LTPZ vs. SCHQ

Last updated Jun 4, 2026

LTPZ (PIMCO 15+ Year US TIPS Index ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both exchange-traded funds - LTPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (15+ Y), while SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, LTPZ returned -5.24%/yr vs -5.29%/yr for SCHQ. Their correlation of 0.82 suggests significant overlap in exposure. LTPZ charges 0.20%/yr vs 0.03%/yr for SCHQ.

Performance

LTPZ vs. SCHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 15+ Year US TIPS Index ETF (LTPZ) and Schwab Long-Term U.S. Treasury ETF (SCHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LTPZ achieves a 0.41% return, which is significantly higher than SCHQ's -0.43% return.

LTPZ

• 1D: -0.49%
• 1M: 1.02%
• YTD: 0.41%
• 6M: -1.15%
• 1Y: 4.72%
• 3Y*: -0.79%
• 5Y*: -5.24%
• 10Y*: 0.75%

SCHQ

• 1D: -0.45%
• 1M: 0.65%
• YTD: -0.43%
• 6M: -1.74%
• 1Y: 5.22%
• 3Y*: -0.72%
• 5Y*: -5.29%
• 10Y*: —

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

LTPZ vs. SCHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LTPZ PIMCO 15+ Year US TIPS Index ETF	0.41%	4.00%	-4.80%	0.96%	-31.71%	7.02%	24.89%	0.16%
SCHQ Schwab Long-Term U.S. Treasury ETF	-0.43%	5.50%	-6.44%	3.43%	-29.44%	-4.86%	17.73%	-4.02%

Correlation

The correlation between LTPZ and SCHQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	0.82

The correlation between LTPZ and SCHQ shifts across timeframes, from 0.82 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LTPZ vs. SCHQ — Risk / Return Rank

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

LTPZ

LTPZ Risk / Return Rank: 16
LTPZ Sharpe Ratio Rank: 16
LTPZ Sortino Ratio Rank: 15
LTPZ Omega Ratio Rank: 15
LTPZ Calmar Ratio Rank: 17
LTPZ Martin Ratio Rank: 16

SCHQ

SCHQ Risk / Return Rank: 17
SCHQ Sharpe Ratio Rank: 18
SCHQ Sortino Ratio Rank: 17
SCHQ Omega Ratio Rank: 16
SCHQ Calmar Ratio Rank: 18
SCHQ Martin Ratio Rank: 18

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.

LTPZ vs. SCHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 15+ Year US TIPS Index ETF (LTPZ) 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.

	LTPZ	SCHQ	Difference
Sharpe ratio Return per unit of total volatility	0.51	0.59	-0.07
Sortino ratio Return per unit of downside risk	0.78	0.91	-0.13
Omega ratio Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio Return relative to maximum drawdown	0.68	0.75	-0.07
Martin ratio Return relative to average drawdown	1.48	1.94	-0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LTPZ vs. SCHQ - Sharpe Ratio Comparison

The current LTPZ Sharpe Ratio is 0.51, which is comparable to the SCHQ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of LTPZ and SCHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LTPZ	SCHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	0.59	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	-0.37	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	-0.25	+0.46

Drawdowns

LTPZ vs. SCHQ - Drawdown Comparison

The maximum LTPZ drawdown since its inception was -40.99%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for LTPZ and SCHQ.

Drawdown Indicators

	LTPZ	SCHQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.99%	-46.13%	+5.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-7.01%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.27%	-17.65%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-40.99%	-40.93%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-40.99%	—	—
Current Drawdown Current decline from peak	-32.74%	-36.82%	+4.08%
Average Drawdown Average peak-to-trough decline	-12.41%	-26.36%	+13.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.70%	+0.50%

Volatility

LTPZ vs. SCHQ - Volatility Comparison

The current volatility for PIMCO 15+ Year US TIPS Index ETF (LTPZ) is 2.32%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.57%. This indicates that LTPZ 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.

Volatility by Period

	LTPZ	SCHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	2.57%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	5.94%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	8.93%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	14.54%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.07%	15.33%	-0.26%

LTPZ vs. SCHQ - Expense Ratio Comparison

LTPZ has a 0.20% 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

LTPZ vs. SCHQ - Dividend Comparison

LTPZ's dividend yield for the trailing twelve months is around 5.23%, more than SCHQ's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LTPZ PIMCO 15+ Year US TIPS Index ETF	5.23%	4.64%	3.71%	3.71%	8.38%	3.56%	1.42%	1.74%	3.05%	2.25%	2.32%	0.71%
SCHQ Schwab Long-Term U.S. Treasury ETF	4.79%	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

Can I hold both LTPZ and SCHQ in my portfolio?

With a correlation of 0.93, LTPZ 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.

Which is riskier, LTPZ or SCHQ?

SCHQ has higher volatility (2.57%) compared to LTPZ (2.32%). In terms of maximum drawdown, LTPZ dropped -40.99% vs SCHQ's -46.13%.

Which ETF is better, LTPZ or SCHQ?

On 5-year performance, LTPZ leads with -5.24% vs -5.29% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, LTPZ has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LTPZ or SCHQ?

Over the 5-year period, LTPZ has performed better with a -5.24% return vs -5.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LTPZ or SCHQ?

SCHQ is cheaper with a 0.03% expense ratio, compared with 0.20% for LTPZ.

Which ETF pays a higher dividend yield, LTPZ or SCHQ?

LTPZ has the higher dividend yield at 5.23%, compared with 4.79% for SCHQ.

What is the main difference between LTPZ and SCHQ?

LTPZ is categorized as Inflation-Protected Bonds, while SCHQ is Government Bonds. LTPZ tracks ICE BofA US Inflation-Linked Treasury (15+ Y), while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: PIMCO and Charles Schwab. Their fees differ too: 0.20% for LTPZ and 0.03% for SCHQ.

Which has better risk-adjusted returns?

SCHQ currently has the higher Sharpe Ratio (0.59 vs 0.51), 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.