SCHO vs. BIV
SCHO (Schwab Short-Term U.S. Treasury ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while BIV is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, SCHO returned 1.69%/yr vs 1.83%/yr for BIV. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.03% expense ratio.
Performance
SCHO vs. BIV - Performance Comparison
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Returns By Period
In the year-to-date period, SCHO achieves a 0.33% return, which is significantly higher than BIV's -0.67% return. Over the past 10 years, SCHO has underperformed BIV with an annualized return of 1.69%, while BIV has yielded a comparatively higher 1.83% annualized return.
SCHO
- 1D
- 0.04%
- 1M
- -0.23%
- YTD
- 0.33%
- 6M
- 0.82%
- 1Y
- 3.43%
- 3Y*
- 4.15%
- 5Y*
- 1.78%
- 10Y*
- 1.69%
BIV
- 1D
- -0.05%
- 1M
- -0.94%
- YTD
- -0.67%
- 6M
- -0.33%
- 1Y
- 4.70%
- 3Y*
- 4.27%
- 5Y*
- 0.08%
- 10Y*
- 1.83%
SCHO vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.33% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.67% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | 10.34% | -0.19% | 3.65% |
Correlation
The correlation between SCHO and BIV is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010 | 0.72 |
The correlation between SCHO and BIV has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
SCHO vs. BIV — Risk / Return Rank
SCHO
BIV
SCHO vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.
| SCHO | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.21 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | 1.49 | +2.52 |
| Martin ratioReturn relative to average drawdown | 17.08 | 4.40 | +12.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCHO | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 1.18 | +1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | 0.01 | +0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.09 | 0.33 | +0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.64 | +0.35 |
Drawdowns
SCHO vs. BIV - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for SCHO and BIV.
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Drawdown Indicators
| SCHO | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -18.95% | +13.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -3.18% | +2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -6.07% | +5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -18.74% | +13.05% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | -18.95% | +13.26% |
Current DrawdownCurrent decline from peak | -0.35% | -2.46% | +2.11% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -3.39% | +2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 1.07% | -0.87% |
Volatility
SCHO vs. BIV - Volatility Comparison
The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.44%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.35%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHO | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 1.35% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 2.93% | -2.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 4.00% | -2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 6.40% | -4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 5.51% | -3.95% |
SCHO vs. BIV - Expense Ratio Comparison
Both SCHO and BIV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SCHO vs. BIV - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.91%, less than BIV's 4.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.24% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
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
SCHO and BIV have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIV has higher volatility (1.35%) compared to SCHO (0.44%). In terms of maximum drawdown, SCHO dropped -5.69% vs BIV's -18.95%.
On 10-year performance, BIV leads with 1.83% vs 1.69% for SCHO. Both ETFs have the same 0.03% expense ratio. On volatility, SCHO has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIV has performed better with a 1.83% return vs 1.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO and BIV have the same expense ratio: 0.03% per year.
BIV has the higher dividend yield at 4.24%, compared with 3.91% for SCHO.
SCHO is categorized as Government Bonds, while BIV is Intermediate Core Bond. SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while BIV tracks Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. They also come from different issuers: Charles Schwab and Vanguard.
SCHO currently has the higher Sharpe Ratio (2.52 vs 1.18), 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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