GOVT vs. SCHQ
GOVT (iShares U.S. Treasury Bond ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - GOVT tracks the ICE U.S. Treasury Core Bond Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, GOVT returned -0.94%/yr vs -7.05%/yr for SCHQ. Their correlation of 0.94 means they have usually moved in the same direction. GOVT charges 0.05%/yr vs 0.03%/yr for SCHQ.
Performance
GOVT vs. SCHQ - Performance Comparison
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Returns By Period
In the year-to-date period, GOVT achieves a -0.74% return, which is significantly higher than SCHQ's -3.25% return.
GOVT
- 1D
- -0.24%
- 1M
- -1.06%
- 6M
- -0.78%
- YTD
- -0.74%
- 1Y
- 1.07%
- 3Y*
- 3.05%
- 5Y*
- -0.94%
- 10Y*
- 0.68%
- ALL TIME*
- 1.18%
SCHQ
- 1D
- -0.63%
- 1M
- -3.51%
- 6M
- -3.16%
- YTD
- -3.25%
- 1Y
- -1.68%
- 3Y*
- -0.63%
- 5Y*
- -7.05%
- 10Y*
- —
- ALL TIME*
- -4.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $167.09M | $164.37M | $191.03M | |
| $12.09M | $14.21M | $18.95M |
GOVT vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | -0.74% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | -1.51% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -3.25% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between GOVT and SCHQ is 0.94, 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. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.94 |
The correlation between GOVT and SCHQ has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.
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Return for Risk
GOVT vs. SCHQ — Risk / Return Rank
GOVT
SCHQ
GOVT vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Treasury Bond ETF (GOVT) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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.
| GOVT | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.00 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | -0.04 | +0.72 |
| Martin ratioReturn relative to average drawdown | 1.61 | -0.10 | +1.71 |
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Drawdowns
GOVT vs. SCHQ - Drawdown Comparison
The maximum GOVT drawdown since its inception was -19.07%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for GOVT and SCHQ.
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Drawdown Indicators
| GOVT | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.07% | -46.13% | +27.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | -7.05% | +4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -4.90% | -13.38% | +8.48% |
Max Drawdown (5Y)Largest decline over 5 years | -16.60% | -40.93% | +24.33% |
Max Drawdown (10Y)Largest decline over 10 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -7.75% | -38.61% | +30.86% |
Average DrawdownAverage peak-to-trough decline | -5.27% | -26.60% | +21.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 3.20% | -2.00% |
Volatility
GOVT vs. SCHQ - Volatility Comparison
The current volatility for iShares U.S. Treasury Bond ETF (GOVT) is 0.95%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.24%. This indicates that GOVT experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOVT | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 2.24% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 6.30% | -3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.55% | 8.50% | -4.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 14.41% | -8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.21% | 15.20% | -9.99% |
GOVT vs. SCHQ - Expense Ratio Comparison
GOVT has a 0.05% expense ratio, which is higher than SCHQ'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
GOVT vs. SCHQ - Dividend Comparison
GOVT's dividend yield for the trailing twelve months is around 3.63%, less than SCHQ's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.33% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.50% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, GOVT and SCHQ 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.
SCHQ has higher volatility (2.24%) compared to GOVT (0.95%). In terms of maximum drawdown, GOVT dropped -19.07% vs SCHQ's -46.13%.
On 5-year performance, GOVT leads with -0.94% vs -7.05% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, GOVT has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOVT has performed better with a -0.94% return vs -7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.05% for GOVT.
SCHQ has the higher dividend yield at 4.50%, compared with 3.33% for GOVT.
GOVT tracks ICE U.S. Treasury Core Bond Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.05% for GOVT and 0.03% for SCHQ.
GOVT currently has the higher Sharpe Ratio (0.55 vs -0.04), 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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