Wealthy PotSCHF vs SWISX: Schwab's Two International Index Funds Hold Different Countries
SCHF and SWISX are both Schwab index funds for developed markets outside the US, but they are not two wrappers on one portfolio. SCHF is an ETF that tracks a FTSE index and charges 0.03%. SWISX is a mutual fund that tracks the MSCI EAFE Index and charges 0.06%. The index choice changes the countries. SCHF holds South Korea and Canada, which together were about 20% of the fund in its May 2026 filing. SWISX holds neither. That is why their overlap is only 71.6%, and why SCHF returned 9.16 points more over the year to 30 June 2026. If you can buy ETFs, SCHF is cheaper and broader. SWISX makes sense mainly for automatic dollar-amount investing in a Schwab account, or if you want no Korea or Canada.
Table of Contents
The Short Answer
- Overlap: 71.6%. 98.4% of SWISX's weight is in companies SCHF holds, but only 71.9% of SCHF's weight is in companies SWISX holds. Our calculation from the funds' SEC filings for 31 May and 31 July 2026.
- Fees: 0.03% vs 0.06%. On $10,000 over ten years the prospectuses show $39 for SCHF and $77 for SWISX.
- Different index providers. SCHF tracks the FTSE Developed ex US Index. SWISX tracks the MSCI EAFE Index (Europe, Australasia and the Far East).
- Korea and Canada are the big gap. Korean securities were 10.2% of SCHF and Canadian 10.4%. SWISX held none of either.
- Holdings: 1,442 vs 682. SCHF also reaches further down into mid-sized companies.
- Returns to 30 June 2026: SCHF 29.35% over one year and 10.63% a year over ten; SWISX 20.19% and 9.72%.
- ETF vs mutual fund. SWISX has no minimum and lets you invest exact dollar amounts, but you can only buy it through Schwab or another intermediary. SCHF trades anywhere.
How Much SCHF and SWISX Overlap
We matched SCHF's SEC portfolio filing for 31 May 2026 (1,470 positions) with SWISX's for 31 July 2026 (672 positions). The two dates are two months apart, so treat individual weights as approximate.
| Overlap measure | Result |
|---|---|
| Shared holdings | 658 |
| Overlap (sum of the smaller weight of each shared holding) | 71.6% |
| Share of SCHF's weight also in SWISX | 71.9% |
| Share of SWISX's weight also in SCHF | 98.4% |
| SCHF positions SWISX did not hold | 812, together 27.4% of SCHF |
| SWISX positions SCHF did not hold | 14, together 1.2% of SWISX |
SWISX is almost entirely inside SCHF. Going the other way, more than a quarter of SCHF is in companies SWISX does not own. The largest of them are Samsung Electronics (3.32% of SCHF) and SK hynix (2.81%), followed by Royal Bank of Canada, Toronto-Dominion Bank, Shopify and Enbridge. SWISX's handful of extras, such as Spotify and Sea Ltd, came to about 1%.
The shared names are the big European and Japanese companies: ASML, HSBC, Roche, Novartis, AstraZeneca, Nestle, Shell and Siemens. Each is a bigger slice of SWISX than of SCHF, because SWISX spreads its money over fewer countries and fewer companies.
SCHF vs SWISX Side by Side
| SCHF | SWISX | |
|---|---|---|
| Full name | Schwab International Equity ETF | Schwab International Index Fund |
| Structure | ETF (NYSE Arca) | Mutual fund |
| Index | FTSE Developed ex US Index | MSCI EAFE Index |
| Countries | 24 developed markets, incl. Korea and Canada | 21 developed markets in Europe, Australasia and the Far East |
| Company size | Large and mid caps ("top 90%") | Large companies |
| Expense ratio | 0.03% | 0.06% |
| Prospectus cost on $10,000, 10 years | $39 | $77 |
| Minimum | One share (or a fractional share, if your broker allows) | No minimum |
| Holdings | 1,442 (2 Oct 2026) | 682 (31 Aug 2026) |
| Turnover (latest fiscal year, prospectus) | 4% | 10% |
| Assets | $67.9bn (2 Oct 2026) | $14.7bn (2 Oct 2026) |
| Inception | 3 Nov 2009 | 19 May 1997 |
| 10-year return to 30 Jun 2026 | 10.63% (NAV) | 9.72% |
Korea and Canada: The Index Provider Decides
Which countries count as "developed" is not a fixed fact. Each index company decides. FTSE, which builds SCHF's index, counts South Korea as developed. The MSCI EAFE index behind SWISX leaves Korea out, and because EAFE covers only Europe, Australasia and the Far East, Canada is outside it by design.
The filings show the result plainly. In SCHF's 31 May 2026 filing, securities with Korean ISIN codes made up 10.2% of the fund and Canadian ones 10.4%. In SWISX's 31 July 2026 filing, both were zero. Schwab's own SCHF page says the fund provides "exposure to South Korea and Canada." Its SWISX page describes "21 developed markets in Europe, Australasia and the Far East."
Korea and Canada, plus a small slice of Poland, account for about 20.5 points of the 27.4% of SCHF that SWISX does not own. The rest is companies further down the size range that sit inside FTSE's "top 90%" cut-off but outside MSCI EAFE. That last split is our reading of the two index definitions, not a figure either fund publishes.
The practical point: if you own a US total-market fund, you have no Canada from it. SCHF adds Canada; SWISX does not. If you pair either fund with an emerging-markets fund, check which provider that fund uses. An MSCI emerging-markets fund holds Korea, so it fits with SWISX and doubles up with SCHF. Our VEA vs VWO page measures exactly that.
Returns to 30 June 2026
| Average annual, to 30 Jun 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHF (NAV) | 29.35% | 19.39% | 10.32% | 10.63% |
| SWISX | 20.19% | 16.51% | 9.19% | 9.72% |
| MSCI EAFE Index (Net) | 20.23 | 16.44 | 9.05 | 9.66 |
| SCHF minus SWISX | +9.16 | +2.88 | +1.13 | +0.91 |
SWISX tracked its index closely, and so did SCHF. The gap between them is a gap between the indexes. The one-year difference of more than nine points is large for two developed-market funds. A large part of it is likely Korea: Samsung Electronics and SK hynix alone were over 6% of SCHF and are absent from SWISX. Neither Schwab document attributes the gap, so take that as our reading.
Over ten years the lead shrinks to 0.91 points a year, and it is not guaranteed to continue. If Korean chipmakers or Canadian banks have a bad stretch, SCHF will carry it and SWISX will not.
$10,000 at SCHF's ten-year rate would have grown to about $27,462, and at SWISX's to about $25,285. (Hypothetical arithmetic on the published ten-year rates, ignoring taxes and trading costs. Not a forecast.)
ETF vs Mutual Fund
Buying. SWISX's prospectus says "There is no minimum initial investment for the fund," and that investors "may only invest in the fund through an account at Charles Schwab & Co., Inc. (Schwab) or another financial intermediary." You buy at the day's closing price, in exact dollar amounts, which makes automatic monthly investing simple. SCHF trades on the exchange through the day at market prices. Some brokers sell fractional ETF shares, which narrows that difference.
Moving brokers. SCHF can sit in any brokerage account. Whether another broker will accept a transfer of SWISX shares depends on that broker, so check before you move. If it will not, you would have to sell, which can trigger tax in a taxable account.
Taxes. ETFs can often hand out appreciated shares when investors redeem, rather than sell them, which tends to reduce capital gains payouts. SWISX's record has been clean too: Schwab's distribution table shows income only, with zero short-term and long-term capital gains, in each December from 2022 through 2025. Both funds also publish foreign tax credit information on their Schwab pages. IRS Publication 514 explains how to use it.
Which One Fits You
You can buy ETFs and want the broadest cheap developed-market fund: SCHF. Half the fee, more countries, more companies.
You invest a set dollar amount automatically at Schwab: SWISX works. The extra 0.03% is $3 a year on $10,000. Just know you are also choosing MSCI's country list.
You already hold Canada separately, or pair your developed fund with an MSCI emerging-markets fund: SWISX avoids holding Korea or Canada twice.
Your 401(k) or Schwab plan offers only one: use it. The fee gap is small next to the cost of skipping international stocks altogether.
Comparing outside Schwab? Vanguard's FTSE equivalent is VEA, covered in SCHF vs VEA. Fidelity's MSCI EAFE index fund is in FSPSX vs VXUS.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Sources & Methodology
- SCHF summary prospectus, 27 February 2026: fee, cost example, index definition, 24 countries, sampling, turnover.
- SWISX summary prospectus, 26 February 2026: objective, MSCI EAFE strategy, fee, cost example, turnover, no minimum, how to buy, returns to 31 December 2025.
- Schwab SCHF page and Schwab SWISX page: holdings, assets, country descriptions, distributions, returns to 30 June 2026.
- Schwab Strategic Trust Form N-CSR, year ended 31 August 2025: SCHF's June 2025 fee cut from 0.06% to 0.03%.
- IRS Publication 514: the foreign tax credit.
How the overlap was computed. Our Portfolio Overlap Checker reads each fund's Form N-PORT holdings and adds up the smaller of the two weights for every shared holding. Country weights are the share of each filing in securities with Korean, Canadian or Polish ISIN codes. Filings: SCHF period ended 31 May 2026; SWISX period ended 31 July 2026.
What we did not verify. We did not open FTSE's or MSCI's own country-classification documents; the Korea and Canada treatment is shown from the funds' holdings and Schwab's descriptions. SCHF's ten-year record was mostly earned at its old 0.06% fee.
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. International investing carries currency and political risks. Figures were checked against the sources above on 5 October 2026; confirm current figures with Schwab before acting.
FAQ: SCHF vs SWISX
Is SCHF the ETF version of SWISX?
No. They track different indexes from different providers. SCHF follows the FTSE Developed ex US Index; SWISX follows the MSCI EAFE Index. Their overlap is 71.6%.
Which is cheaper, SCHF or SWISX?
SCHF, at 0.03% against 0.06%. On $10,000 over ten years the prospectuses show $39 against $77.
Does SWISX include Canada or South Korea?
No. Its 31 July 2026 filing held no Korean or Canadian securities. SCHF had about 10% in each in its 31 May 2026 filing.
Why did SCHF beat SWISX over the past year?
The funds hold different countries. SCHF returned 29.35% and SWISX 20.19% over the year to 30 June 2026. Korean chipmakers, which only SCHF holds, are a likely large part of the gap, though neither fund attributes it.
Is there a minimum for SWISX?
No. Its prospectus states there is no minimum initial investment. You buy through Schwab or another intermediary.
Should I own both SCHF and SWISX?
Usually not. Almost all of SWISX (98.4% of its weight) is already in SCHF, so owning both mostly doubles up on European and Japanese large caps.
Which is better in a taxable account?
Both have been tax-efficient. SWISX paid no capital gains distributions from 2022 through 2025, and SCHF is an ETF. The bigger differences are the fee and the country mix.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SCHF vs SWISX: Schwab's Two International Index Funds Hold Different Countries." Wealthy Pot, 2026. https://wealthypot.com/schf-vs-swisx/
Related comparisons: SCHF vs VEA · SCHF vs VXUS · SWISX vs VXUS · FSPSX vs VXUS · VEA vs VWO · VEA vs VXUS · All ETF comparisons
