PRULX vs. SCHQ
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 -7.37%/yr vs -6.96%/yr for SCHQ. Their 0.98 correlation means they have historically moved very closely together. PRULX charges 0.29%/yr vs 0.03%/yr for SCHQ.
Performance
PRULX vs. SCHQ - Performance Comparison
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Returns By Period
In the year-to-date period, PRULX achieves a -3.51% return, which is significantly lower than SCHQ's -2.16% return.
PRULX
- 1D
- 0.30%
- 1M
- -3.42%
- 6M
- -2.88%
- YTD
- -3.51%
- 1Y
- -0.82%
- 3Y*
- 0.42%
- 5Y*
- -7.37%
- 10Y*
- -1.14%
- ALL TIME*
- 4.98%
SCHQ
- 1D
- 0.77%
- 1M
- -2.42%
- 6M
- -2.00%
- YTD
- -2.16%
- 1Y
- -0.79%
- 3Y*
- 0.22%
- 5Y*
- -6.96%
- 10Y*
- —
- ALL TIME*
- -4.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $14.32M | $14.68M | $18.61M |
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 | -3.51% | 6.69% | -5.71% | 2.90% | -30.45% | -5.22% | 18.34% | 1.72% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.16% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between PRULX and SCHQ is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.98 |
The correlation between PRULX and SCHQ has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
PRULX vs. SCHQ — Risk / Return Rank
PRULX
SCHQ
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.
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.
| PRULX | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.99 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | -0.11 | +0.01 |
| Martin ratioReturn relative to average drawdown | -0.22 | -0.24 | +0.02 |
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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.
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Drawdown Indicators
| PRULX | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.40% | -46.13% | -1.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -7.05% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -13.44% | -13.38% | -0.06% |
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 DrawdownCurrent decline from peak | -38.86% | -37.91% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -9.49% | -26.61% | +17.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 3.25% | -0.05% |
Volatility
PRULX vs. SCHQ - Volatility Comparison
The current volatility for T. Rowe Price U.S. Treasury Long Term Index Fund (PRULX) is 2.27%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.47%. This indicates that PRULX 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.
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Volatility by Period
| PRULX | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 2.47% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 6.53% | 6.34% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.82% | 8.43% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.55% | 14.42% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.92% | 15.20% | -1.28% |
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 5.18%, more than SCHQ's 4.89% 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 | 5.18% | 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 | 4.89% | 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
With a correlation of 0.95, 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.
SCHQ has higher volatility (2.47%) compared to PRULX (2.27%). In terms of maximum drawdown, PRULX dropped -47.40% vs SCHQ's -46.13%.
PRULX currently has the higher Sharpe Ratio (-0.08 vs -0.09), 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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