SCHR vs. SPY

Last updated Jun 13, 2026

SCHR (Schwab Intermediate-Term U.S. Treasury ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SCHR is a Government Bonds fund tracking the Bloomberg US Treasury 3-10 Year Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SCHR returned 1.19%/yr vs 15.42%/yr for SPY. At a correlation of -0.20, they often move in opposite directions. SCHR charges 0.05%/yr vs 0.09%/yr for SPY.

Performance

SCHR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Intermediate-Term U.S. Treasury ETF (SCHR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHR achieves a -0.27% return, which is significantly lower than SPY's 9.07% return. Over the past 10 years, SCHR has underperformed SPY with an annualized return of 1.19%, while SPY has yielded a comparatively higher 15.42% annualized return.

SCHR

• 1D: -0.12%
• 1M: 0.05%
• YTD: -0.27%
• 6M: 0.04%
• 1Y: 3.25%
• 3Y*: 3.71%
• 5Y*: 0.02%
• 10Y*: 1.19%

SPY

• 1D: 0.54%
• 1M: -0.08%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 24.27%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

SCHR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHR Schwab Intermediate-Term U.S. Treasury ETF	-0.27%	7.33%	1.42%	4.27%	-10.58%	-2.62%	7.72%	6.18%	1.46%	1.59%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SCHR and SPY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010	-0.20

The correlation between SCHR and SPY shifts across timeframes, from -0.20 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

SCHR vs. SPY - Sectors Allocation Comparison

Sectors	SCHR	SPY
Technology	1.2%	35.9%
Financial Services	0.4%	11.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

SCHR vs. SPY — Risk / Return Rank

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

SCHR

SCHR Risk / Return Rank: 29
SCHR Sharpe Ratio Rank: 30
SCHR Sortino Ratio Rank: 31
SCHR Omega Ratio Rank: 27
SCHR Calmar Ratio Rank: 27
SCHR Martin Ratio Rank: 27

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY 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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Intermediate-Term U.S. Treasury ETF (SCHR) and State Street SPDR S&P 500 ETF (SPY). 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.

	SCHR	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.98	-1.01
Sortino ratio: Return per unit of downside risk	1.48	2.68	-1.20
Omega ratio: Gain probability vs. loss probability	1.17	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	1.17	2.74	-1.57
Martin ratio: Return relative to average drawdown	3.29	12.39	-9.10

SCHR vs. SPY - Sharpe Ratio Comparison

The current SCHR Sharpe Ratio is 0.97, which is lower than the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SCHR and SPY, 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

SCHR vs. SPY - Drawdown Comparison

The maximum SCHR drawdown since its inception was -16.11%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SCHR and SPY.

Drawdown Indicators

	SCHR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.11%	-55.19%	+39.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-8.88%	+6.09%
Max Drawdown (3Y) Largest decline over 3 years	-4.35%	-18.76%	+14.41%
Max Drawdown (5Y) Largest decline over 5 years	-15.07%	-24.50%	+9.43%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	-33.72%	+17.61%
Current Drawdown Current decline from peak	-2.21%	-2.35%	+0.14%
Average Drawdown Average peak-to-trough decline	-3.64%	-9.04%	+5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.97%	-0.98%

Volatility

SCHR vs. SPY - Volatility Comparison

The current volatility for Schwab Intermediate-Term U.S. Treasury ETF (SCHR) is 1.11%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.34%. This indicates that SCHR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	4.34%	-3.23%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	9.58%	-7.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.38%	12.29%	-8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	17.12%	-11.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	17.96%	-13.49%

SCHR vs. SPY - Expense Ratio Comparison

SCHR has a 0.05% expense ratio, which is lower than SPY's 0.09% 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

SCHR vs. SPY - Dividend Comparison

SCHR's dividend yield for the trailing twelve months is around 3.91%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHR Schwab Intermediate-Term U.S. Treasury ETF	3.91%	3.85%	3.77%	3.16%	2.02%	1.00%	1.62%	2.31%	2.11%	1.65%	1.45%	1.56%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SCHR and SPY in my portfolio?

SCHR and SPY have a correlation of 0.21, 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 SPY?

SPY has higher volatility (4.34%) compared to SCHR (1.11%). In terms of maximum drawdown, SCHR dropped -16.11% vs SPY's -55.19%.

Which ETF is better, SCHR or SPY?

On 10-year performance, SPY leads with 15.42% vs 1.19% for SCHR. On fees, SCHR is cheaper at 0.05% per year. On volatility, SCHR has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHR or SPY?

Over the 10-year period, SPY has performed better with a 15.42% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHR or SPY?

SCHR is cheaper with a 0.05% expense ratio, compared with 0.09% for SPY.

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

SCHR has the higher dividend yield at 3.91%, compared with 1.00% for SPY.

What is the main difference between SCHR and SPY?

SCHR is categorized as Government Bonds, while SPY is S&P 500. SCHR tracks Bloomberg US Treasury 3-10 Year Index, while SPY tracks S&P 500 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.05% for SCHR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs 0.97), 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.