug 2026 | 20.14% | 20.65% | 11.75% | 14.81% |
| SWPPX, to 31 Aug 2026 | 20.34% | 21.01% | 12.76% | 15.34% |
| SCHB minus SWPPX | -0.20 | -0.36 | -1.01 | -0.53 |
Both funds tracked their indexes closely. SCHB's index returned 15.05% a year over ten years to 30 June 2026 and SCHB 15.04%; the S&P 500 returned 15.51% and SWPPX 15.46%. So the gap between the funds is the gap between the indexes: over the past decade, the largest US companies beat mid and small caps. That is a record of one period, not a rule.
On $10,000 over ten years, SWPPX's rate would have produced about $42,103 and SCHB's about $40,597 (Wealthy Pot's hypothetical arithmetic, no contributions, costs or taxes).
| Tax drag to 30 June 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHB | 0.45 | 0.41 | 0.40 | 0.47 |
| SWPPX | 0.32 | 0.36 | 0.37 | 0.48 |
The usual rule is that an ETF is more tax-efficient than a mutual fund. Here the numbers are a tie. SWPPX's distribution history on Schwab's site shows no capital-gains payout since December 2021, so in practice its tax cost has been its dividends, like SCHB's.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
You want the whole US market in one fund: SCHB. It adds mid and small caps you would otherwise need a second fund for. Schwab's mutual-fund version of that idea is SWTSX; see SCHB vs SWTSX.
You invest at Schwab with automatic monthly amounts: SWPPX is convenient. No minimum, exact dollars, 0.02%. SCHB works too if your account buys fractional ETF shares.
Your account is somewhere else, or you might move: SCHB trades at any broker. Moving SWPPX in kind to a broker that does not carry it may not be possible, so you might have to sell, which in a taxable account realizes gains. That is our inference from the prospectus's purchase rules, not a statement in it.
401(k) or IRA: taxes do not matter there. Pick the index you want. If your plan offers an S&P 500 fund but no total-market fund, S&P 500 stocks were 89.1% of SCHB's weight in our overlap data, so you are not missing much.
Holding both: mostly duplication. Owning both is close to owning SCHB with a little extra weight in the largest companies. If you want small caps on purpose, a dedicated small-cap fund adds more of them than SCHB does.
Sources & Methodology
- SCHB summary prospectus dated 27 February 2026: 0.03% fee, index definition and sampling method.
- SWPPX summary prospectus dated 26 February 2026: 0.02% fee, objective, no minimum and how the fund is bought.
- Schwab SCHB fund page and Schwab SWPPX fund page, read 5 October 2026: assets, holdings, yield, turnover, sectors, distributions, before- and after-tax returns.
- Form N-PORT filings for SCHB (31 May 2026) and SWPPX (31 July 2026): overlap and top-ten weights.
Limits. The holdings filings are two months apart. SWPPX's two holdings outside SCHB (0.12% of the fund) are not named in our dataset.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, index returns cannot be invested in directly, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026.
FAQ: SCHB vs SWPPX
Is SCHB or SWPPX better?
Neither is clearly better. SWPPX returned more over the ten years to 30 June 2026 (15.46% against 15.04% a year) because large companies led. SCHB is broader and trades at any broker. The fee gap is one basis point.
How much do SCHB and SWPPX overlap?
87.6% by our calculation. 99.5% of SWPPX's weight is in stocks SCHB also holds.
Is SCHB a total stock market fund?
Nearly. It tracks the largest 2,500 US companies. Total-market funds such as VTI and SWTSX reach further into micro caps, but those add little weight.
Which is cheaper?
SWPPX at 0.02%, against SCHB's 0.03%. That is $1 a year per $10,000.
Can I hold SWPPX at Fidelity or Vanguard?
The prospectus allows purchases through Schwab or "another financial intermediary." Whether another broker carries it, and for what fee, is up to that broker. SCHB has no such limit.
Is SWPPX less tax-efficient because it is a mutual fund?
In principle a mutual fund can distribute capital gains. In practice SWPPX has paid none since December 2021, and its ten-year tax drag (0.48 points) matched SCHB's (0.47) to 30 June 2026.
Should I own both?
There is little reason to. Owning both is close to owning SCHB alone with a little more in the largest companies.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SCHB vs SWPPX: Schwab's Whole-Market ETF or Its S&P 500 Fund?" Wealthy Pot, 2026. https://wealthypot.com/schb-vs-swppx/
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