SCHQ vs. IEF
SCHQ (Schwab Long-Term U.S. Treasury ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both Government Bonds funds - SCHQ tracks the Bloomberg U.S. Long Treasury Index while IEF tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 5 years, SCHQ returned -7.19%/yr vs -1.85%/yr for IEF. Their correlation of 0.93 means they have usually moved in the same direction. SCHQ charges 0.03%/yr vs 0.15%/yr for IEF.
Performance
SCHQ vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -2.90% return, which is significantly lower than IEF's -1.24% return.
SCHQ
- 1D
- 0.36%
- 1M
- -3.17%
- 6M
- -2.56%
- YTD
- -2.90%
- 1Y
- -1.33%
- 3Y*
- -0.04%
- 5Y*
- -7.19%
- 10Y*
- —
- ALL TIME*
- -4.12%
IEF
- 1D
- 0.20%
- 1M
- -1.04%
- 6M
- -0.82%
- YTD
- -1.24%
- 1Y
- 0.82%
- 3Y*
- 2.91%
- 5Y*
- -1.85%
- 10Y*
- 0.46%
- ALL TIME*
- 3.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $439.71M | $475.54M | $612.94M | |
| $13.53M | $14.79M | $18.63M |
SCHQ vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -2.90% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.20% |
IEF iShares 7-10 Year Treasury Bond ETF | -1.24% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | -2.36% |
Correlation
The correlation between SCHQ and IEF is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2019 | 0.93 |
The correlation between SCHQ and IEF has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
SCHQ vs. IEF — Risk / Return Rank
SCHQ
IEF
SCHQ vs. IEF - 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 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.03 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.19 | 0.20 | -0.39 |
| Martin ratioReturn relative to average drawdown | -0.41 | 0.47 | -0.88 |
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Drawdowns
SCHQ vs. IEF - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for SCHQ and IEF.
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Drawdown Indicators
| SCHQ | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -23.93% | -22.20% |
Max Drawdown (1Y)Largest decline over 1 year | -7.05% | -4.07% | -2.98% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -6.89% | -6.49% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -21.09% | -19.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | -38.39% | -11.87% | -26.52% |
Average DrawdownAverage peak-to-trough decline | -26.61% | -5.38% | -21.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.23% | 1.77% | +1.46% |
Volatility
SCHQ vs. IEF - Volatility Comparison
Schwab Long-Term U.S. Treasury ETF (SCHQ) has a higher volatility of 2.30% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.20%. This indicates that SCHQ's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHQ | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 1.20% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 3.65% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 4.54% | +3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.41% | 7.70% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.20% | 6.61% | +8.59% |
SCHQ vs. IEF - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than IEF'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
SCHQ vs. IEF - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.92%, more than IEF's 3.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.97% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.92% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, SCHQ and IEF 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.
SCHQ has higher volatility (2.30%) compared to IEF (1.20%). In terms of maximum drawdown, SCHQ dropped -46.13% vs IEF's -23.93%.
On 5-year performance, IEF leads with -1.85% vs -7.19% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, IEF has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEF has performed better with a -1.85% return vs -7.19%. 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 0.15% for IEF.
SCHQ has the higher dividend yield at 4.92%, compared with 3.97% for IEF.
SCHQ tracks Bloomberg U.S. Long Treasury Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHQ and 0.15% for IEF.
IEF currently has the higher Sharpe Ratio (0.18 vs -0.16), 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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