Indeed, as jlebar notes - since the actual executable code (the thing that the CPU executes) does not exist directly in the executable file, the OS will have to write it out to the swap if it needs the memory (unlike uncompressed files, where it just reuses the memory and later reloads from the executable file).

It is rarely a big loss, because executables that are in use tend to remain in memory if the program is actually active. If you have a 300MB demon that sleeps, though, you will likely notice a swap out to magnetic disk.