Wealthy PotSCHG vs SWPPX: Schwab's Growth ETF Is a Concentrated Slice of the S&P 500 and More
SCHG and SWPPX are different bets, not two versions of the same fund. SWPPX holds the whole S&P 500 for 0.02% a year. SCHG holds about 190 large growth companies for 0.04%. They overlap by 54.2% on our calculation. In practice SCHG is mostly the growth half of the S&P 500, held at much heavier weights: its top ten were 60% of the fund against 39% for SWPPX. Over the ten years to 31 August 2026, SCHG returned 18.66% a year at NAV and SWPPX 15.34%. Over the latest year SWPPX was ahead by three points. Choose SCHG only if you want a deliberate tilt toward large growth companies and can live with more concentration.
Table of Contents
The Short Answer
- Overlap: 54.2%. 95.3% of SCHG's money sat in stocks SWPPX also held, but only 54.2% of SWPPX's sat in stocks SCHG held. Our calculation from the funds' Form N-PORT filings (SCHG 31 May, SWPPX 31 July 2026).
- Concentration: top ten 60.12% for SCHG, 38.92% for SWPPX. NVIDIA alone was 11.01% of SCHG and 7.52% of SWPPX.
- Fees: SCHG 0.04%, SWPPX 0.02%. $4 against $2 a year on $10,000.
- Returns to 31 August 2026: ten years SCHG 18.66%, SWPPX 15.34% a year; one year SCHG 17.33%, SWPPX 20.34%.
- What SWPPX has that SCHG lacks: 380 companies worth 45.4% of SWPPX, led by JPMorgan, Berkshire Hathaway, Micron, Exxon Mobil and Johnson & Johnson.
- Holding both just raises your growth weight. If you own SWPPX, you already own most of SCHG's companies.
How Much SCHG and SWPPX Overlap
SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. Its prospectus says the index "includes the components ranked 1-750 by full market capitalization and that are classified as "growth" based on a number of factors," and is "a capped market capitalization weighted index." SWPPX tracks the S&P 500, a committee-picked list of large US companies of every style.
| Latest SEC holdings filings | SCHG (31 May 2026) | SWPPX (31 Jul 2026) |
|---|---|---|
| Holdings in the filing | 192 | 500 |
| Held by both funds | 120 | 120 |
| Share of the fund in those shared holdings | 95.3% | 54.2% |
| Holdings the other fund did not own | 72 (4.6% of SCHG) | 380 (45.4% of SWPPX) |
| Top-10 weight | 60.12% | 38.92% |
| Top-25 weight | 75.76% | 51.78% |
| Overlap, sum of the smaller weight in each shared stock | 54.2% | |
Same names, heavier weights. SCHG's biggest holdings are SWPPX's biggest holdings, just larger:
| Company | SCHG (31 May 2026) | SWPPX (31 Jul 2026) |
|---|---|---|
| NVIDIA | 11.01% | 7.52% |
| Apple | 9.83% | 7.02% |
| Alphabet | 8.53% | 5.84% |
| Microsoft | 7.17% | 5.34% |
| Amazon | 5.67% | 4.11% |
| Broadcom | 4.55% | 2.85% |
| Tesla | 3.91% | 1.36% |
| Meta Platforms | 3.45% | 1.89% |
| Eli Lilly | 3.05% | 1.41% |
What only SWPPX owns. The 380 S&P 500 companies outside SCHG were 45.4% of SWPPX. The largest were JPMorgan Chase (1.46%), Berkshire Hathaway (1.45%), Micron (1.44%), Exxon Mobil (1.00%) and Johnson & Johnson (0.95%): banks, energy, health care and other companies the index provider classifies as value rather than growth.
What only SCHG owns. 72 holdings worth 4.6% of SCHG were not in SWPPX's filing, the largest Snowflake (0.31%), Cloudflare (0.27%) and Rocket Lab (0.24%). These are growth companies large enough for SCHG's index but not in the S&P 500 on those dates.
Check this pair, or your whole portfolio, in the Portfolio Overlap Checker.
SCHG vs SWPPX Side by Side
| SCHG | SWPPX | |
|---|---|---|
| Full name | Schwab U.S. Large-Cap Growth ETF | Schwab S&P 500 Index Fund |
| Type | ETF (NYSE Arca) | Mutual fund |
| Index | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | S&P 500 |
| Style | Large-cap growth | Large-cap blend |
| Expense ratio | 0.04% | 0.02% |
| Prospectus cost on $10,000 over 10 years | $51 | $26 |
| Minimum | One share, or less at brokers that sell fractions | None |
| Holdings | 189 (2 Oct 2026) | 503 (31 Aug 2026) |
| Top-10 weight (N-PORT) | 60.12% (31 May 2026) | 38.92% (31 Jul 2026) |
| Price/earnings ratio (31 Aug 2026) | 30.48 | 25.21 |
| Portfolio turnover (31 Aug 2026) | 17.04% | 2.53% |
| 30-day SEC yield | 0.36% (1 Oct 2026) | Not published on Schwab's page |
| Total net assets (2 Oct 2026) | $64.7 billion | $149.9 billion |
| 10-year return to 31 Aug 2026 | 18.66% (NAV) | 15.34% |
| Inception | 11 Dec 2009 | 19 May 1997 |
Returns: Growth Led, but Not Every Year
| Annualized return to 31 Aug 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHG (NAV) | 17.33% | 23.45% | 13.26% | 18.66% |
| SWPPX | 20.34% | 21.01% | 12.76% | 15.34% |
| SCHG minus SWPPX | -3.01 | +2.44 | +0.50 | +3.32 |
Large growth stocks drove the market for most of the last decade, and SCHG's ten-year lead reflects that. The lead was not steady. Over five years it was half a point, and over the latest year SCHG trailed by three. The prospectuses show the swings too. SCHG's worst quarter was a loss of 22.27% in the second quarter of 2022; SWPPX's worst was a loss of 19.60% in the first quarter of 2020. SCHG's best quarter was a 27.73% gain, against 20.55% for SWPPX, both in the second quarter of 2020.
| Hypothetical $10,000 held 10 years | Ending value |
|---|---|
| At SCHG's 10-year NAV return (18.66%) | $55,341 |
| At SWPPX's 10-year return (15.34%) | $41,668 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Where They Really Differ
Concentration. SCHG's top 25 holdings were 75.76% of the fund. Its index applies "a quarterly capping process" to keep weights within the diversification rules for funds, and the prospectus warns the fund "may become "non-diversified"" if the index becomes concentrated. SWPPX spreads money across 500 companies, though its top ten still hold almost 39%.
Valuation and income. On 31 August 2026 Schwab reported a price/earnings ratio of 30.48 for SCHG and 25.21 for SWPPX. SCHG's 30-day SEC yield was 0.36% on 1 October 2026; growth companies tend to pay little in dividends.
Wrapper. SCHG is an ETF that trades on an exchange through any broker. SWPPX is a mutual fund with no minimum, bought at the next calculated price, and available "through an account at Charles Schwab & Co., Inc. (Schwab) or another financial intermediary," per its prospectus. Its distributions "typically are paid in December."
Taxes. SCHG's prospectus shows 16.66% a year before taxes and 16.43% after taxes on distributions over the ten years to 31 December 2024. SWPPX's shows 14.78% and 14.30% over the ten years to 31 December 2025. The windows differ, but low-yield SCHG lost less to taxes on distributions in its period.
Which One Fits You
You want one core fund to hold for decades: SWPPX, or another S&P 500 fund. It owns growth and value companies alike and does not depend on one style staying in favor. See SWPPX vs VOO if you prefer an ETF.
You already own SWPPX and want more growth: adding SCHG raises your weight in the same giants rather than adding new companies. That can be a deliberate choice, but size it knowing that 95.3% of SCHG's money was in companies SWPPX already held.
You want a growth-only portfolio: SCHG is among the cheapest ways to get it. Compare it with alternatives in SCHG vs QQQ and QQQM vs SCHG.
Your account is not at Schwab: SCHG trades anywhere. SWPPX is sold through Schwab or another intermediary, which may charge a fee.
In a 401(k): use the plan's S&P 500 or growth fund, whichever matches the mix you want. In an IRA, either works.
In a taxable account: SCHG's low yield means smaller yearly dividends. If you hold either with a gain, switching means selling, so check your 2026 tax bracket first.
Sources & Methodology
- SCHG summary prospectus, 27 February 2026 and SWPPX summary prospectus, 26 February 2026: fees, cost examples, indexes, purchase rules, best and worst quarters, after-tax returns.
- Schwab Strategic Trust supplement, 23 September 2024: quarterly capping of the growth index.
- Schwab Capital Trust prospectus, 26 February 2026: December distributions.
- SCHG Form N-PORT, 31 May 2026 and SWPPX Form N-PORT for 31 July 2026 (Schwab Capital Trust, filed 24 September 2026): holdings behind the overlap, weights and top-N figures.
- Schwab SCHG fund page and Schwab SWPPX fund page: net assets, holdings, turnover, P/E, yield and returns to 31 August 2026.
How the overlap was computed. For each stock both funds held, we took the smaller of the two weights and added them up, the method the Portfolio Overlap Checker uses on the same N-PORT data. The funds' holdings filings are two months apart, so some of the weight differences reflect price moves.
What we did not verify. Sector weights (Schwab's annual report prints them as images), SWPPX's SEC yield, and why particular companies sit outside the S&P 500. Schwab had not posted returns to 30 September 2026 when we checked.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; fund data changes daily, so confirm current figures with Schwab before acting.
FAQ: SCHG vs SWPPX
Is SCHG better than SWPPX?
It returned more over the ten years to 31 August 2026 (18.66% against 15.34% a year) and less over the latest year (17.33% against 20.34%). It is a narrower, more concentrated fund, so it is not a like-for-like swap.
How much do SCHG and SWPPX overlap?
54.2% on our calculation. Nearly all of SCHG (95.3%) is in S&P 500 companies, but those companies are only about half of SWPPX.
Should I hold both SCHG and SWPPX?
Only if you want to tilt toward large growth companies on purpose. The pair does not add new companies so much as double up on NVIDIA, Apple, Alphabet, Microsoft and Amazon.
Which is cheaper?
SWPPX, at 0.02% against 0.04%. Both are among the lowest fees available.
Why does SCHG hold so few stocks?
Its index takes only the companies in the 750 largest that are classified as growth. The prospectus put the index at 230 stocks on 31 August 2025; the fund held 189 on 2 October 2026.
Does SCHG pay dividends?
A small amount. Its 30-day SEC yield was 0.36% on 1 October 2026.
Can I buy SCHG and SWPPX outside Schwab?
SCHG trades on an exchange, so yes. SWPPX is available through Schwab "or another financial intermediary," which may charge its own fees.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SCHG vs SWPPX: Schwab's Growth ETF Is a Concentrated Slice of the S&P 500 and More." Wealthy Pot, 2026. https://wealthypot.com/schg-vs-swppx/
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