INVN vs. SCHM

Last updated Jul 12, 2026

INVN (Alger Russell Innovation ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - INVN tracks the Alger Russell Innovation Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past year, INVN returned 16.49% vs 26.94% for SCHM. A 0.63 correlation means they provide meaningful diversification when combined. INVN charges 0.55%/yr vs 0.04%/yr for SCHM.

Performance

INVN vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) and Schwab US Mid-Cap ETF (SCHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INVN achieves a 3.83% return, which is significantly lower than SCHM's 19.74% return.

INVN

• 1D: -0.47%
• 1M: 6.82%
• 6M: 2.09%
• YTD: 3.83%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SCHM

• 1D: -0.03%
• 1M: -0.29%
• 6M: 13.69%
• YTD: 19.74%
• 1Y: 26.94%
• 3Y*: 15.83%
• 5Y*: 8.08%
• 10Y*: 11.14%

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

INVN vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	3.83%	6.56%
SCHM Schwab US Mid-Cap ETF	19.74%	8.68%

Correlation

The correlation between INVN and SCHM is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.63

The correlation between INVN and SCHM shifts across timeframes, from 0.51 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INVN vs. SCHM — Risk / Return Rank

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

INVN

INVN Risk / Return Rank: 21
INVN Sharpe Ratio Rank: 23
INVN Sortino Ratio Rank: 22
INVN Omega Ratio Rank: 21
INVN Calmar Ratio Rank: 20
INVN Martin Ratio Rank: 19

SCHM

SCHM Risk / Return Rank: 63
SCHM Sharpe Ratio Rank: 58
SCHM Sortino Ratio Rank: 59
SCHM Omega Ratio Rank: 54
SCHM Calmar Ratio Rank: 69
SCHM Martin Ratio Rank: 74

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.

INVN vs. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) and Schwab US Mid-Cap ETF (SCHM). 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.

	INVN	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.56	-0.92
Sortino ratio: Return per unit of downside risk	1.04	2.26	-1.22
Omega ratio: Gain probability vs. loss probability	1.12	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	0.70	2.78	-2.08
Martin ratio: Return relative to average drawdown	1.78	10.89	-9.11

INVN vs. SCHM - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.65, which is lower than the SCHM Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of INVN and SCHM, 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

INVN vs. SCHM - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum SCHM drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for INVN and SCHM.

Drawdown Indicators

	INVN	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-42.43%	+16.42%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-9.32%	-11.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.43%	—
Current Drawdown Current decline from peak	-2.04%	-2.87%	+0.83%
Average Drawdown Average peak-to-trough decline	-7.59%	-5.63%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.07%	2.38%	+5.69%

Volatility

INVN vs. SCHM - Volatility Comparison

Alger Russell Innovation ETF (INVN) has a higher volatility of 6.96% compared to Schwab US Mid-Cap ETF (SCHM) at 6.15%. This indicates that INVN's price experiences larger fluctuations and is considered to be riskier than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INVN	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	6.15%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	18.57%	12.82%	+5.75%
Volatility (1Y) Calculated over the trailing 1-year period	22.23%	16.57%	+5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.86%	19.70%	+4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.86%	20.46%	+3.40%

INVN vs. SCHM - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is higher than SCHM's 0.04% expense ratio.

Dividends

INVN vs. SCHM - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.28%, less than SCHM's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INVN Alger Russell Innovation ETF	0.28%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHM Schwab US Mid-Cap ETF	1.23%	1.46%	1.43%	1.50%	1.67%	1.13%	1.31%	1.48%	1.56%	1.27%	1.51%	1.54%

Frequently Asked Questions

Can I hold both INVN and SCHM in my portfolio?

INVN and SCHM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVN or SCHM?

INVN has higher volatility (6.96%) compared to SCHM (6.15%). In terms of maximum drawdown, INVN dropped -26.01% vs SCHM's -42.43%.

Which ETF is better, INVN or SCHM?

On 1-year performance, SCHM leads with 26.94% vs 16.49% for INVN. On fees, SCHM is cheaper at 0.04% per year. On volatility, SCHM has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or SCHM?

Over the 1-year period, SCHM has performed better with a 26.94% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 0.55% for INVN.

Which ETF pays a higher dividend yield, INVN or SCHM?

SCHM has the higher dividend yield at 1.23%, compared with 0.28% for INVN.

What is the main difference between INVN and SCHM?

INVN tracks Alger Russell Innovation Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: Alger and Charles Schwab. Their fees differ too: 0.55% for INVN and 0.04% for SCHM.

Which has better risk-adjusted returns?

SCHM currently has the higher Sharpe Ratio (1.56 vs 0.65), 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.