MSSS vs. SCHM

Last updated Aug 1, 2026

MSSS (Monarch Select Subsector ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - MSSS tracks the Monarch Select Subsector Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past year, MSSS returned 24.93% vs 25.02% for SCHM. Their correlation of 0.83 means they have usually moved in the same direction. MSSS charges 1.43%/yr vs 0.04%/yr for SCHM.

Performance

MSSS vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Select Subsector ETF (MSSS) 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, MSSS achieves a 17.46% return, which is significantly higher than SCHM's 16.02% return.

MSSS

• 1D: -0.81%
• 1M: -2.45%
• 6M: 15.36%
• YTD: 17.46%
• 1Y: 24.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.60%

SCHM

• 1D: -0.26%
• 1M: -3.53%
• 6M: 10.34%
• YTD: 16.02%
• 1Y: 25.02%
• 3Y*: 13.82%
• 5Y*: 7.49%
• 10Y*: 10.84%
• ALL TIME*: 11.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSSS Monarch Select Subsector ETF	$442.76K	$511.34K	$417.85K
SCHM Schwab US Mid-Cap ETF	$34.02M	$31.86M	$37.33M

MSSS vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSSS Monarch Select Subsector ETF	17.46%	10.31%	9.26%
SCHM Schwab US Mid-Cap ETF	16.02%	10.17%	7.03%

Correlation

The correlation between MSSS and SCHM is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.83

The correlation between MSSS and SCHM has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

Return for Risk

MSSS vs. SCHM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSSS

MSSS Risk / Return Rank: 74
MSSS Sharpe Ratio Rank: 78
MSSS Sortino Ratio Rank: 81
MSSS Omega Ratio Rank: 73
MSSS Calmar Ratio Rank: 65
MSSS Martin Ratio Rank: 72

SCHM

SCHM Risk / Return Rank: 64
SCHM Sharpe Ratio Rank: 60
SCHM Sortino Ratio Rank: 62
SCHM Omega Ratio Rank: 57
SCHM Calmar Ratio Rank: 72
SCHM Martin Ratio Rank: 71

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSSS vs. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Select Subsector ETF (MSSS) 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.

	MSSS	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.39	+0.40
Sortino ratio: Return per unit of downside risk	2.67	2.06	+0.61
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.31	2.49	-0.18
Martin ratio: Return relative to average drawdown	9.05	8.79	+0.26

MSSS vs. SCHM - Sharpe Ratio Comparison

The current MSSS Sharpe Ratio is 1.80, which is comparable to the SCHM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of MSSS 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

MSSS vs. SCHM - Drawdown Comparison

The maximum MSSS drawdown since its inception was -19.14%, smaller than the maximum SCHM drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for MSSS and SCHM.

Drawdown Indicators

	MSSS	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-19.14%	-42.43%	+23.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-9.32%	-0.86%
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	-2.75%	-5.89%	+3.14%
Average Drawdown Average peak-to-trough decline	-2.95%	-5.63%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.64%	-0.04%

Volatility

MSSS vs. SCHM - Volatility Comparison

The current volatility for Monarch Select Subsector ETF (MSSS) is 2.90%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 4.50%. This indicates that MSSS experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSSS	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	4.50%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	13.07%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	16.71%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.80%	19.68%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	20.49%	-4.69%

MSSS vs. SCHM - Expense Ratio Comparison

MSSS has a 1.43% expense ratio, which is higher than SCHM's 0.04% expense ratio.

Dividends

MSSS vs. SCHM - Dividend Comparison

MSSS's dividend yield for the trailing twelve months is around 0.28%, less than SCHM's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSSS Monarch Select Subsector ETF	0.28%	0.21%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHM Schwab US Mid-Cap ETF	1.27%	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 MSSS and SCHM in my portfolio?

MSSS and SCHM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSS or SCHM?

SCHM has higher volatility (4.50%) compared to MSSS (2.90%). In terms of maximum drawdown, MSSS dropped -19.14% vs SCHM's -42.43%.

Which ETF is better, MSSS or SCHM?

On 1-year performance, SCHM leads with 25.02% vs 24.93% for MSSS. On fees, SCHM is cheaper at 0.04% per year. On volatility, MSSS has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSSS or SCHM?

Over the 1-year period, SCHM has performed better with a 25.02% return vs 24.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSSS or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 1.43% for MSSS.

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

SCHM has the higher dividend yield at 1.27%, compared with 0.28% for MSSS.

What is the main difference between MSSS and SCHM?

MSSS tracks Monarch Select Subsector Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: Monarch and Charles Schwab. Their fees differ too: 1.43% for MSSS and 0.04% for SCHM.

Which has better risk-adjusted returns?

MSSS currently has the higher Sharpe Ratio (1.80 vs 1.39), 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.