SCHO vs. GBDC
SCHO (Schwab Short-Term U.S. Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while GBDC (Golub Capital BDC, Inc.) is a stock. Over the past 10 years, SCHO returned 1.71%/yr vs 6.73%/yr for GBDC. At a correlation of -0.05, they often move in opposite directions.
Performance
SCHO vs. GBDC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCHO achieves a 0.54% return, which is significantly lower than GBDC's 0.68% return. Over the past 10 years, SCHO has underperformed GBDC with an annualized return of 1.71%, while GBDC has yielded a comparatively higher 6.73% annualized return.
SCHO
- 1D
- 0.00%
- 1M
- 0.18%
- YTD
- 0.54%
- 6M
- 0.82%
- 1Y
- 3.35%
- 3Y*
- 4.25%
- 5Y*
- 1.82%
- 10Y*
- 1.71%
GBDC
- 1D
- -0.30%
- 1M
- 1.53%
- YTD
- 0.68%
- 6M
- -0.71%
- 1Y
- -2.64%
- 3Y*
- 10.34%
- 5Y*
- 6.81%
- 10Y*
- 6.73%
SCHO vs. GBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.54% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
GBDC Golub Capital BDC, Inc. | 0.68% | -0.50% | 13.57% | 27.69% | -6.99% | 17.78% | -14.73% | 21.09% | -2.20% | 6.27% |
Correlation
The correlation between SCHO and GBDC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | -0.05 |
The correlation between SCHO and GBDC shifts across timeframes, from -0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SCHO vs. GBDC — Risk / Return Rank
SCHO
GBDC
SCHO vs. GBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and Golub Capital BDC, Inc. (GBDC). 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.
| SCHO | GBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.60 | ||
| Sortino ratioReturn per unit of downside risk | +4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 0.99 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | -0.15 | +4.06 |
| Martin ratioReturn relative to average drawdown | 16.48 | -0.31 | +16.79 |
Loading charts...
Drawdowns
SCHO vs. GBDC - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum GBDC drawdown of -47.30%. Use the drawdown chart below to compare losses from any high point for SCHO and GBDC.
Loading charts...
Drawdown Indicators
| SCHO | GBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -47.30% | +41.61% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -18.20% | +17.34% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -18.20% | +17.22% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -19.28% | +13.59% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | -47.30% | +41.61% |
Current DrawdownCurrent decline from peak | -0.14% | -6.79% | +6.65% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -6.13% | +5.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 8.56% | -8.36% |
Volatility
SCHO vs. GBDC - Volatility Comparison
The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.43%, while Golub Capital BDC, Inc. (GBDC) has a volatility of 5.60%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than GBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SCHO | GBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 5.60% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 15.83% | -14.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 19.15% | -17.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 17.19% | -15.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 21.56% | -20.00% |
Dividends
SCHO vs. GBDC - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.90%, less than GBDC's 11.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBDC Golub Capital BDC, Inc. | 11.29% | 11.50% | 12.73% | 10.00% | 9.35% | 7.58% | 8.44% | 7.70% | 8.49% | 7.47% | 8.32% | 7.70% |
SCHO Schwab Short-Term U.S. Treasury ETF | 3.90% | 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 GBDC have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBDC has higher volatility (5.60%) compared to SCHO (0.43%). In terms of maximum drawdown, SCHO dropped -5.69% vs GBDC's -47.30%.
SCHO currently has the higher Sharpe Ratio (2.46 vs -0.14), 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.
Find the right allocation for SCHO and GBDC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer