SCHQ vs. IBGK
SCHQ (Schwab Long-Term U.S. Treasury ETF) and IBGK (iShares iBonds Dec 2054 Term Treasury ETF) are both exchange-traded funds - SCHQ is a Government Bonds fund tracking the Bloomberg U.S. Long Treasury Index, while IBGK is a Long-Term Bond fund tracking the ICE 2054 Maturity US Treasury Index. Both are passively managed. Over the past year, SCHQ returned 3.93% vs 3.43% for IBGK. With a 0.98 correlation, they move nearly in lockstep. SCHQ charges 0.03%/yr vs 0.07%/yr for IBGK.
Performance
SCHQ vs. IBGK - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -1.12% return, which is significantly higher than IBGK's -1.29% return.
SCHQ
- 1D
- -0.07%
- 1M
- -1.71%
- 6M
- -2.20%
- YTD
- -1.12%
- 1Y
- 3.93%
- 3Y*
- -0.82%
- 5Y*
- -6.49%
- 10Y*
- —
IBGK
- 1D
- -0.06%
- 1M
- -1.99%
- 6M
- -2.35%
- YTD
- -1.29%
- 1Y
- 3.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SCHQ vs. IBGK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -1.12% | 5.50% | -1.74% |
IBGK iShares iBonds Dec 2054 Term Treasury ETF | -1.29% | 3.66% | -3.44% |
Correlation
The correlation between SCHQ and IBGK is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2024 | 0.98 |
The correlation between SCHQ and IBGK has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
SCHQ vs. IBGK — Risk / Return Rank
SCHQ
IBGK
SCHQ vs. IBGK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab Long-Term U.S. Treasury ETF (SCHQ) and iShares iBonds Dec 2054 Term Treasury ETF (IBGK). 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.
| SCHQ | IBGK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.07 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 0.47 | +0.09 |
| Martin ratioReturn relative to average drawdown | 1.33 | 1.09 | +0.24 |
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Drawdowns
SCHQ vs. IBGK - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, which is greater than IBGK's maximum drawdown of -14.62%. Use the drawdown chart below to compare losses from any high point for SCHQ and IBGK.
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Drawdown Indicators
| SCHQ | IBGK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -14.62% | -31.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -7.29% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -17.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | — | — |
Current DrawdownCurrent decline from peak | -37.25% | -10.04% | -27.21% |
Average DrawdownAverage peak-to-trough decline | -26.53% | -8.09% | -18.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 3.16% | -0.20% |
Volatility
SCHQ vs. IBGK - Volatility Comparison
The current volatility for Schwab Long-Term U.S. Treasury ETF (SCHQ) is 2.38%, while iShares iBonds Dec 2054 Term Treasury ETF (IBGK) has a volatility of 2.51%. This indicates that SCHQ experiences smaller price fluctuations and is considered to be less risky than IBGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHQ | IBGK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 2.51% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.25% | 6.50% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.53% | 8.95% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 11.66% | +2.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.24% | 11.66% | +3.58% |
SCHQ vs. IBGK - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than IBGK's 0.07% 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
SCHQ vs. IBGK - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.81%, more than IBGK's 4.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBGK iShares iBonds Dec 2054 Term Treasury ETF | 4.72% | 4.59% | 3.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.81% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% |
Frequently Asked Questions
With a correlation of 0.99, SCHQ and IBGK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IBGK has higher volatility (2.51%) compared to SCHQ (2.38%). In terms of maximum drawdown, SCHQ dropped -46.13% vs IBGK's -14.62%.
On 1-year performance, SCHQ leads with 3.93% vs 3.43% for IBGK. On fees, SCHQ is cheaper at 0.03% per year. On volatility, SCHQ has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SCHQ has performed better with a 3.93% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHQ is cheaper with a 0.03% expense ratio, compared with 0.07% for IBGK.
SCHQ has the higher dividend yield at 4.81%, compared with 4.72% for IBGK.
SCHQ is categorized as Government Bonds, while IBGK is Long-Term Bond. SCHQ tracks Bloomberg U.S. Long Treasury Index, while IBGK tracks ICE 2054 Maturity US Treasury Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHQ and 0.07% for IBGK.
SCHQ currently has the higher Sharpe Ratio (0.46 vs 0.38), 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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