SCHP vs. PXF

Last updated Jun 13, 2026

SCHP (Schwab U.S. TIPS ETF) and PXF (Invesco FTSE RAFI Developed Markets ex-U.S. ETF) are both exchange-traded funds - SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while PXF is a Foreign Large Cap Equities fund tracking the FTSE RAFI Developed Markets ex-U.S. Index. Both are passively managed. Over the past 10 years, SCHP returned 2.60%/yr vs 12.26%/yr for PXF. At a correlation of -0.03, they often move in opposite directions. SCHP charges 0.03%/yr vs 0.45%/yr for PXF.

Performance

SCHP vs. PXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. TIPS ETF (SCHP) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHP achieves a 1.42% return, which is significantly lower than PXF's 18.79% return. Over the past 10 years, SCHP has underperformed PXF with an annualized return of 2.60%, while PXF has yielded a comparatively higher 12.26% annualized return.

SCHP

• 1D: 0.04%
• 1M: -0.18%
• YTD: 1.42%
• 6M: 1.48%
• 1Y: 4.71%
• 3Y*: 4.14%
• 5Y*: 1.06%
• 10Y*: 2.60%

PXF

• 1D: 0.34%
• 1M: 0.89%
• YTD: 18.79%
• 6M: 20.98%
• 1Y: 39.76%
• 3Y*: 23.81%
• 5Y*: 13.18%
• 10Y*: 12.26%

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

SCHP vs. PXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHP Schwab U.S. TIPS ETF	1.42%	6.76%	1.95%	3.91%	-12.02%	5.87%	10.86%	8.52%	-1.78%	3.02%
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	18.79%	42.51%	4.54%	18.46%	-9.09%	15.93%	2.58%	17.50%	-14.84%	24.52%

Correlation

The correlation between SCHP and PXF 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	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010	-0.03

The correlation between SCHP and PXF shifts across timeframes, from -0.03 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

SCHP vs. PXF - Sectors Allocation Comparison

Sectors	SCHP	PXF
Consumer Cyclical	100.0%	10.2%
Financial Services	0.0%	19.7%
Basic Materials	-	10.1%
Communication Services	-	4.3%
Consumer Defensive	-	6.1%
Energy	-	10.6%
Healthcare	-	7.2%
Industrials	-	15.1%
Real Estate	-	1.8%
Technology	-	11.4%
Utilities	-	3.6%

Return for Risk

SCHP vs. PXF — Risk / Return Rank

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

SCHP

SCHP Risk / Return Rank: 50
SCHP Sharpe Ratio Rank: 47
SCHP Sortino Ratio Rank: 51
SCHP Omega Ratio Rank: 45
SCHP Calmar Ratio Rank: 56
SCHP Martin Ratio Rank: 50

PXF

PXF Risk / Return Rank: 83
PXF Sharpe Ratio Rank: 87
PXF Sortino Ratio Rank: 84
PXF Omega Ratio Rank: 85
PXF Calmar Ratio Rank: 80
PXF Martin Ratio Rank: 80

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.

SCHP vs. PXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. TIPS ETF (SCHP) and Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF). 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.

	SCHP	PXF	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.47	-1.03
Sortino ratio: Return per unit of downside risk	2.19	3.25	-1.07
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.19
Calmar ratio: Return relative to maximum drawdown	2.45	3.66	-1.21
Martin ratio: Return relative to average drawdown	7.41	13.76	-6.35

SCHP vs. PXF - Sharpe Ratio Comparison

The current SCHP Sharpe Ratio is 1.44, which is lower than the PXF Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of SCHP and PXF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCHP vs. PXF - Drawdown Comparison

The maximum SCHP drawdown since its inception was -14.26%, smaller than the maximum PXF drawdown of -64.74%. Use the drawdown chart below to compare losses from any high point for SCHP and PXF.

Drawdown Indicators

	SCHP	PXF	Difference
Max Drawdown Largest peak-to-trough decline	-14.26%	-64.74%	+50.48%
Max Drawdown (1Y) Largest decline over 1 year	-1.93%	-10.91%	+8.98%
Max Drawdown (3Y) Largest decline over 3 years	-4.48%	-14.06%	+9.58%
Max Drawdown (5Y) Largest decline over 5 years	-14.26%	-26.82%	+12.56%
Max Drawdown (10Y) Largest decline over 10 years	-14.26%	-41.59%	+27.33%
Current Drawdown Current decline from peak	-0.44%	-2.04%	+1.60%
Average Drawdown Average peak-to-trough decline	-3.93%	-15.25%	+11.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	2.90%	-2.26%

Volatility

SCHP vs. PXF - Volatility Comparison

The current volatility for Schwab U.S. TIPS ETF (SCHP) is 1.02%, while Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) has a volatility of 6.76%. This indicates that SCHP experiences smaller price fluctuations and is considered to be less risky than PXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHP	PXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	6.76%	-5.74%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	13.95%	-11.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	16.18%	-12.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.12%	16.62%	-10.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	18.07%	-12.48%

SCHP vs. PXF - Expense Ratio Comparison

SCHP has a 0.03% expense ratio, which is lower than PXF's 0.45% expense ratio.

Dividends

SCHP vs. PXF - Dividend Comparison

SCHP's dividend yield for the trailing twelve months is around 3.99%, more than PXF's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF	3.12%	3.64%	3.48%	3.55%	3.58%	3.74%	2.11%	3.50%	3.38%	2.78%	3.21%	3.10%
SCHP Schwab U.S. TIPS ETF	3.99%	4.06%	2.99%	3.02%	7.19%	4.39%	1.11%	2.02%	2.26%	1.90%	1.38%	0.28%

Frequently Asked Questions

Can I hold both SCHP and PXF in my portfolio?

SCHP and PXF 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.

Which is riskier, SCHP or PXF?

PXF has higher volatility (6.76%) compared to SCHP (1.02%). In terms of maximum drawdown, SCHP dropped -14.26% vs PXF's -64.74%.

Which ETF is better, SCHP or PXF?

On 10-year performance, PXF leads with 12.26% vs 2.60% for SCHP. On fees, SCHP is cheaper at 0.03% per year. On volatility, SCHP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHP or PXF?

Over the 10-year period, PXF has performed better with a 12.26% return vs 2.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHP or PXF?

SCHP is cheaper with a 0.03% expense ratio, compared with 0.45% for PXF.

Which ETF pays a higher dividend yield, SCHP or PXF?

SCHP has the higher dividend yield at 3.99%, compared with 3.12% for PXF.

What is the main difference between SCHP and PXF?

SCHP is categorized as Inflation-Protected Bonds, while PXF is Foreign Large Cap Equities. SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while PXF tracks FTSE RAFI Developed Markets ex-U.S. Index. They also come from different issuers: Charles Schwab and Invesco. Their fees differ too: 0.03% for SCHP and 0.45% for PXF.

Which has better risk-adjusted returns?

PXF currently has the higher Sharpe Ratio (2.47 vs 1.44), 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.