ICAP vs. SCHP

Last updated Jun 24, 2026

ICAP (InfraCap Equity Income Fund ETF) and SCHP (Schwab U.S. TIPS ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). ICAP is actively managed, while SCHP is passively managed. Over the past 3 years, ICAP returned 17.83%/yr vs 3.67%/yr for SCHP. At a 0.21 correlation, their price movements are largely independent. ICAP charges 0.80%/yr vs 0.03%/yr for SCHP.

Performance

ICAP vs. SCHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and Schwab U.S. TIPS ETF (SCHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 6.68% return, which is significantly higher than SCHP's 0.81% return.

ICAP

• 1D: -0.42%
• 1M: 0.79%
• YTD: 6.68%
• 6M: 6.18%
• 1Y: 21.86%
• 3Y*: 17.83%
• 5Y*: —
• 10Y*: —

SCHP

• 1D: 0.00%
• 1M: -0.18%
• YTD: 0.81%
• 6M: 0.88%
• 1Y: 3.49%
• 3Y*: 3.67%
• 5Y*: 0.99%
• 10Y*: 2.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICAP vs. SCHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	6.68%	15.77%	14.83%	8.82%	-10.10%	1.08%
SCHP Schwab U.S. TIPS ETF	0.81%	6.76%	1.95%	3.91%	-12.02%	0.45%

Correlation

The correlation between ICAP and SCHP is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.21

Return for Risk

ICAP vs. SCHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICAP

ICAP Risk / Return Rank: 48
ICAP Sharpe Ratio Rank: 50
ICAP Sortino Ratio Rank: 49
ICAP Omega Ratio Rank: 46
ICAP Calmar Ratio Rank: 44
ICAP Martin Ratio Rank: 49

SCHP

SCHP Risk / Return Rank: 32
SCHP Sharpe Ratio Rank: 30
SCHP Sortino Ratio Rank: 29
SCHP Omega Ratio Rank: 27
SCHP Calmar Ratio Rank: 38
SCHP Martin Ratio Rank: 36

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ICAP vs. SCHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and Schwab U.S. TIPS ETF (SCHP). 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.

	ICAP	SCHP	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.05	+0.58
Sortino ratio: Return per unit of downside risk	2.27	1.55	+0.72
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.06	1.82	+0.24
Martin ratio: Return relative to average drawdown	7.81	5.39	+2.42

ICAP vs. SCHP - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.63, which is higher than the SCHP Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of ICAP and SCHP, 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

ICAP vs. SCHP - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for ICAP and SCHP.

Drawdown Indicators

	ICAP	SCHP	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-14.26%	-9.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-1.93%	-8.73%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-4.48%	-15.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.26%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.26%	—
Current Drawdown Current decline from peak	-2.14%	-1.04%	-1.10%
Average Drawdown Average peak-to-trough decline	-7.74%	-3.92%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.65%	+2.15%

Volatility

ICAP vs. SCHP - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 5.05% compared to Schwab U.S. TIPS ETF (SCHP) at 1.20%. This indicates that ICAP's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	SCHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	1.20%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	2.39%	+8.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	3.35%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	6.11%	+12.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	5.59%	+12.58%

ICAP vs. SCHP - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is higher than SCHP's 0.03% expense ratio.

Dividends

ICAP vs. SCHP - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.58%, more than SCHP's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAP InfraCap Equity Income Fund ETF	9.58%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHP Schwab U.S. TIPS ETF	4.02%	4.06%	2.99%	3.02%	7.19%	4.39%	1.11%	2.02%	2.26%	1.90%	1.38%	0.28%

Frequently Asked Questions

Can I hold both ICAP and SCHP in my portfolio?

ICAP and SCHP have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or SCHP?

ICAP has higher volatility (5.05%) compared to SCHP (1.20%). In terms of maximum drawdown, ICAP dropped -24.20% vs SCHP's -14.26%.

Which ETF is better, ICAP or SCHP?

On 3-year performance, ICAP leads with 17.83% vs 3.67% for SCHP. On fees, SCHP is cheaper at 0.03% per year. On volatility, SCHP has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or SCHP?

Over the 3-year period, ICAP has performed better with a 17.83% return vs 3.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or SCHP?

SCHP is cheaper with a 0.03% expense ratio, compared with 0.80% for ICAP.

Which ETF pays a higher dividend yield, ICAP or SCHP?

ICAP has the higher dividend yield at 9.58%, compared with 4.02% for SCHP.

What is the main difference between ICAP and SCHP?

They also come from different issuers: InfraCap and Charles Schwab. Their fees differ too: 0.80% for ICAP and 0.03% for SCHP.

Which has better risk-adjusted returns?

ICAP currently has the higher Sharpe Ratio (1.63 vs 1.05), 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.