GBF vs. SCHZ
GBF (iShares Government/Credit Bond ETF) and SCHZ (Schwab U.S. Aggregate Bond ETF) are both exchange-traded funds - GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index, while SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 10 years, GBF returned 1.45%/yr vs 1.48%/yr for SCHZ. Their correlation of 0.87 suggests significant overlap in exposure. GBF charges 0.20%/yr vs 0.03%/yr for SCHZ.
Performance
GBF vs. SCHZ - Performance Comparison
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Returns By Period
In the year-to-date period, GBF achieves a -0.06% return, which is significantly lower than SCHZ's -0.05% return. Both investments have delivered pretty close results over the past 10 years, with GBF having a 1.45% annualized return and SCHZ not far ahead at 1.48%.
GBF
- 1D
- -0.41%
- 1M
- -0.34%
- YTD
- -0.06%
- 6M
- -0.10%
- 1Y
- 4.32%
- 3Y*
- 3.47%
- 5Y*
- -0.27%
- 10Y*
- 1.45%
SCHZ
- 1D
- -0.48%
- 1M
- -0.43%
- YTD
- -0.05%
- 6M
- 0.11%
- 1Y
- 5.02%
- 3Y*
- 3.78%
- 5Y*
- -0.00%
- 10Y*
- 1.48%
GBF vs. SCHZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | -0.06% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
SCHZ Schwab U.S. Aggregate Bond ETF | -0.05% | 7.24% | 1.26% | 5.60% | -13.17% | -1.72% | 7.46% | 8.65% | -0.26% | 3.50% |
Correlation
The correlation between GBF and SCHZ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2011 | 0.87 |
The correlation between GBF and SCHZ shifts across timeframes, from 0.87 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GBF vs. SCHZ — Risk / Return Rank
GBF
SCHZ
GBF vs. SCHZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Government/Credit Bond ETF (GBF) and Schwab U.S. Aggregate Bond ETF (SCHZ). 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.
| GBF | SCHZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.65 | -0.26 |
| Martin ratioReturn relative to average drawdown | 4.07 | 4.99 | -0.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBF | SCHZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 1.17 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | -0.00 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.27 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.43 | +0.14 |
Drawdowns
GBF vs. SCHZ - Drawdown Comparison
The maximum GBF drawdown since its inception was -19.67%, roughly equal to the maximum SCHZ drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for GBF and SCHZ.
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Drawdown Indicators
| GBF | SCHZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.67% | -18.74% | -0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -2.70% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.78% | -6.18% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.45% | -18.01% | -0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -19.67% | -18.74% | -0.93% |
Current DrawdownCurrent decline from peak | -5.10% | -2.81% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -3.68% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.89% | +0.04% |
Volatility
GBF vs. SCHZ - Volatility Comparison
iShares Government/Credit Bond ETF (GBF) and Schwab U.S. Aggregate Bond ETF (SCHZ) have volatilities of 1.20% and 1.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBF | SCHZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 1.25% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.66% | 2.71% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 3.79% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.93% | 6.08% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 5.41% | -0.13% |
GBF vs. SCHZ - Expense Ratio Comparison
GBF has a 0.20% expense ratio, which is higher than SCHZ's 0.03% 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
GBF vs. SCHZ - Dividend Comparison
GBF's dividend yield for the trailing twelve months is around 3.80%, less than SCHZ's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.80% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
SCHZ Schwab U.S. Aggregate Bond ETF | 4.13% | 4.05% | 3.96% | 3.28% | 2.63% | 2.16% | 2.43% | 2.79% | 2.56% | 2.40% | 2.24% | 2.11% |
Frequently Asked Questions
With a correlation of 0.97, GBF and SCHZ 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.
SCHZ has higher volatility (1.25%) compared to GBF (1.20%). In terms of maximum drawdown, GBF dropped -19.67% vs SCHZ's -18.74%.
On 10-year performance, SCHZ leads with 1.48% vs 1.45% for GBF. On fees, SCHZ is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHZ has performed better with a 1.48% return vs 1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHZ is cheaper with a 0.03% expense ratio, compared with 0.20% for GBF.
SCHZ has the higher dividend yield at 4.13%, compared with 3.80% for GBF.
GBF is categorized as Intermediate Core Bond, while SCHZ is Total Bond Market. GBF tracks Bloomberg U.S. Government/Credit Bond Index, while SCHZ tracks Bloomberg US Aggregate Bond Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.20% for GBF and 0.03% for SCHZ.
SCHZ currently has the higher Sharpe Ratio (1.17 vs 1.02), 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.
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