GOVZ vs. SCHQ
GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - GOVZ tracks the ICE BofA Long US Treasury Principal STRIPS Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, GOVZ returned -14.55%/yr vs -7.19%/yr for SCHQ. Their 0.98 correlation means they have historically moved very closely together. GOVZ charges 0.15%/yr vs 0.03%/yr for SCHQ.
Performance
GOVZ vs. SCHQ - Performance Comparison
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Returns By Period
In the year-to-date period, GOVZ achieves a -6.61% return, which is significantly lower than SCHQ's -2.90% return.
GOVZ
- 1D
- 0.34%
- 1M
- -6.59%
- 6M
- -5.59%
- YTD
- -6.61%
- 1Y
- -7.04%
- 3Y*
- -6.86%
- 5Y*
- -14.55%
- 10Y*
- —
- ALL TIME*
- -14.11%
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.32M | $6.57M | $8.03M | |
| $13.53M | $14.79M | $18.63M |
GOVZ vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | -6.61% | -1.81% | -16.24% | 0.90% | -41.03% | -4.86% | -5.61% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | -3.67% |
Correlation
The correlation between GOVZ and SCHQ is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020 | 0.98 |
The correlation between GOVZ and SCHQ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
GOVZ vs. SCHQ — Risk / Return Rank
GOVZ
SCHQ
GOVZ vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) 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.
| GOVZ | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.98 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.19 | -0.29 |
| Martin ratioReturn relative to average drawdown | -0.96 | -0.41 | -0.55 |
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Drawdowns
GOVZ vs. SCHQ - Drawdown Comparison
The maximum GOVZ drawdown since its inception was -59.65%, which is greater than SCHQ's maximum drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for GOVZ and SCHQ.
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Drawdown Indicators
| GOVZ | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -46.13% | -13.52% |
Max Drawdown (1Y)Largest decline over 1 year | -14.87% | -7.05% | -7.82% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -13.38% | -13.04% |
Max Drawdown (5Y)Largest decline over 5 years | -57.63% | -40.93% | -16.70% |
Current DrawdownCurrent decline from peak | -58.96% | -38.39% | -20.57% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -26.61% | -13.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.33% | 3.23% | +4.10% |
Volatility
GOVZ vs. SCHQ - Volatility Comparison
iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) has a higher volatility of 4.53% compared to Schwab Long-Term U.S. Treasury ETF (SCHQ) at 2.30%. This indicates that GOVZ's price experiences larger fluctuations and is considered to be riskier 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
| GOVZ | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 2.30% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 6.30% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.52% | 8.41% | +7.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.80% | 14.41% | +9.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.17% | 15.20% | +7.97% |
GOVZ vs. SCHQ - Expense Ratio Comparison
GOVZ has a 0.15% 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
GOVZ vs. SCHQ - Dividend Comparison
GOVZ's dividend yield for the trailing twelve months is around 5.53%, more than SCHQ's 4.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GOVZ iShares 25+ Year Treasury STRIPS Bond ETF | 5.53% | 5.00% | 4.68% | 3.84% | 3.69% | 1.76% | 0.39% | 0.00% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% |
Frequently Asked Questions
With a correlation of 0.96, GOVZ 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.
GOVZ has higher volatility (4.53%) compared to SCHQ (2.30%). In terms of maximum drawdown, GOVZ dropped -59.65% vs SCHQ's -46.13%.
On 5-year performance, SCHQ leads with -7.19% vs -14.55% for GOVZ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHQ has performed better with a -7.19% return vs -14.55%. 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 0.15% for GOVZ.
GOVZ has the higher dividend yield at 5.53%, compared with 4.92% for SCHQ.
GOVZ tracks ICE BofA Long US Treasury Principal STRIPS Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for GOVZ and 0.03% for SCHQ.
SCHQ currently has the higher Sharpe Ratio (-0.16 vs -0.46), 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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