SCHO vs. VNLA
SCHO (Schwab Short-Term U.S. Treasury ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both exchange-traded funds - SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index, while VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, SCHO returned 1.86%/yr vs 3.83%/yr for VNLA. At a 0.39 correlation, their price movements are largely independent. SCHO charges 0.03%/yr vs 0.23%/yr for VNLA.
Performance
SCHO vs. VNLA - Performance Comparison
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Returns By Period
In the year-to-date period, SCHO achieves a 0.58% return, which is significantly lower than VNLA's 1.63% return.
SCHO
- 1D
- 0.04%
- 1M
- 0.31%
- YTD
- 0.58%
- 6M
- 0.82%
- 1Y
- 3.47%
- 3Y*
- 4.27%
- 5Y*
- 1.86%
- 10Y*
- 1.71%
VNLA
- 1D
- 0.04%
- 1M
- 0.45%
- YTD
- 1.63%
- 6M
- 1.87%
- 1Y
- 4.81%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
SCHO vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 0.58% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
VNLA Janus Henderson Short Duration Income ETF | 1.63% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
Correlation
The correlation between SCHO and VNLA is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.39 |
Over the past year, SCHO and VNLA have become more correlated (0.60) than their long-term average of 0.39, meaning their price movements have been converging.
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Return for Risk
SCHO vs. VNLA — Risk / Return Rank
SCHO
VNLA
SCHO vs. VNLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term U.S. Treasury ETF (SCHO) and Janus Henderson Short Duration Income ETF (VNLA). 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 | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.15 | ||
| Sortino ratioReturn per unit of downside risk | -11.72 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 3.67 | -2.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.06 | 11.30 | -7.24 |
| Martin ratioReturn relative to average drawdown | 17.10 | 58.12 | -41.02 |
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Drawdowns
SCHO vs. VNLA - Drawdown Comparison
The maximum SCHO drawdown since its inception was -5.69%, which is greater than VNLA's maximum drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for SCHO and VNLA.
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Drawdown Indicators
| SCHO | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.69% | -4.49% | -1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -0.86% | -0.43% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -0.49% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -5.69% | -1.76% | -3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -5.69% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | 0.00% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -0.23% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 0.08% | +0.12% |
Volatility
SCHO vs. VNLA - Volatility Comparison
Schwab Short-Term U.S. Treasury ETF (SCHO) has a higher volatility of 0.43% compared to Janus Henderson Short Duration Income ETF (VNLA) at 0.15%. This indicates that SCHO's price experiences larger fluctuations and is considered to be riskier than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHO | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.15% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 0.46% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.36% | 0.63% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.98% | 1.04% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.56% | 1.42% | +0.14% |
SCHO vs. VNLA - Expense Ratio Comparison
SCHO has a 0.03% expense ratio, which is lower than VNLA's 0.23% 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. VNLA - Dividend Comparison
SCHO's dividend yield for the trailing twelve months is around 3.90%, less than VNLA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VNLA Janus Henderson Short Duration Income ETF | 4.77% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% | 0.00% |
Frequently Asked Questions
SCHO and VNLA 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.
SCHO has higher volatility (0.43%) compared to VNLA (0.15%). In terms of maximum drawdown, SCHO dropped -5.69% vs VNLA's -4.49%.
On 5-year performance, VNLA leads with 3.83% vs 1.86% for SCHO. On fees, SCHO is cheaper at 0.03% per year. On volatility, VNLA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.83% return vs 1.86%. 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 0.23% for VNLA.
VNLA has the higher dividend yield at 4.77%, compared with 3.90% for SCHO.
SCHO is categorized as Government Bonds, while VNLA is Ultrashort Bond. SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index, while VNLA tracks FTSE 3-Month U.S. Treasury Bill Index. They also come from different issuers: Charles Schwab and Janus Henderson. Their fees differ too: 0.03% for SCHO and 0.23% for VNLA.
VNLA currently has the higher Sharpe Ratio (7.71 vs 2.56), 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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