SCHO vs. MUNI
SCHO (Schwab Short-Term U.S. Treasury ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while MUNI is a Municipal Bonds fund actively managed by PIMCO. SCHO is passively managed, while MUNI is actively managed. Over the past 10 years, SCHO returned 1.72%/yr vs 2.19%/yr for MUNI. At a 0.41 correlation, their price movements are largely independent. SCHO charges 0.03%/yr vs 0.35%/yr for MUNI.
Performance
SCHO vs. MUNI - Performance Comparison
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Returns By Period
In the year-to-date period, SCHO achieves a 0.50% return, which is significantly lower than MUNI's 1.32% return. Over the past 10 years, SCHO has underperformed MUNI with an annualized return of 1.72%, while MUNI has yielded a comparatively higher 2.19% annualized return.
SCHO
- 1D
- 0.08%
- 1M
- 0.10%
- YTD
- 0.50%
- 6M
- 0.90%
- 1Y
- 3.35%
- 3Y*
- 4.16%
- 5Y*
- 1.82%
- 10Y*
- 1.72%
MUNI
- 1D
- 0.08%
- 1M
- 0.42%
- YTD
- 1.32%
- 6M
- 1.59%
- 1Y
- 6.37%
- 3Y*
- 3.94%
- 5Y*
- 1.28%
- 10Y*
- 2.19%
SCHO vs. MUNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.50% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.32% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Correlation
The correlation between SCHO and MUNI is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Aug 6, 2010 | 0.41 |
The correlation between SCHO and MUNI shifts across timeframes, from 0.41 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SCHO vs. MUNI — Risk / Return Rank
SCHO
MUNI
SCHO vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.64 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.91 | 2.79 | +1.12 |
| Martin ratioReturn relative to average drawdown | 16.82 | 9.15 | +7.67 |
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 | MUNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.84 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 0.39 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.11 | 0.57 | +0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | 0.78 | +0.21 |
Drawdowns
SCHO vs. MUNI - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for SCHO and MUNI.
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Drawdown Indicators
| SCHO | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -11.15% | +5.46% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -2.29% | +1.43% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -4.09% | +3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -11.15% | +5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | -11.15% | +5.46% |
Current DrawdownCurrent decline from peak | -0.18% | -0.71% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -1.73% | +1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.70% | -0.50% |
Volatility
SCHO vs. MUNI - Volatility Comparison
The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.42%, while PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a volatility of 0.77%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHO | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.77% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 0.91% | 1.60% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.37% | 2.27% | -0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 3.31% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 3.85% | -2.29% |
SCHO vs. MUNI - Expense Ratio Comparison
SCHO has a 0.03% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Dividends
SCHO vs. MUNI - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.90%, more than MUNI's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
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 MUNI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUNI has higher volatility (0.77%) compared to SCHO (0.42%). In terms of maximum drawdown, SCHO dropped -5.69% vs MUNI's -11.15%.
On 10-year performance, MUNI leads with 2.19% vs 1.72% for SCHO. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUNI has performed better with a 2.19% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO is cheaper with a 0.03% expense ratio, compared with 0.35% for MUNI.
SCHO has the higher dividend yield at 3.90%, compared with 3.28% for MUNI.
SCHO is categorized as Government Bonds, while MUNI is Municipal Bonds. They also come from different issuers: Charles Schwab and PIMCO. Their fees differ too: 0.03% for SCHO and 0.35% for MUNI.
MUNI currently has the higher Sharpe Ratio (2.84 vs 2.46), 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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