SWSSX’s worst drop since 1999 was 61%
Schwab Small-Cap Index Fund (SWSSX) fell 61% from Dec 2006 to Mar 2009. It took 4.1 years from that peak to close at a new high, in Jan 2011. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 9th deepest among the 109 mutual funds PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How SWSSX held up in each crash
| Crash | Years | SWSSX | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −48.9% | −47.5% |
| Financial crisis | 2007–09 | −60.3% | −55.2% |
| COVID crash | 2020 | −41.7% | −33.7% |
| 2022 rate shock | 2022 | −26.9% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was SWSSX’s maximum drawdown?
SWSSX’s deepest fall since 1999 was 61.2%, from its high on December 5, 2006 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did SWSSX take to recover?
4.1 years. SWSSX first closed above its Dec 2006 high again on January 3, 2011.
Was SWSSX riskier than the S&P 500?
Over the same years, SWSSX’s worst drop was 61.2% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −50.4% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.