FMFIX vs. SCHO

Last updated Aug 5, 2026

FMFIX (RBB Free Market Fixed Income Fund) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both funds - FMFIX is a Short-Term Bond fund managed by RBB Fund, while SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 10 years, FMFIX returned 1.23%/yr vs 1.74%/yr for SCHO. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FMFIX charges 0.68%/yr vs 0.03%/yr for SCHO.

Performance

FMFIX vs. SCHO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RBB Free Market Fixed Income Fund (FMFIX) and Schwab Short-Term U.S. Treasury ETF (SCHO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMFIX achieves a 1.05% return, which is significantly higher than SCHO's 0.92% return. Over the past 10 years, FMFIX has underperformed SCHO with an annualized return of 1.23%, while SCHO has yielded a comparatively higher 1.74% annualized return.

FMFIX

• 1D: 0.10%
• 1M: -0.20%
• 6M: 0.75%
• YTD: 1.05%
• 1Y: 2.50%
• 3Y*: 3.23%
• 5Y*: 0.80%
• 10Y*: 1.23%
• ALL TIME*: 1.36%

SCHO

• 1D: 0.08%
• 1M: 0.17%
• 6M: 0.76%
• YTD: 0.92%
• 1Y: 2.76%
• 3Y*: 4.25%
• 5Y*: 1.90%
• 10Y*: 1.74%
• ALL TIME*: 1.36%

*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)
FMFIX RBB Free Market Fixed Income Fund	$0.00	$0.00	$0.00
SCHO Schwab Short-Term U.S. Treasury ETF	$63.17M	$62.61M	$84.18M

FMFIX vs. SCHO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMFIX RBB Free Market Fixed Income Fund	1.05%	4.88%	0.71%	5.43%	-6.52%	-1.06%	3.28%	4.78%	0.65%	1.05%
SCHO Schwab Short-Term U.S. Treasury ETF	0.92%	5.49%	3.65%	4.31%	-3.87%	-0.64%	3.11%	3.47%	1.37%	0.33%

Correlation

The correlation between FMFIX and SCHO is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010	0.69

The correlation between FMFIX and SCHO shifts across timeframes, from 0.69 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMFIX vs. SCHO — Risk / Return Rank

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

FMFIX

FMFIX Risk / Return Rank: 60
FMFIX Sharpe Ratio Rank: 55
FMFIX Sortino Ratio Rank: 60
FMFIX Omega Ratio Rank: 63
FMFIX Calmar Ratio Rank: 64
FMFIX Martin Ratio Rank: 56

SCHO

SCHO Risk / Return Rank: 84
SCHO Sharpe Ratio Rank: 82
SCHO Sortino Ratio Rank: 86
SCHO Omega Ratio Rank: 84
SCHO Calmar Ratio Rank: 80
SCHO Martin Ratio Rank: 86

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.

FMFIX vs. SCHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RBB Free Market Fixed Income Fund (FMFIX) and Schwab Short-Term U.S. Treasury ETF (SCHO). 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.

	FMFIX	SCHO	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.09	-0.48
Sortino ratio: Return per unit of downside risk	2.39	3.15	-0.76
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	2.40	3.23	-0.82
Martin ratio: Return relative to average drawdown	8.34	13.51	-5.18

FMFIX vs. SCHO - Sharpe Ratio Comparison

The current FMFIX Sharpe Ratio is 1.61, which is comparable to the SCHO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FMFIX and SCHO, 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

FMFIX vs. SCHO - Drawdown Comparison

The maximum FMFIX drawdown since its inception was -9.35%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for FMFIX and SCHO.

Drawdown Indicators

	FMFIX	SCHO	Difference
Max Drawdown Largest peak-to-trough decline	-9.35%	-5.69%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.09%	-0.86%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-3.72%	-0.98%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-9.09%	-5.64%	-3.45%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	-5.69%	-3.66%
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-1.21%	-0.61%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.20%	+0.11%

Volatility

FMFIX vs. SCHO - Volatility Comparison

RBB Free Market Fixed Income Fund (FMFIX) has a higher volatility of 0.54% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.34%. This indicates that FMFIX's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMFIX	SCHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.34%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	1.03%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.63%	1.32%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	2.00%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.44%	1.56%	+0.88%

FMFIX vs. SCHO - Expense Ratio Comparison

FMFIX has a 0.68% expense ratio, which is higher than SCHO's 0.03% expense ratio.

Dividends

FMFIX vs. SCHO - Dividend Comparison

FMFIX's dividend yield for the trailing twelve months is around 3.79%, less than SCHO's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMFIX RBB Free Market Fixed Income Fund	3.79%	3.49%	0.71%	2.75%	1.35%	0.37%	1.22%	1.44%	2.45%	1.25%	0.58%	0.39%
SCHO Schwab Short-Term U.S. Treasury ETF	3.88%	4.06%	4.29%	3.76%	1.34%	0.41%	1.27%	2.27%	1.60%	1.12%	0.82%	0.68%

Frequently Asked Questions

Can I hold both FMFIX and SCHO in my portfolio?

FMFIX and SCHO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMFIX or SCHO?

FMFIX has higher volatility (0.54%) compared to SCHO (0.34%). In terms of maximum drawdown, FMFIX dropped -9.35% vs SCHO's -5.69%.

Which has better risk-adjusted returns?

SCHO currently has the higher Sharpe Ratio (2.09 vs 1.61), 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.