PLW vs. SCHO
PLW (Invesco 1-30 Laddered Treasury ETF) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both Government Bonds funds - PLW tracks the Ryan/NASDAQ 1-30 Year Treasury Laddered Index while SCHO tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, PLW returned -0.41%/yr vs 1.74%/yr for SCHO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. PLW charges 0.25%/yr vs 0.03%/yr for SCHO.
Performance
PLW vs. SCHO - Performance Comparison
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Returns By Period
In the year-to-date period, PLW achieves a -1.49% return, which is significantly lower than SCHO's 0.92% return. Over the past 10 years, PLW has underperformed SCHO with an annualized return of -0.41%, while SCHO has yielded a comparatively higher 1.74% annualized return.
PLW
- 1D
- 0.57%
- 1M
- -1.60%
- 6M
- -1.34%
- YTD
- -1.49%
- 1Y
- 0.11%
- 3Y*
- 1.52%
- 5Y*
- -3.79%
- 10Y*
- -0.41%
- ALL TIME*
- 2.91%
SCHO
- 1D
- 0.08%
- 1M
- 0.17%
- 6M
- 0.76%
- YTD
- 0.92%
- 1Y
- 2.76%
- 3Y*
- 4.25%
- 5Y*
- 1.90%
- 10Y*
- 1.74%
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.68M | $4.78M | $7.09M | |
| $63.17M | $62.61M | $84.18M |
PLW vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | -1.49% | 5.84% | -2.95% | 3.31% | -19.98% | -3.76% | 12.55% | 10.00% | -0.28% | 4.96% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.92% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
Correlation
The correlation between PLW and SCHO is 0.66, 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. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.61 |
The correlation between PLW and SCHO has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
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Return for Risk
PLW vs. SCHO — Risk / Return Rank
PLW
SCHO
PLW vs. SCHO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-30 Laddered Treasury ETF (PLW) and Schwab Short-Term U.S. Treasury ETF (SCHO). 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.
| PLW | SCHO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 3.23 | -3.21 |
| Martin ratioReturn relative to average drawdown | 0.05 | 13.51 | -13.47 |
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Drawdowns
PLW vs. SCHO - Drawdown Comparison
The maximum PLW drawdown since its inception was -32.70%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for PLW and SCHO.
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Drawdown Indicators
| PLW | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.70% | -5.69% | -27.01% |
Max Drawdown (1Y)Largest decline over 1 year | -5.45% | -0.86% | -4.59% |
Max Drawdown (3Y)Largest decline over 3 years | -9.49% | -0.98% | -8.51% |
Max Drawdown (5Y)Largest decline over 5 years | -28.30% | -5.64% | -22.66% |
Max Drawdown (10Y)Largest decline over 10 years | -32.70% | -5.69% | -27.01% |
Current DrawdownCurrent decline from peak | -23.12% | 0.00% | -23.12% |
Average DrawdownAverage peak-to-trough decline | -9.76% | -0.61% | -9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 0.20% | +2.20% |
Volatility
PLW vs. SCHO - Volatility Comparison
Invesco 1-30 Laddered Treasury ETF (PLW) has a higher volatility of 1.78% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.34%. This indicates that PLW's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PLW | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.78% | 0.34% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 1.03% | +3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.24% | 1.32% | +4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.82% | 2.00% | +7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.07% | 1.56% | +7.51% |
PLW vs. SCHO - Expense Ratio Comparison
PLW has a 0.25% expense ratio, which is higher than SCHO'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
PLW vs. SCHO - Dividend Comparison
PLW's dividend yield for the trailing twelve months is around 3.92%, more than SCHO's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PLW Invesco 1-30 Laddered Treasury ETF | 3.92% | 3.75% | 3.56% | 2.87% | 1.97% | 1.15% | 1.00% | 1.96% | 2.14% | 2.02% | 2.00% | 2.14% |
SCHO Schwab Short-Term U.S. Treasury ETF | 3.88% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
Frequently Asked Questions
PLW and SCHO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PLW has higher volatility (1.78%) compared to SCHO (0.34%). In terms of maximum drawdown, PLW dropped -32.70% vs SCHO's -5.69%.
On 10-year performance, SCHO leads with 1.74% vs -0.41% for PLW. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHO has performed better with a 1.74% return vs -0.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO is cheaper with a 0.03% expense ratio, compared with 0.25% for PLW.
PLW has the higher dividend yield at 3.92%, compared with 3.88% for SCHO.
PLW tracks Ryan/NASDAQ 1-30 Year Treasury Laddered Index, while SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.25% for PLW and 0.03% for SCHO.
SCHO currently has the higher Sharpe Ratio (2.09 vs 0.02), 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.
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