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SCHA vs. IWMW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCHA vs. IWMW

Last updated Aug 6, 2026
Documentation

SCHA (Schwab U.S. Small-Cap ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both exchange-traded funds - SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index, while IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Both are passively managed. Over the past year, SCHA returned 35.64% vs 26.97% for IWMW. Their correlation of 0.90 means they have usually moved in the same direction. SCHA charges 0.04%/yr vs 0.39%/yr for IWMW.

Performance

SCHA vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Small-Cap ETF (SCHA) and iShares Russell 2000 BuyWrite ETF (IWMW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SCHA achieves a 22.32% return, which is significantly higher than IWMW's 16.14% return.

SCHA

1D
-1.03%
1M
-1.00%
6M
14.74%
YTD
22.32%
1Y
35.64%
3Y*
17.02%
5Y*
7.79%
10Y*
10.80%
ALL TIME*
12.58%

IWMW

1D
0.13%
1M
2.26%
6M
14.29%
YTD
16.14%
1Y
26.97%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
12.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWMW

iShares Russell 2000 BuyWrite ETF
$647.07K$528.72K$531.31K

SCHA

Schwab U.S. Small-Cap ETF
$70.95M$78.50M$77.36M

SCHA vs. IWMW - Yearly Performance Comparison

2026 (YTD)20252024
SCHA
Schwab U.S. Small-Cap ETF		22.32%11.60%11.35%
IWMW
iShares Russell 2000 BuyWrite ETF		16.14%7.82%5.85%

Correlation

The correlation between SCHA and IWMW is 0.89, 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.

0.89

Correlation (All Time)
Calculated using the full available price history since Mar 15, 2024

0.90

The correlation between SCHA and IWMW has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

SCHA vs. IWMW - Sectors Allocation Comparison

Sectors
SCHA
IWMW

Technology

21.0%
14.5%

Financial Services

16.0%
17.6%

Healthcare

15.8%
20.3%

Industrials

14.6%
14.1%

Consumer Cyclical

9.2%
9.2%

Real Estate

6.5%
6.7%

Energy

4.9%
5.5%

Basic Materials

4.5%
4.4%

Communication Services

2.5%
2.2%

Consumer Defensive

2.5%
2.6%

Utilities

2.2%
2.8%

Technology

SCHA
21.0%
IWMW
14.5%

Financial Services

SCHA
16.0%
IWMW
17.6%

Healthcare

SCHA
15.8%
IWMW
20.3%

Industrials

SCHA
14.6%
IWMW
14.1%

Consumer Cyclical

SCHA
9.2%
IWMW
9.2%

Real Estate

SCHA
6.5%
IWMW
6.7%

Energy

SCHA
4.9%
IWMW
5.5%

Basic Materials

SCHA
4.5%
IWMW
4.4%

Communication Services

SCHA
2.5%
IWMW
2.2%

Consumer Defensive

SCHA
2.5%
IWMW
2.6%

Utilities

SCHA
2.2%
IWMW
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Schwab U.S. Small-Cap ETF

iShares Russell 2000 BuyWrite ETF

Often compared with SCHA:
SCHA vs. VBSCHA vs. AVUVSCHA vs. SWSSXSCHA vs. IJRSCHA vs. SCHDSCHA vs. SCHMSCHA vs. SCHB
Often compared with IWMW:
IWMW vs. IWMIWMW vs. IVVWIWMW vs. SCHDIWMW vs. QQQIIWMW vs. SPYIWMW vs. IWMLIWMW vs. IWMI

Return for Risk

SCHA vs. IWMW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SCHA
SCHA Risk / Return Rank: 7575
Overall Rank
SCHA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SCHA Sortino Ratio Rank: 7373
Sortino Ratio Rank
SCHA Omega Ratio Rank: 6464
Omega Ratio Rank
SCHA Calmar Ratio Rank: 8686
Calmar Ratio Rank
SCHA Martin Ratio Rank: 8080
Martin Ratio Rank
IWMW
IWMW Risk / Return Rank: 8585
Overall Rank
IWMW Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
IWMW Sortino Ratio Rank: 8181
Sortino Ratio Rank
IWMW Omega Ratio Rank: 8888
Omega Ratio Rank
IWMW Calmar Ratio Rank: 8888
Calmar Ratio Rank
IWMW Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCHA vs. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Small-Cap ETF (SCHA) and iShares Russell 2000 BuyWrite ETF (IWMW). 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.

SCHAIWMWDifference
Sharpe ratioReturn per unit of total volatility
1.85
2.18

-0.32

Sortino ratioReturn per unit of downside risk
2.68
2.95

-0.27

Omega ratioGain probability vs. loss probability

1.31

1.43

-0.11

Calmar ratioReturn relative to maximum drawdown

3.77

3.90

-0.13

Martin ratioReturn relative to average drawdown

11.90

13.50

-1.60

SCHA vs. IWMW - Sharpe Ratio Comparison

The current SCHA Sharpe Ratio is 1.85, which is comparable to the IWMW Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SCHA and IWMW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SCHA vs. IWMW - Drawdown Comparison

The maximum SCHA drawdown since its inception was -42.41%, which is greater than IWMW's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for SCHA and IWMW.

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Drawdown Indicators

SCHAIWMWDifference

Max Drawdown

Largest peak-to-trough decline

-42.41%

-21.82%

-20.59%

Max Drawdown (1Y)

Largest decline over 1 year

-9.50%

-6.94%

-2.56%

Max Drawdown (3Y)

Largest decline over 3 years

-27.29%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-30.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-42.41%

—

—

Current Drawdown

Current decline from peak

-3.99%

0.00%

-3.99%

Average Drawdown

Average peak-to-trough decline

-7.54%

-3.59%

-3.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

2.00%

+1.00%

Volatility

SCHA vs. IWMW - Volatility Comparison

Schwab U.S. Small-Cap ETF (SCHA) has a higher volatility of 6.26% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.14%. This indicates that SCHA's price experiences larger fluctuations and is considered to be riskier than IWMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SCHAIWMWDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.26%

3.14%

+3.12%

Volatility (6M)

Calculated over the trailing 6-month period

14.95%

9.40%

+5.55%

Volatility (1Y)

Calculated over the trailing 1-year period

19.32%

12.46%

+6.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.09%

15.79%

+6.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.79%

15.79%

+7.00%

SCHA vs. IWMW - Expense Ratio Comparison

SCHA has a 0.04% expense ratio, which is lower than IWMW's 0.39% expense ratio.

Dividends

SCHA vs. IWMW - Dividend Comparison

SCHA's dividend yield for the trailing twelve months is around 1.03%, less than IWMW's 20.22% yield.

PositionTTM20252024202320222021202020192018201720162015
IWMW
iShares Russell 2000 BuyWrite ETF		20.22%20.98%17.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SCHA
Schwab U.S. Small-Cap ETF		1.03%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

SCHA and IWMW have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCHA has higher volatility (6.26%) compared to IWMW (3.14%). In terms of maximum drawdown, SCHA dropped -42.41% vs IWMW's -21.82%.

On 1-year performance, SCHA leads with 35.64% vs 26.97% for IWMW. On fees, SCHA is cheaper at 0.04% per year. On volatility, IWMW has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SCHA has performed better with a 35.64% return vs 26.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHA is cheaper with a 0.04% expense ratio, compared with 0.39% for IWMW.

IWMW has the higher dividend yield at 20.22%, compared with 1.03% for SCHA.

SCHA is categorized as Small Cap Blend Equities, while IWMW is Derivative Income. SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index, while IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.04% for SCHA and 0.39% for IWMW.

IWMW currently has the higher Sharpe Ratio (2.18 vs 1.85), 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.

Portfolio Optimizer

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