EQAL vs. SCHM

Last updated Jun 24, 2026

EQAL (Invesco Russell 1000 Equal Weight ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - EQAL tracks the Russell 1000 Equal Weight Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 10 years, EQAL returned 10.85%/yr vs 11.71%/yr for SCHM. With a 0.95 correlation, they move nearly in lockstep. EQAL charges 0.20%/yr vs 0.04%/yr for SCHM.

Performance

EQAL vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Russell 1000 Equal Weight ETF (EQAL) 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, EQAL achieves a 11.42% return, which is significantly lower than SCHM's 19.11% return. Over the past 10 years, EQAL has underperformed SCHM with an annualized return of 10.85%, while SCHM has yielded a comparatively higher 11.71% annualized return.

EQAL

• 1D: -0.25%
• 1M: -0.10%
• YTD: 11.42%
• 6M: 10.52%
• 1Y: 22.33%
• 3Y*: 15.08%
• 5Y*: 6.90%
• 10Y*: 10.85%

SCHM

• 1D: -1.73%
• 1M: 2.88%
• YTD: 19.11%
• 6M: 16.97%
• 1Y: 31.33%
• 3Y*: 17.85%
• 5Y*: 8.08%
• 10Y*: 11.71%

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

EQAL vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQAL Invesco Russell 1000 Equal Weight ETF	11.42%	11.05%	11.38%	11.98%	-13.49%	23.14%	16.57%	24.54%	-9.22%	17.36%
SCHM Schwab US Mid-Cap ETF	19.11%	10.17%	11.98%	16.69%	-17.07%	19.36%	15.26%	27.48%	-8.77%	19.60%

Correlation

The correlation between EQAL and SCHM is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 29, 2014	0.95

The correlation between EQAL and SCHM has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

EQAL vs. SCHM - Sectors Allocation Comparison

Sectors	EQAL	SCHM
Technology	16.6%	22.1%
Healthcare	9.4%	10.9%
Industrials	9.4%	21.7%
Financial Services	9.2%	10.9%
Real Estate	9.2%	6.4%
Energy	8.3%	3.4%
Basic Materials	8.0%	4.7%
Consumer Cyclical	7.7%	10.8%
Consumer Defensive	7.7%	3.4%
Utilities	7.5%	2.9%
Communication Services	7.2%	2.6%

Return for Risk

EQAL vs. SCHM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQAL

EQAL Risk / Return Rank: 61
EQAL Sharpe Ratio Rank: 56
EQAL Sortino Ratio Rank: 58
EQAL Omega Ratio Rank: 52
EQAL Calmar Ratio Rank: 70
EQAL Martin Ratio Rank: 67

SCHM

SCHM Risk / Return Rank: 64
SCHM Sharpe Ratio Rank: 60
SCHM Sortino Ratio Rank: 60
SCHM Omega Ratio Rank: 56
SCHM Calmar Ratio Rank: 70
SCHM Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQAL vs. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Russell 1000 Equal Weight ETF (EQAL) 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.

	EQAL	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.93	-0.13
Sortino ratio: Return per unit of downside risk	2.59	2.72	-0.13
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	3.36	3.38	-0.02
Martin ratio: Return relative to average drawdown	11.68	13.48	-1.80

EQAL vs. SCHM - Sharpe Ratio Comparison

The current EQAL Sharpe Ratio is 1.80, which is comparable to the SCHM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of EQAL 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

EQAL vs. SCHM - Drawdown Comparison

The maximum EQAL drawdown since its inception was -40.44%, roughly equal to the maximum SCHM drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for EQAL and SCHM.

Drawdown Indicators

	EQAL	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-40.44%	-42.43%	+1.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-9.32%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-19.62%	-23.27%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-21.79%	-26.46%	+4.67%
Max Drawdown (10Y) Largest decline over 10 years	-40.44%	-42.43%	+1.99%
Current Drawdown Current decline from peak	-1.96%	-1.73%	-0.23%
Average Drawdown Average peak-to-trough decline	-5.08%	-5.64%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.33%	-0.41%

Volatility

EQAL vs. SCHM - Volatility Comparison

The current volatility for Invesco Russell 1000 Equal Weight ETF (EQAL) is 3.52%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 5.75%. This indicates that EQAL experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQAL	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	5.75%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	12.61%	-3.76%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	16.30%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.28%	19.67%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.84%	20.49%	-1.65%

EQAL vs. SCHM - Expense Ratio Comparison

EQAL has a 0.20% expense ratio, which is higher than SCHM's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EQAL vs. SCHM - Dividend Comparison

EQAL's dividend yield for the trailing twelve months is around 1.72%, more than SCHM's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQAL Invesco Russell 1000 Equal Weight ETF	1.72%	1.79%	1.62%	1.88%	1.95%	1.32%	1.63%	1.61%	1.62%	1.18%	1.57%	1.64%
SCHM Schwab US Mid-Cap ETF	1.22%	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 EQAL and SCHM in my portfolio?

With a correlation of 0.93, EQAL and SCHM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EQAL or SCHM?

SCHM has higher volatility (5.75%) compared to EQAL (3.52%). In terms of maximum drawdown, EQAL dropped -40.44% vs SCHM's -42.43%.

Which ETF is better, EQAL or SCHM?

On 10-year performance, SCHM leads with 11.71% vs 10.85% for EQAL. On fees, SCHM is cheaper at 0.04% per year. On volatility, EQAL has been the lower-risk option at 3.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQAL or SCHM?

Over the 10-year period, SCHM has performed better with a 11.71% return vs 10.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQAL or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 0.20% for EQAL.

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

EQAL has the higher dividend yield at 1.72%, compared with 1.22% for SCHM.

What is the main difference between EQAL and SCHM?

EQAL tracks Russell 1000 Equal Weight 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: 0.20% for EQAL and 0.04% for SCHM.

Which has better risk-adjusted returns?

SCHM currently has the higher Sharpe Ratio (1.93 vs 1.80), 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.