CSD vs. SCHM

Last updated Aug 2, 2026

CSD (Invesco S&P Spin-Off ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - CSD tracks the S&P U.S. Spin-Off Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 10 years, CSD returned 13.22%/yr vs 10.84%/yr for SCHM. Their correlation of 0.88 means they have usually moved in the same direction. CSD charges 0.65%/yr vs 0.04%/yr for SCHM.

Performance

CSD vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Spin-Off ETF (CSD) and Schwab US Mid-Cap ETF (SCHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSD achieves a 33.33% return, which is significantly higher than SCHM's 16.02% return. Over the past 10 years, CSD has outperformed SCHM with an annualized return of 13.22%, while SCHM has yielded a comparatively lower 10.84% annualized return.

CSD

• 1D: -0.25%
• 1M: -6.37%
• 6M: 19.91%
• YTD: 33.33%
• 1Y: 54.94%
• 3Y*: 31.10%
• 5Y*: 15.97%
• 10Y*: 13.22%
• ALL TIME*: 9.93%

SCHM

• 1D: -0.26%
• 1M: -3.53%
• 6M: 10.34%
• YTD: 16.02%
• 1Y: 25.02%
• 3Y*: 13.82%
• 5Y*: 7.49%
• 10Y*: 10.84%
• ALL TIME*: 11.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CSD Invesco S&P Spin-Off ETF	$2.08M	$2.19M	$2.22M
SCHM Schwab US Mid-Cap ETF	$34.02M	$31.86M	$37.33M

CSD vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSD Invesco S&P Spin-Off ETF	33.33%	21.58%	27.61%	23.77%	-15.04%	13.01%	10.79%	20.61%	-17.82%	20.64%
SCHM Schwab US Mid-Cap ETF	16.02%	10.17%	11.98%	16.69%	-17.07%	19.36%	15.26%	27.48%	-8.77%	19.60%

Correlation

The correlation between CSD and SCHM is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 13, 2011	0.88

The correlation between CSD and SCHM has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

CSD vs. SCHM - Sectors Allocation Comparison

Sectors	CSD	SCHM
Industrials	35.5%	21.9%
Technology	23.5%	22.0%
Healthcare	12.8%	11.6%
Utilities	7.3%	2.9%
Basic Materials	6.8%	4.1%
Communication Services	5.2%	2.4%
Real Estate	3.8%	6.5%
Consumer Cyclical	2.4%	10.9%
Consumer Defensive	1.0%	3.4%
Financial Services	0.1%	11.1%
Energy	-	3.2%

Return for Risk

CSD vs. SCHM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 88
CSD Sortino Ratio Rank: 85
CSD Omega Ratio Rank: 82
CSD Calmar Ratio Rank: 93
CSD Martin Ratio Rank: 90

SCHM

SCHM Risk / Return Rank: 64
SCHM Sharpe Ratio Rank: 60
SCHM Sortino Ratio Rank: 62
SCHM Omega Ratio Rank: 57
SCHM Calmar Ratio Rank: 72
SCHM Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CSD vs. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) and Schwab US Mid-Cap ETF (SCHM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CSD	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.39	+0.73
Sortino ratio: Return per unit of downside risk	2.81	2.06	+0.75
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	4.53	2.49	+2.04
Martin ratio: Return relative to average drawdown	14.08	8.79	+5.29

CSD vs. SCHM - Sharpe Ratio Comparison

The current CSD Sharpe Ratio is 2.12, which is higher than the SCHM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of CSD and SCHM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CSD vs. SCHM - Drawdown Comparison

The maximum CSD drawdown since its inception was -70.47%, which is greater than SCHM's maximum drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for CSD and SCHM.

Drawdown Indicators

	CSD	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-70.47%	-42.43%	-28.04%
Max Drawdown (1Y) Largest decline over 1 year	-12.02%	-9.32%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-30.15%	-23.27%	-6.88%
Max Drawdown (5Y) Largest decline over 5 years	-30.15%	-26.46%	-3.69%
Max Drawdown (10Y) Largest decline over 10 years	-57.55%	-42.43%	-15.12%
Current Drawdown Current decline from peak	-11.21%	-5.89%	-5.32%
Average Drawdown Average peak-to-trough decline	-14.16%	-5.63%	-8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.64%	+1.22%

Volatility

CSD vs. SCHM - Volatility Comparison

Invesco S&P Spin-Off ETF (CSD) has a higher volatility of 5.61% compared to Schwab US Mid-Cap ETF (SCHM) at 4.50%. This indicates that CSD's price experiences larger fluctuations and is considered to be riskier than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSD	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	4.50%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	13.07%	+6.35%
Volatility (1Y) Calculated over the trailing 1-year period	25.67%	16.71%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	19.68%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.97%	20.49%	+4.48%

CSD vs. SCHM - Expense Ratio Comparison

CSD has a 0.65% expense ratio, which is higher than SCHM's 0.04% expense ratio.

Dividends

CSD vs. SCHM - Dividend Comparison

CSD's dividend yield for the trailing twelve months is around 0.12%, less than SCHM's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSD Invesco S&P Spin-Off ETF	0.12%	0.16%	0.17%	0.51%	0.86%	0.73%	0.99%	1.08%	0.99%	0.60%	1.62%	2.61%
SCHM Schwab US Mid-Cap ETF	1.27%	1.46%	1.43%	1.50%	1.67%	1.13%	1.31%	1.48%	1.56%	1.27%	1.51%	1.54%

Frequently Asked Questions

Can I hold both CSD and SCHM in my portfolio?

CSD and SCHM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSD or SCHM?

CSD has higher volatility (5.61%) compared to SCHM (4.50%). In terms of maximum drawdown, CSD dropped -70.47% vs SCHM's -42.43%.

Which ETF is better, CSD or SCHM?

On 10-year performance, CSD leads with 13.22% vs 10.84% for SCHM. On fees, SCHM is cheaper at 0.04% per year. On volatility, SCHM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSD or SCHM?

Over the 10-year period, CSD has performed better with a 13.22% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSD or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 0.65% for CSD.

Which ETF pays a higher dividend yield, CSD or SCHM?

SCHM has the higher dividend yield at 1.27%, compared with 0.12% for CSD.

What is the main difference between CSD and SCHM?

CSD tracks S&P U.S. Spin-Off Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.65% for CSD and 0.04% for SCHM.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (2.12 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.