SCHO vs. SHV
SCHO (Schwab Short-Term U.S. Treasury ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds - SCHO tracks the Bloomberg U.S. Treasury 1-3 Year Index while SHV tracks the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, SCHO returned 1.68%/yr vs 2.23%/yr for SHV. At a 0.23 correlation, their price movements are largely independent. SCHO charges 0.03%/yr vs 0.15%/yr for SHV.
Performance
SCHO vs. SHV - Performance Comparison
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Returns By Period
In the year-to-date period, SCHO achieves a 0.42% return, which is significantly lower than SHV's 1.58% return. Over the past 10 years, SCHO has underperformed SHV with an annualized return of 1.68%, while SHV has yielded a comparatively higher 2.23% annualized return.
SCHO
- 1D
- -0.04%
- 1M
- 0.14%
- YTD
- 0.42%
- 6M
- 0.54%
- 1Y
- 3.09%
- 3Y*
- 4.20%
- 5Y*
- 1.84%
- 10Y*
- 1.68%
SHV
- 1D
- -0.01%
- 1M
- 0.25%
- YTD
- 1.58%
- 6M
- 1.68%
- 1Y
- 3.83%
- 3Y*
- 4.60%
- 5Y*
- 3.35%
- 10Y*
- 2.23%
SCHO vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.42% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.58% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between SCHO and SHV is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.23 |
The correlation between SCHO and SHV shifts across timeframes, from 0.23 (all time) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SCHO vs. SHV — Risk / Return Rank
SCHO
SHV
SCHO vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.34 | ||
| Sortino ratioReturn per unit of downside risk | -94.49 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 35.59 | -34.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 141.48 | -137.87 |
| Martin ratioReturn relative to average drawdown | 15.06 | 1,585.41 | -1,570.35 |
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Drawdowns
SCHO vs. SHV - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for SCHO and SHV.
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Drawdown Indicators
| SCHO | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -0.45% | -5.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -0.03% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -0.03% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -0.39% | -5.30% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | -0.45% | -5.24% |
Current DrawdownCurrent decline from peak | -0.27% | -0.01% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -0.03% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.00% | +0.21% |
Volatility
SCHO vs. SHV - Volatility Comparison
Schwab Short-Term U.S. Treasury ETF (SCHO) has a higher volatility of 0.49% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that SCHO's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHO | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.07% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 0.98% | 0.13% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 0.21% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 0.29% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 0.28% | +1.28% |
SCHO vs. SHV - Expense Ratio Comparison
SCHO has a 0.03% expense ratio, which is lower than SHV's 0.15% 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. SHV - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.91%, more than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
SCHO and SHV have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHO has higher volatility (0.49%) compared to SHV (0.07%). In terms of maximum drawdown, SCHO dropped -5.69% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs 1.68% for SCHO. On fees, SCHO is cheaper at 0.03% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% return vs 1.68%. 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 0.15% for SHV.
SCHO has the higher dividend yield at 3.91%, compared with 3.83% for SHV.
SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while SHV tracks ICE Short US Treasury Securities Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHO and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (18.56 vs 2.22), 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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