SCHR vs. SPHY

Last updated Jun 9, 2026

SCHR (Schwab Intermediate-Term U.S. Treasury ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - SCHR is a Government Bonds fund tracking the Bloomberg US Treasury 3-10 Year Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, SCHR returned 1.15%/yr vs 5.03%/yr for SPHY. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.05% expense ratio.

Performance

SCHR vs. SPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Intermediate-Term U.S. Treasury ETF (SCHR) and SPDR Portfolio High Yield Bond ETF (SPHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHR achieves a -0.76% return, which is significantly lower than SPHY's 1.32% return. Over the past 10 years, SCHR has underperformed SPHY with an annualized return of 1.15%, while SPHY has yielded a comparatively higher 5.03% annualized return.

SCHR

• 1D: -0.04%
• 1M: -0.88%
• YTD: -0.76%
• 6M: -0.40%
• 1Y: 3.59%
• 3Y*: 3.39%
• 5Y*: -0.07%
• 10Y*: 1.15%

SPHY

• 1D: 0.09%
• 1M: -0.18%
• YTD: 1.32%
• 6M: 1.93%
• 1Y: 6.98%
• 3Y*: 8.78%
• 5Y*: 4.29%
• 10Y*: 5.03%

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

SCHR vs. SPHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHR Schwab Intermediate-Term U.S. Treasury ETF	-0.76%	7.33%	1.42%	4.27%	-10.58%	-2.62%	7.72%	6.18%	1.46%	1.59%
SPHY SPDR Portfolio High Yield Bond ETF	1.32%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	13.16%	-3.35%	7.35%

Correlation

The correlation between SCHR and SPHY is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 20, 2012	0.17

Over the past year, SCHR and SPHY have become more correlated (0.50) than their long-term average of 0.17, meaning their price movements have been converging.

SCHR vs. SPHY - Sectors Allocation Comparison

Sectors	SCHR	SPHY
Technology	1.2%	-
Financial Services	0.4%	99.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SCHR vs. SPHY — Risk / Return Rank

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

SCHR

SCHR Risk / Return Rank: 31
SCHR Sharpe Ratio Rank: 32
SCHR Sortino Ratio Rank: 33
SCHR Omega Ratio Rank: 30
SCHR Calmar Ratio Rank: 29
SCHR Martin Ratio Rank: 29

SPHY

SPHY Risk / Return Rank: 69
SPHY Sharpe Ratio Rank: 63
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 64
SPHY Martin Ratio Rank: 76

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.

SCHR vs. SPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Intermediate-Term U.S. Treasury ETF (SCHR) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.

	SCHR	SPHY	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.90	-0.83
Sortino ratio: Return per unit of downside risk	1.63	2.88	-1.25
Omega ratio: Gain probability vs. loss probability	1.19	1.38	-0.19
Calmar ratio: Return relative to maximum drawdown	1.29	2.90	-1.62
Martin ratio: Return relative to average drawdown	3.75	13.14	-9.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHR vs. SPHY - Sharpe Ratio Comparison

The current SCHR Sharpe Ratio is 1.07, which is lower than the SPHY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SCHR and SPHY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCHR	SPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.90	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.60	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.64	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.63	-0.20

Drawdowns

SCHR vs. SPHY - Drawdown Comparison

The maximum SCHR drawdown since its inception was -16.11%, smaller than the maximum SPHY drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for SCHR and SPHY.

Drawdown Indicators

	SCHR	SPHY	Difference
Max Drawdown Largest peak-to-trough decline	-16.11%	-21.97%	+5.86%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-2.41%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	-4.85%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-15.07%	-15.29%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	-21.97%	+5.86%
Current Drawdown Current decline from peak	-2.69%	-0.44%	-2.25%
Average Drawdown Average peak-to-trough decline	-3.64%	-2.29%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.53%	+0.43%

Volatility

SCHR vs. SPHY - Volatility Comparison

The current volatility for Schwab Intermediate-Term U.S. Treasury ETF (SCHR) is 1.04%, while SPDR Portfolio High Yield Bond ETF (SPHY) has a volatility of 1.10%. This indicates that SCHR experiences smaller price fluctuations and is considered to be less risky than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHR	SPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	1.10%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	2.36%	2.94%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	3.69%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	7.18%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	7.88%	-3.41%

SCHR vs. SPHY - Expense Ratio Comparison

Both SCHR and SPHY have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SCHR vs. SPHY - Dividend Comparison

SCHR's dividend yield for the trailing twelve months is around 3.93%, less than SPHY's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHR Schwab Intermediate-Term U.S. Treasury ETF	3.93%	3.85%	3.77%	3.16%	2.02%	1.00%	1.62%	2.31%	2.11%	1.65%	1.45%	1.56%
SPHY SPDR Portfolio High Yield Bond ETF	7.28%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both SCHR and SPHY in my portfolio?

SCHR and SPHY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHR or SPHY?

SPHY has higher volatility (1.10%) compared to SCHR (1.04%). In terms of maximum drawdown, SCHR dropped -16.11% vs SPHY's -21.97%.

Which ETF is better, SCHR or SPHY?

On 10-year performance, SPHY leads with 5.03% vs 1.15% for SCHR. Both ETFs have the same 0.05% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHR or SPHY?

Over the 10-year period, SPHY has performed better with a 5.03% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHR or SPHY?

SCHR and SPHY have the same expense ratio: 0.05% per year.

Which ETF pays a higher dividend yield, SCHR or SPHY?

SPHY has the higher dividend yield at 7.28%, compared with 3.93% for SCHR.

What is the main difference between SCHR and SPHY?

SCHR is categorized as Government Bonds, while SPHY is High Yield Bonds. SCHR tracks Bloomberg US Treasury 3-10 Year Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Charles Schwab and State Street.

Which has better risk-adjusted returns?

SPHY currently has the higher Sharpe Ratio (1.90 vs 1.07), 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.