SCHO vs. JCPI

Last updated Jun 9, 2026

SCHO (Schwab Short-Term U.S. Treasury ETF) and JCPI (JPMorgan Inflation Managed Bond ETF) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. SCHO is passively managed, while JCPI is actively managed. Over the past 3 years, SCHO returned 4.15%/yr vs 5.20%/yr for JCPI. A 0.66 correlation means they provide meaningful diversification when combined. SCHO charges 0.03%/yr vs 0.25%/yr for JCPI.

Performance

SCHO vs. JCPI - Performance Comparison

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

Returns By Period

In the year-to-date period, SCHO achieves a 0.33% return, which is significantly lower than JCPI's 1.12% 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%

JCPI

• 1D: -0.10%
• 1M: -0.88%
• YTD: 1.12%
• 6M: 1.07%
• 1Y: 5.14%
• 3Y*: 5.20%
• 5Y*: —
• 10Y*: —

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

SCHO vs. JCPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCHO Schwab Short-Term U.S. Treasury ETF	0.33%	5.49%	3.65%	4.31%	-1.08%
JCPI JPMorgan Inflation Managed Bond ETF	1.12%	7.10%	4.70%	5.04%	-5.53%

Correlation

The correlation between SCHO and JCPI is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 12, 2022	0.66

The correlation between SCHO and JCPI has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

SCHO vs. JCPI - Sectors Allocation Comparison

Sectors	SCHO	JCPI
Communication Services	1.1%	9.8%
Technology	1.1%	7.4%
Financial Services	0.2%	8.2%
Basic Materials	-	37.1%
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.4%
Energy	-	1.2%
Healthcare	-	4.4%
Industrials	-	0.9%
Real Estate	-	4.8%
Utilities	-	3.2%

Return for Risk

SCHO vs. JCPI — Risk / Return Rank

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

SCHO

SCHO Risk / Return Rank: 87
SCHO Sharpe Ratio Rank: 85
SCHO Sortino Ratio Rank: 92
SCHO Omega Ratio Rank: 89
SCHO Calmar Ratio Rank: 83
SCHO Martin Ratio Rank: 87

JCPI

JCPI Risk / Return Rank: 64
JCPI Sharpe Ratio Rank: 58
JCPI Sortino Ratio Rank: 66
JCPI Omega Ratio Rank: 60
JCPI Calmar Ratio Rank: 71
JCPI Martin Ratio Rank: 66

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.

SCHO vs. JCPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and JPMorgan Inflation Managed Bond ETF (JCPI). 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	JCPI	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.77	+0.75
Sortino ratio: Return per unit of downside risk	4.11	2.73	+1.38
Omega ratio: Gain probability vs. loss probability	1.51	1.33	+0.18
Calmar ratio: Return relative to maximum drawdown	4.01	3.22	+0.79
Martin ratio: Return relative to average drawdown	17.08	11.00	+6.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHO vs. JCPI - Sharpe Ratio Comparison

The current SCHO Sharpe Ratio is 2.52, which is higher than the JCPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SCHO and JCPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCHO	JCPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.77	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.64	+0.35

Drawdowns

SCHO vs. JCPI - Drawdown Comparison

The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum JCPI drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for SCHO and JCPI.

Drawdown Indicators

	SCHO	JCPI	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-7.85%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-0.86%	-1.60%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-0.98%	-2.81%	+1.83%
Max Drawdown (5Y) Largest decline over 5 years	-5.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.69%	—	—
Current Drawdown Current decline from peak	-0.35%	-0.96%	+0.61%
Average Drawdown Average peak-to-trough decline	-0.61%	-1.86%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	0.47%	-0.27%

Volatility

SCHO vs. JCPI - Volatility Comparison

The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.44%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 0.95%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHO	JCPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.95%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	0.93%	2.08%	-1.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	2.92%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	4.50%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.56%	4.50%	-2.94%

SCHO vs. JCPI - Expense Ratio Comparison

SCHO has a 0.03% expense ratio, which is lower than JCPI's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SCHO vs. JCPI - Dividend Comparison

SCHO's dividend yield for the trailing twelve months is around 3.91%, less than JCPI's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JCPI JPMorgan Inflation Managed Bond ETF	3.96%	3.93%	3.98%	3.45%	3.29%	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 SCHO and JCPI in my portfolio?

SCHO and JCPI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHO or JCPI?

JCPI has higher volatility (0.95%) compared to SCHO (0.44%). In terms of maximum drawdown, SCHO dropped -5.69% vs JCPI's -7.85%.

Which ETF is better, SCHO or JCPI?

On 3-year performance, JCPI leads with 5.20% vs 4.15% for SCHO. On fees, SCHO is cheaper at 0.03% per year. 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.

Which ETF has performed better, SCHO or JCPI?

Over the 3-year period, JCPI has performed better with a 5.20% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHO or JCPI?

SCHO is cheaper with a 0.03% expense ratio, compared with 0.25% for JCPI.

Which ETF pays a higher dividend yield, SCHO or JCPI?

JCPI has the higher dividend yield at 3.96%, compared with 3.91% for SCHO.

What is the main difference between SCHO and JCPI?

SCHO is categorized as Government Bonds, while JCPI is Inflation-Protected Bonds. They also come from different issuers: Charles Schwab and JPMorgan. Their fees differ too: 0.03% for SCHO and 0.25% for JCPI.

Which has better risk-adjusted returns?

SCHO currently has the higher Sharpe Ratio (2.52 vs 1.77), 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.