SCHO vs. SCHX

Last updated Apr 2, 2026

Compare and contrast key facts about Schwab Short-Term U.S. Treasury ETF (SCHO) and Schwab U.S. Large-Cap ETF (SCHX).

SCHO and SCHX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SCHO is a passively managed fund by Charles Schwab that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Aug 5, 2010. SCHX is a passively managed fund by Charles Schwab that tracks the performance of the Dow Jones U.S. Large-Cap Total Stock Market Index. It was launched on Nov 3, 2009. Both SCHO and SCHX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SCHO vs. SCHX - Performance Comparison

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

SCHO vs. SCHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHO Schwab Short-Term U.S. Treasury ETF	0.26%	5.49%	3.65%	4.31%	-3.87%	-0.64%	3.11%	3.47%	1.37%	0.33%
SCHX Schwab U.S. Large-Cap ETF	-3.70%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%

Returns By Period

In the year-to-date period, SCHO achieves a 0.26% return, which is significantly higher than SCHX's -3.70% return. Over the past 10 years, SCHO has underperformed SCHX with an annualized return of 1.72%, while SCHX has yielded a comparatively higher 14.02% annualized return.

SCHO

• 1D: 0.02%
• 1M: -0.31%
• YTD: 0.26%
• 6M: 1.27%
• 1Y: 3.69%
• 3Y*: 4.00%
• 5Y*: 1.79%
• 10Y*: 1.72%

SCHX

• 1D: 0.78%
• 1M: -4.31%
• YTD: -3.70%
• 6M: -1.70%
• 1Y: 17.91%
• 3Y*: 18.55%
• 5Y*: 11.30%
• 10Y*: 14.02%

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

SCHO vs. SCHX - Expense Ratio Comparison

Both SCHO and SCHX 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%.

SCHO

Schwab Short-Term U.S. Treasury ETF

SCHX

Schwab U.S. Large-Cap ETF

Return for Risk

SCHO vs. SCHX — Risk / Return Rank

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

SCHO

SCHO Risk / Return Rank: 96
SCHO Sharpe Ratio Rank: 95
SCHO Sortino Ratio Rank: 97
SCHO Omega Ratio Rank: 96
SCHO Calmar Ratio Rank: 96
SCHO Martin Ratio Rank: 96

SCHX

SCHX Risk / Return Rank: 58
SCHX Sharpe Ratio Rank: 52
SCHX Sortino Ratio Rank: 56
SCHX Omega Ratio Rank: 59
SCHX Calmar Ratio Rank: 57
SCHX Martin Ratio Rank: 67

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. SCHX - 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 U.S. Large-Cap ETF (SCHX). 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	SCHX	Difference
Sharpe ratio Return per unit of total volatility	2.44	0.98	+1.46
Sortino ratio Return per unit of downside risk	3.92	1.50	+2.42
Omega ratio Gain probability vs. loss probability	1.50	1.23	+0.27
Calmar ratio Return relative to maximum drawdown	4.42	1.51	+2.91
Martin ratio Return relative to average drawdown	17.32	7.02	+10.30
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. SCHX - Sharpe Ratio Comparison

The current SCHO Sharpe Ratio is 2.44, which is higher than the SCHX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of SCHO and SCHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SCHO	SCHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	0.98	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.66	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.11	0.78	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.80	+0.19

Correlation

The correlation between SCHO and SCHX is -0.14. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SCHO vs. SCHX - Dividend Comparison

SCHO's dividend yield for the trailing twelve months is around 3.98%, more than SCHX's 1.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHO Schwab Short-Term U.S. Treasury ETF	3.98%	4.06%	4.29%	3.76%	1.34%	0.41%	1.27%	2.27%	1.60%	1.12%	0.82%	0.68%
SCHX Schwab U.S. Large-Cap ETF	1.16%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%

Drawdowns

SCHO vs. SCHX - Drawdown Comparison

The maximum SCHO drawdown since its inception was -5.69%, smaller than the maximum SCHX drawdown of -34.33%. Use the drawdown chart below to compare losses from any high point for SCHO and SCHX.

Drawdown Indicators

	SCHO	SCHX	Difference
Max Drawdown Largest peak-to-trough decline	-5.69%	-34.33%	+28.64%
Max Drawdown (1Y) Largest decline over 1 year	-0.86%	-12.19%	+11.33%
Max Drawdown (5Y) Largest decline over 5 years	-5.69%	-25.41%	+19.72%
Max Drawdown (10Y) Largest decline over 10 years	-5.69%	-34.33%	+28.64%
Current Drawdown Current decline from peak	-0.43%	-5.67%	+5.24%
Average Drawdown Average peak-to-trough decline	-0.61%	-4.00%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	2.62%	-2.40%

Volatility

SCHO vs. SCHX - Volatility Comparison

The current volatility for Schwab Short-Term U.S. Treasury ETF (SCHO) is 0.52%, while Schwab U.S. Large-Cap ETF (SCHX) has a volatility of 5.36%. This indicates that SCHO experiences smaller price fluctuations and is considered to be less risky than SCHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHO	SCHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	5.36%	-4.84%
Volatility (6M) Calculated over the trailing 6-month period	0.87%	9.67%	-8.80%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	18.33%	-16.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.97%	17.13%	-15.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.55%	18.13%	-16.58%