GVIP vs. SCHZ
GVIP (Goldman Sachs Hedge Industry VIP ETF) and SCHZ (Schwab U.S. Aggregate Bond ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 5 years, GVIP returned 14.11%/yr vs 0.02%/yr for SCHZ. At a 0.05 correlation, their price movements are largely independent. GVIP charges 0.45%/yr vs 0.03%/yr for SCHZ.
Performance
GVIP vs. SCHZ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GVIP achieves a 23.78% return, which is significantly higher than SCHZ's 0.38% return.
GVIP
- 1D
- 3.35%
- 1M
- 10.03%
- YTD
- 23.78%
- 6M
- 23.16%
- 1Y
- 45.11%
- 3Y*
- 32.71%
- 5Y*
- 14.11%
- 10Y*
- —
SCHZ
- 1D
- -0.26%
- 1M
- 0.61%
- YTD
- 0.38%
- 6M
- 0.47%
- 1Y
- 4.52%
- 3Y*
- 3.90%
- 5Y*
- 0.02%
- 10Y*
- 1.48%
GVIP vs. SCHZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 23.78% | 25.27% | 29.82% | 39.15% | -31.95% | 11.86% | 44.12% | 30.21% | -6.85% | 25.79% |
SCHZ Schwab U.S. Aggregate Bond ETF | 0.38% | 7.24% | 1.26% | 5.60% | -13.17% | -1.72% | 7.46% | 8.65% | -0.26% | 3.50% |
Correlation
The correlation between GVIP and SCHZ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.05 |
Over the past year, GVIP and SCHZ have become more correlated (0.26) than their long-term average of 0.05, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GVIP vs. SCHZ — Risk / Return Rank
GVIP
SCHZ
GVIP vs. SCHZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.
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.
| GVIP | SCHZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.21 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 1.68 | +1.63 |
| Martin ratioReturn relative to average drawdown | 14.12 | 4.86 | +9.27 |
Loading charts...
Drawdowns
GVIP vs. SCHZ - Drawdown Comparison
The maximum GVIP drawdown since its inception was -37.09%, which is greater than SCHZ's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for GVIP and SCHZ.
Loading charts...
Drawdown Indicators
| GVIP | SCHZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.09% | -18.74% | -18.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.67% | -2.70% | -10.97% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -6.18% | -17.11% |
Max Drawdown (5Y)Largest decline over 5 years | -37.09% | -18.01% | -19.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.74% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.38% | +2.38% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -3.68% | -3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 0.93% | +2.27% |
Volatility
GVIP vs. SCHZ - Volatility Comparison
Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.33% compared to Schwab U.S. Aggregate Bond ETF (SCHZ) at 1.15%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than SCHZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GVIP | SCHZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 1.15% | +8.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.71% | 2.79% | +13.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.12% | 3.76% | +16.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.65% | 6.09% | +15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.79% | 5.42% | +16.37% |
GVIP vs. SCHZ - Expense Ratio Comparison
GVIP has a 0.45% expense ratio, which is higher than SCHZ's 0.03% expense ratio.
Dividends
GVIP vs. SCHZ - Dividend Comparison
GVIP's dividend yield for the trailing twelve months is around 0.27%, less than SCHZ's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.27% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% | 0.00% |
SCHZ Schwab U.S. Aggregate Bond ETF | 4.12% | 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
GVIP and SCHZ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GVIP has higher volatility (9.33%) compared to SCHZ (1.15%). In terms of maximum drawdown, GVIP dropped -37.09% vs SCHZ's -18.74%.
On 5-year performance, GVIP leads with 14.11% vs 0.02% for SCHZ. On fees, SCHZ is cheaper at 0.03% per year. On volatility, SCHZ has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GVIP has performed better with a 14.11% return vs 0.02%. 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 0.45% for GVIP.
SCHZ has the higher dividend yield at 4.12%, compared with 0.27% for GVIP.
GVIP is categorized as Large Cap Growth Equities, while SCHZ is Total Bond Market. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while SCHZ tracks Bloomberg US Aggregate Bond Index. They also come from different issuers: Goldman Sachs and Charles Schwab. Their fees differ too: 0.45% for GVIP and 0.03% for SCHZ.
GVIP currently has the higher Sharpe Ratio (2.26 vs 1.21), 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.
Find the right allocation for GVIP and SCHZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer