PRULX vs. SCHQ

Last updated Jun 4, 2026

PRULX (T. Rowe Price U.S. Treasury Long Term Index Fund) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds. Over the past 5 years, PRULX returned -5.14%/yr vs -5.29%/yr for SCHQ. With a 0.98 correlation, they move nearly in lockstep. PRULX charges 0.29%/yr vs 0.03%/yr for SCHQ.

Performance

PRULX vs. SCHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) 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, PRULX achieves a -0.48% return, which is significantly lower than SCHQ's -0.43% return.

PRULX

• 1D: 0.28%
• 1M: 1.21%
• YTD: -0.48%
• 6M: -1.04%
• 1Y: 6.88%
• 3Y*: -0.10%
• 5Y*: -5.14%
• 10Y*: -0.47%

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)

PRULX vs. SCHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	-0.48%	6.69%	-5.71%	2.90%	-30.45%	-5.22%	18.34%	3.22%
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 PRULX and SCHQ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019	0.98

The correlation between PRULX and SCHQ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

PRULX vs. SCHQ — Risk / Return Rank

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

PRULX

PRULX Risk / Return Rank: 9
PRULX Sharpe Ratio Rank: 9
PRULX Sortino Ratio Rank: 9
PRULX Omega Ratio Rank: 9
PRULX Calmar Ratio Rank: 9
PRULX Martin Ratio Rank: 9

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.

PRULX vs. SCHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) 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.

	PRULX	SCHQ	Difference
Sharpe ratio Return per unit of total volatility	0.75	0.59	+0.16
Sortino ratio Return per unit of downside risk	1.12	0.91	+0.21
Omega ratio Gain probability vs. loss probability	1.13	1.10	+0.03
Calmar ratio Return relative to maximum drawdown	0.94	0.75	+0.20
Martin ratio Return relative to average drawdown	2.54	1.94	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PRULX vs. SCHQ - Sharpe Ratio Comparison

The current PRULX Sharpe Ratio is 0.75, which is comparable to the SCHQ Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of PRULX 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

	PRULX	SCHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.59	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.35	-0.37	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.25	+0.70

Drawdowns

PRULX vs. SCHQ - Drawdown Comparison

The maximum PRULX drawdown since its inception was -47.40%, roughly equal to the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for PRULX and SCHQ.

Drawdown Indicators

	PRULX	SCHQ	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-46.13%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-7.01%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-17.65%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-42.35%	-40.93%	-1.42%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	—	—
Current Drawdown Current decline from peak	-36.94%	-36.82%	-0.12%
Average Drawdown Average peak-to-trough decline	-9.37%	-26.36%	+16.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.70%	-0.01%

Volatility

PRULX vs. SCHQ - Volatility Comparison

T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) has a higher volatility of 2.81% compared to Schwab Long-Term U.S. Treasury ETF (SCHQ) at 2.57%. This indicates that PRULX's price experiences larger fluctuations and is considered to be riskier than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRULX	SCHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.57%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	5.94%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	8.93%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	14.54%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	15.33%	-1.35%

PRULX vs. SCHQ - Expense Ratio Comparison

PRULX has a 0.29% expense ratio, which is higher than SCHQ's 0.03% expense ratio.

Dividends

PRULX vs. SCHQ - Dividend Comparison

PRULX's dividend yield for the trailing twelve months is around 5.31%, more than SCHQ's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRULX T. Rowe Price U.S. Treasury Long Term Index Fund	5.31%	5.21%	4.88%	3.84%	2.07%	1.72%	20.34%	16.60%	2.62%	2.48%	4.65%	5.09%
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 PRULX and SCHQ in my portfolio?

With a correlation of 0.96, PRULX 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, PRULX or SCHQ?

PRULX has higher volatility (2.81%) compared to SCHQ (2.57%). In terms of maximum drawdown, PRULX dropped -47.40% vs SCHQ's -46.13%.

Which has better risk-adjusted returns?

PRULX currently has the higher Sharpe Ratio (0.75 vs 0.59), 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.