SCHA vs. FYX

Last updated Jun 24, 2026

SCHA (Schwab U.S. Small-Cap ETF) and FYX (First Trust Small Cap Core AlphaDEX Fund) are both Small Cap Blend Equities funds - SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index while FYX tracks the Nasdaq AlphaDEX Small Cap Core Index. Both are passively managed. Over the past 10 years, SCHA returned 11.72%/yr vs 13.06%/yr for FYX. With a 0.97 correlation, they move nearly in lockstep. SCHA charges 0.04%/yr vs 0.63%/yr for FYX.

Performance

SCHA vs. FYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Small-Cap ETF (SCHA) and First Trust Small Cap Core AlphaDEX Fund (FYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SCHA having a 22.53% return and FYX slightly higher at 22.94%. Over the past 10 years, SCHA has underperformed FYX with an annualized return of 11.72%, while FYX has yielded a comparatively higher 13.06% annualized return.

SCHA

• 1D: -1.72%
• 1M: 4.56%
• YTD: 22.53%
• 6M: 20.00%
• 1Y: 41.81%
• 3Y*: 19.85%
• 5Y*: 7.30%
• 10Y*: 11.72%

FYX

• 1D: -0.01%
• 1M: 4.51%
• YTD: 22.94%
• 6M: 20.86%
• 1Y: 47.16%
• 3Y*: 22.06%
• 5Y*: 9.19%
• 10Y*: 13.06%

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

SCHA vs. FYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHA Schwab U.S. Small-Cap ETF	22.53%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%
FYX First Trust Small Cap Core AlphaDEX Fund	22.94%	12.68%	12.22%	18.30%	-18.41%	27.43%	19.48%	21.32%	-10.64%	14.34%

Correlation

The correlation between SCHA and FYX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.97

The correlation between SCHA and FYX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SCHA vs. FYX - Sectors Allocation Comparison

Sectors	SCHA	FYX
Technology	24.3%	11.7%
Financial Services	15.4%	17.3%
Industrials	15.4%	16.6%
Healthcare	13.8%	14.0%
Consumer Cyclical	9.2%	11.7%
Real Estate	5.8%	8.6%
Energy	4.8%	5.7%
Basic Materials	4.1%	4.5%
Consumer Defensive	2.5%	5.3%
Communication Services	2.3%	3.1%
Utilities	2.1%	1.6%

Return for Risk

SCHA vs. FYX — Risk / Return Rank

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

SCHA

SCHA Risk / Return Rank: 75
SCHA Sharpe Ratio Rank: 73
SCHA Sortino Ratio Rank: 72
SCHA Omega Ratio Rank: 64
SCHA Calmar Ratio Rank: 84
SCHA Martin Ratio Rank: 83

FYX

FYX Risk / Return Rank: 87
FYX Sharpe Ratio Rank: 85
FYX Sortino Ratio Rank: 87
FYX Omega Ratio Rank: 78
FYX Calmar Ratio Rank: 93
FYX Martin Ratio Rank: 91

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.

SCHA vs. FYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Small-Cap ETF (SCHA) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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.

	SCHA	FYX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.58	-0.34
Sortino ratio: Return per unit of downside risk	3.11	3.66	-0.55
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	4.42	6.27	-1.85
Martin ratio: Return relative to average drawdown	16.18	20.40	-4.22

SCHA vs. FYX - Sharpe Ratio Comparison

The current SCHA Sharpe Ratio is 2.24, which is comparable to the FYX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SCHA and FYX, 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

SCHA vs. FYX - Drawdown Comparison

The maximum SCHA drawdown since its inception was -42.41%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for SCHA and FYX.

Drawdown Indicators

	SCHA	FYX	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-61.80%	+19.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-7.56%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-27.91%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-27.91%	-2.88%
Max Drawdown (10Y) Largest decline over 10 years	-42.41%	-48.82%	+6.41%
Current Drawdown Current decline from peak	-1.72%	-0.12%	-1.60%
Average Drawdown Average peak-to-trough decline	-7.56%	-10.86%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.32%	+0.27%

Volatility

SCHA vs. FYX - Volatility Comparison

Schwab U.S. Small-Cap ETF (SCHA) has a higher volatility of 6.71% compared to First Trust Small Cap Core AlphaDEX Fund (FYX) at 4.89%. This indicates that SCHA's price experiences larger fluctuations and is considered to be riskier than FYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHA	FYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	4.89%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	12.29%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	18.42%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	21.96%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	24.20%	-1.45%

SCHA vs. FYX - Expense Ratio Comparison

SCHA has a 0.04% expense ratio, which is lower than FYX's 0.63% expense ratio.

Dividends

SCHA vs. FYX - Dividend Comparison

SCHA's dividend yield for the trailing twelve months is around 0.98%, more than FYX's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FYX First Trust Small Cap Core AlphaDEX Fund	0.67%	0.64%	1.62%	1.22%	0.95%	0.99%	0.65%	1.12%	1.08%	0.60%	0.94%	0.88%
SCHA Schwab U.S. Small-Cap ETF	0.98%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%

Frequently Asked Questions

Can I hold both SCHA and FYX in my portfolio?

With a correlation of 0.95, SCHA and FYX 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, SCHA or FYX?

SCHA has higher volatility (6.71%) compared to FYX (4.89%). In terms of maximum drawdown, SCHA dropped -42.41% vs FYX's -61.80%.

Which ETF is better, SCHA or FYX?

On 10-year performance, FYX leads with 13.06% vs 11.72% for SCHA. On fees, SCHA is cheaper at 0.04% per year. On volatility, FYX has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHA or FYX?

Over the 10-year period, FYX has performed better with a 13.06% return vs 11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHA or FYX?

SCHA is cheaper with a 0.04% expense ratio, compared with 0.63% for FYX.

Which ETF pays a higher dividend yield, SCHA or FYX?

SCHA has the higher dividend yield at 0.98%, compared with 0.67% for FYX.

What is the main difference between SCHA and FYX?

SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index, while FYX tracks Nasdaq AlphaDEX Small Cap Core Index. They also come from different issuers: Charles Schwab and First Trust. Their fees differ too: 0.04% for SCHA and 0.63% for FYX.

Which has better risk-adjusted returns?

FYX currently has the higher Sharpe Ratio (2.58 vs 2.24), 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.