SCHO vs. SCHQ
SCHO (Schwab Short-Term U.S. Treasury ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds from Charles Schwab - SCHO tracks the Bloomberg U.S. Treasury 1-3 Year Index while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 5 years, SCHO returned 1.87%/yr vs -7.05%/yr for SCHQ. Their 0.59 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.03% expense ratio.
Performance
SCHO vs. SCHQ - Performance Comparison
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Returns By Period
In the year-to-date period, SCHO achieves a 0.79% return, which is significantly higher than SCHQ's -3.25% return.
SCHO
- 1D
- -0.04%
- 1M
- 0.04%
- 6M
- 0.58%
- YTD
- 0.79%
- 1Y
- 2.63%
- 3Y*
- 4.31%
- 5Y*
- 1.87%
- 10Y*
- 1.72%
- ALL TIME*
- 1.35%
SCHQ
- 1D
- -0.63%
- 1M
- -3.51%
- 6M
- -3.16%
- YTD
- -3.25%
- 1Y
- -1.68%
- 3Y*
- -0.63%
- 5Y*
- -7.05%
- 10Y*
- —
- ALL TIME*
- -4.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.23M | $61.44M | $84.14M | |
| $12.09M | $14.21M | $18.95M |
SCHO vs. SCHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.79% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 0.14% |
SCHQ Schwab Long-Term U.S. Treasury ETF | -3.25% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
Correlation
The correlation between SCHO and SCHQ is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.59 |
The correlation between SCHO and SCHQ has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
SCHO vs. SCHQ — Risk / Return Rank
SCHO
SCHQ
SCHO vs. SCHQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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 | SCHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.00 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | -0.04 | +3.71 |
| Martin ratioReturn relative to average drawdown | 15.34 | -0.10 | +15.44 |
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Drawdowns
SCHO vs. SCHQ - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for SCHO and SCHQ.
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Drawdown Indicators
| SCHO | SCHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -46.13% | +40.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -7.05% | +6.19% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -13.38% | +12.40% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -40.93% | +35.24% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -38.61% | +38.57% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -26.60% | +25.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 3.20% | -3.00% |
Volatility
SCHO vs. SCHQ - Volatility Comparison
The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.37%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.24%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHO | SCHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | 2.24% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 6.30% | -5.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.41% | 8.50% | -7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.00% | 14.41% | -12.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 15.20% | -13.64% |
SCHO vs. SCHQ - Expense Ratio Comparison
Both SCHO and SCHQ 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. SCHQ - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.90%, less than SCHQ's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 3.53% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.50% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCHO and SCHQ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHQ has higher volatility (2.24%) compared to SCHO (0.37%). In terms of maximum drawdown, SCHO dropped -5.69% vs SCHQ's -46.13%.
On 5-year performance, SCHO leads with 1.87% vs -7.05% for SCHQ. Both ETFs have the same 0.03% expense ratio. On volatility, SCHO has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCHO has performed better with a 1.87% return vs -7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO and SCHQ have the same expense ratio: 0.03% per year.
SCHQ has the higher dividend yield at 4.50%, compared with 3.53% for SCHO.
SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while SCHQ tracks Bloomberg U.S. Long Treasury Index.
SCHO currently has the higher Sharpe Ratio (2.24 vs -0.04), 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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