SCHQ vs. TLH
SCHQ (Schwab Long-Term U.S. Treasury ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds - SCHQ tracks the Bloomberg U.S. Long Treasury Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 5 years, SCHQ returned -5.29%/yr vs -3.80%/yr for TLH. With a 0.99 correlation, they move nearly in lockstep. SCHQ charges 0.03%/yr vs 0.15%/yr for TLH.
Performance
SCHQ vs. TLH - Performance Comparison
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Returns By Period
In the year-to-date period, SCHQ achieves a -0.43% return, which is significantly higher than TLH's -0.51% return.
SCHQ
- 1D
- -0.45%
- 1M
- 0.65%
- YTD
- -0.43%
- 6M
- -1.74%
- 1Y
- 5.22%
- 3Y*
- -0.72%
- 5Y*
- -5.29%
- 10Y*
- —
TLH
- 1D
- -0.38%
- 1M
- 0.62%
- YTD
- -0.51%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- 0.59%
- 5Y*
- -3.80%
- 10Y*
- -0.83%
SCHQ vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | -0.43% | 5.50% | -6.44% | 3.43% | -29.44% | -4.86% | 17.73% | -4.02% |
TLH iShares 10-20 Year Treasury Bond ETF | -0.51% | 6.47% | -4.21% | 4.03% | -25.24% | -5.38% | 13.78% | -3.16% |
Correlation
The correlation between SCHQ and TLH 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 (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2019 | 0.99 |
The correlation between SCHQ and TLH has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SCHQ vs. TLH — Risk / Return Rank
SCHQ
TLH
SCHQ vs. TLH - 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 10-20 Year Treasury Bond ETF (TLH). 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.
| SCHQ | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 0.82 | -0.08 |
| Martin ratioReturn relative to average drawdown | 1.94 | 2.28 | -0.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SCHQ | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.67 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.30 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | 0.28 | -0.53 |
Drawdowns
SCHQ vs. TLH - Drawdown Comparison
The maximum SCHQ drawdown since its inception was -46.13%, which is greater than TLH's maximum drawdown of -41.14%. Use the drawdown chart below to compare losses from any high point for SCHQ and TLH.
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Drawdown Indicators
| SCHQ | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.13% | -41.14% | -4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.01% | -6.50% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.65% | -15.35% | -2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -35.41% | -5.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.14% | — |
Current DrawdownCurrent decline from peak | -36.82% | -29.82% | -7.00% |
Average DrawdownAverage peak-to-trough decline | -26.36% | -10.76% | -15.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.35% | +0.35% |
Volatility
SCHQ vs. TLH - Volatility Comparison
Schwab Long-Term U.S. Treasury ETF (SCHQ) and iShares 10-20 Year Treasury Bond ETF (TLH) have volatilities of 2.57% and 2.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCHQ | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 2.46% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 5.94% | 5.49% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.93% | 8.01% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.54% | 12.70% | +1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 11.19% | +4.14% |
SCHQ vs. TLH - Expense Ratio Comparison
SCHQ has a 0.03% expense ratio, which is lower than TLH'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. TLH - Dividend Comparison
SCHQ's dividend yield for the trailing twelve months is around 4.79%, more than TLH's 4.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHQ Schwab Long-Term U.S. Treasury ETF | 4.79% | 4.54% | 4.58% | 3.79% | 2.88% | 1.69% | 1.51% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.48% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
With a correlation of 0.99, SCHQ and TLH 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 (2.57%) compared to TLH (2.46%). In terms of maximum drawdown, SCHQ dropped -46.13% vs TLH's -41.14%.
On 5-year performance, TLH leads with -3.80% vs -5.29% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, TLH has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TLH has performed better with a -3.80% return vs -5.29%. 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 TLH.
SCHQ has the higher dividend yield at 4.79%, compared with 4.48% for TLH.
SCHQ tracks Bloomberg U.S. Long Treasury Index, while TLH tracks ICE U.S. Treasury 10-20 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 TLH.
TLH currently has the higher Sharpe Ratio (0.67 vs 0.59), 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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