PTGX vs. SCHO

Last updated Jul 11, 2026

PTGX (Protagonist Therapeutics Inc) is a stock, while SCHO (Schwab Short-Term U.S. Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 5 years, PTGX returned 23.26%/yr vs 1.86%/yr for SCHO. At a 0.03 correlation, their price movements are largely independent.

Performance

PTGX vs. SCHO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Protagonist Therapeutics Inc (PTGX) and Schwab Short-Term U.S. Treasury ETF (SCHO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PTGX achieves a 50.47% return, which is significantly higher than SCHO's 0.66% return.

PTGX

• 1D: -4.52%
• 1M: 19.71%
• 6M: 63.82%
• YTD: 50.47%
• 1Y: 147.96%
• 3Y*: 78.75%
• 5Y*: 23.26%
• 10Y*: —

SCHO

• 1D: -0.04%
• 1M: 0.12%
• 6M: 0.70%
• YTD: 0.66%
• 1Y: 3.17%
• 3Y*: 4.34%
• 5Y*: 1.86%
• 10Y*: 1.71%

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

PTGX vs. SCHO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTGX Protagonist Therapeutics Inc	50.47%	126.27%	68.34%	110.17%	-68.10%	69.64%	185.96%	4.75%	-67.64%	-5.41%
SCHO Schwab Short-Term U.S. Treasury ETF	0.66%	5.49%	3.65%	4.31%	-3.87%	-0.64%	3.11%	3.47%	1.37%	0.33%

Correlation

The correlation between PTGX and SCHO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Aug 11, 2016	0.03

The correlation between PTGX and SCHO shifts across timeframes, from 0.03 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PTGX vs. SCHO — Risk / Return Rank

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

PTGX

PTGX Risk / Return Rank: 97
PTGX Sharpe Ratio Rank: 97
PTGX Sortino Ratio Rank: 96
PTGX Omega Ratio Rank: 95
PTGX Calmar Ratio Rank: 98
PTGX Martin Ratio Rank: 97

SCHO

SCHO Risk / Return Rank: 88
SCHO Sharpe Ratio Rank: 86
SCHO Sortino Ratio Rank: 92
SCHO Omega Ratio Rank: 89
SCHO Calmar Ratio Rank: 83
SCHO Martin Ratio Rank: 88

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.

PTGX vs. SCHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Protagonist Therapeutics Inc (PTGX) 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.

	PTGX	SCHO	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.20	+0.73
Sortino ratio: Return per unit of downside risk	3.94	3.51	+0.43
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	9.14	3.61	+5.52
Martin ratio: Return relative to average drawdown	21.36	15.24	+6.11

PTGX vs. SCHO - Sharpe Ratio Comparison

The current PTGX Sharpe Ratio is 2.94, which is higher than the SCHO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PTGX and SCHO, 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

PTGX vs. SCHO - Drawdown Comparison

The maximum PTGX drawdown since its inception was -85.79%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for PTGX and SCHO.

Drawdown Indicators

	PTGX	SCHO	Difference
Max Drawdown Largest peak-to-trough decline	-85.79%	-5.69%	-80.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-0.86%	-15.52%
Max Drawdown (3Y) Largest decline over 3 years	-33.88%	-0.98%	-32.90%
Max Drawdown (5Y) Largest decline over 5 years	-85.79%	-5.69%	-80.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.69%	—
Current Drawdown Current decline from peak	-6.70%	-0.08%	-6.62%
Average Drawdown Average peak-to-trough decline	-40.38%	-0.61%	-39.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	0.20%	+6.80%

Volatility

PTGX vs. SCHO - Volatility Comparison

Protagonist Therapeutics Inc (PTGX) has a higher volatility of 11.54% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.48%. This indicates that PTGX'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.

Volatility by Period

	PTGX	SCHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.54%	0.48%	+11.06%
Volatility (6M) Calculated over the trailing 6-month period	30.70%	1.01%	+29.69%
Volatility (1Y) Calculated over the trailing 1-year period	50.99%	1.41%	+49.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.22%	1.99%	+83.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.53%	1.56%	+88.97%

Dividends

PTGX vs. SCHO - Dividend Comparison

PTGX has not paid dividends to shareholders, while SCHO's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTGX Protagonist Therapeutics Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHO Schwab Short-Term U.S. Treasury ETF	3.91%	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

Can I hold both PTGX and SCHO in my portfolio?

PTGX and SCHO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTGX or SCHO?

PTGX has higher volatility (11.54%) compared to SCHO (0.48%). In terms of maximum drawdown, PTGX dropped -85.79% vs SCHO's -5.69%.

Which has better risk-adjusted returns?

PTGX currently has the higher Sharpe Ratio (2.94 vs 2.20), 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.