SCHV vs. MGV

Last updated Jun 26, 2026

SCHV (Schwab U.S. Large-Cap Value ETF) and MGV (Vanguard Mega Cap Value ETF) are both Large Cap Value Equities funds - SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index while MGV tracks the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, SCHV returned 12.25%/yr vs 13.69%/yr for MGV. With a 0.98 correlation, they move nearly in lockstep. SCHV charges 0.04%/yr vs 0.05%/yr for MGV.

Performance

SCHV vs. MGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Large-Cap Value ETF (SCHV) and Vanguard Mega Cap Value ETF (MGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCHV achieves a 18.75% return, which is significantly higher than MGV's 17.55% return. Over the past 10 years, SCHV has underperformed MGV with an annualized return of 12.25%, while MGV has yielded a comparatively higher 13.69% annualized return.

SCHV

• 1D: 1.43%
• 1M: 4.17%
• YTD: 18.75%
• 6M: 17.40%
• 1Y: 30.47%
• 3Y*: 19.36%
• 5Y*: 11.33%
• 10Y*: 12.25%

MGV

• 1D: 1.49%
• 1M: 4.52%
• YTD: 17.55%
• 6M: 16.46%
• 1Y: 29.79%
• 3Y*: 19.99%
• 5Y*: 13.17%
• 10Y*: 13.69%

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

SCHV vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHV Schwab U.S. Large-Cap Value ETF	18.75%	16.02%	14.13%	8.93%	-7.65%	25.58%	2.64%	25.92%	-7.30%	16.56%
MGV Vanguard Mega Cap Value ETF	17.55%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between SCHV and MGV is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 11, 2009	0.98

The correlation between SCHV and MGV has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

SCHV vs. MGV - Sectors Allocation Comparison

Sectors	SCHV	MGV
Technology	22.5%	18.5%
Financial Services	18.6%	22.8%
Industrials	13.6%	13.2%
Healthcare	10.9%	16.0%
Consumer Defensive	8.3%	11.0%
Consumer Cyclical	6.6%	3.4%
Energy	6.4%	6.0%
Utilities	4.2%	2.3%
Real Estate	3.9%	1.2%
Basic Materials	2.7%	2.3%
Communication Services	2.4%	3.2%

Return for Risk

SCHV vs. MGV — Risk / Return Rank

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

SCHV

SCHV Risk / Return Rank: 90
SCHV Sharpe Ratio Rank: 92
SCHV Sortino Ratio Rank: 92
SCHV Omega Ratio Rank: 89
SCHV Calmar Ratio Rank: 88
SCHV Martin Ratio Rank: 90

MGV

MGV Risk / Return Rank: 92
MGV Sharpe Ratio Rank: 93
MGV Sortino Ratio Rank: 94
MGV Omega Ratio Rank: 92
MGV Calmar Ratio Rank: 89
MGV Martin Ratio Rank: 90

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.

SCHV vs. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Large-Cap Value ETF (SCHV) and Vanguard Mega Cap Value ETF (MGV). 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.

	SCHV	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.93	-0.18
Sortino ratio: Return per unit of downside risk	3.87	4.17	-0.30
Omega ratio: Gain probability vs. loss probability	1.49	1.53	-0.04
Calmar ratio: Return relative to maximum drawdown	4.48	4.66	-0.18
Martin ratio: Return relative to average drawdown	17.98	17.69	+0.29

SCHV vs. MGV - Sharpe Ratio Comparison

The current SCHV Sharpe Ratio is 2.75, which is comparable to the MGV Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of SCHV and MGV, 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

SCHV vs. MGV - Drawdown Comparison

The maximum SCHV drawdown since its inception was -37.08%, smaller than the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for SCHV and MGV.

Drawdown Indicators

	SCHV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-56.07%	+18.99%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-6.42%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-13.18%	-2.08%
Max Drawdown (5Y) Largest decline over 5 years	-19.78%	-16.54%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-35.41%	-1.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.82%	-7.77%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.69%	+0.01%

Volatility

SCHV vs. MGV - Volatility Comparison

Schwab U.S. Large-Cap Value ETF (SCHV) has a higher volatility of 4.31% compared to Vanguard Mega Cap Value ETF (MGV) at 3.67%. This indicates that SCHV's price experiences larger fluctuations and is considered to be riskier than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	3.67%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	7.92%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	10.23%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	13.59%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	16.32%	+0.62%

SCHV vs. MGV - Expense Ratio Comparison

SCHV has a 0.04% expense ratio, which is lower than MGV's 0.05% 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

SCHV vs. MGV - Dividend Comparison

SCHV's dividend yield for the trailing twelve months is around 1.75%, less than MGV's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.81%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
SCHV Schwab U.S. Large-Cap Value ETF	1.75%	2.02%	2.25%	2.42%	2.37%	1.93%	3.03%	3.02%	3.05%	2.37%	2.65%	2.69%

Frequently Asked Questions

Can I hold both SCHV and MGV in my portfolio?

With a correlation of 0.96, SCHV and MGV 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.

Which is riskier, SCHV or MGV?

SCHV has higher volatility (4.31%) compared to MGV (3.67%). In terms of maximum drawdown, SCHV dropped -37.08% vs MGV's -56.07%.

Which ETF is better, SCHV or MGV?

On 10-year performance, MGV leads with 13.69% vs 12.25% for SCHV. On fees, SCHV is cheaper at 0.04% per year. On volatility, MGV has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHV or MGV?

Over the 10-year period, MGV has performed better with a 13.69% return vs 12.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHV or MGV?

SCHV is cheaper with a 0.04% expense ratio, compared with 0.05% for MGV.

Which ETF pays a higher dividend yield, SCHV or MGV?

MGV has the higher dividend yield at 1.81%, compared with 1.75% for SCHV.

What is the main difference between SCHV and MGV?

SCHV tracks Dow Jones U.S. Large-Cap Value Total Stock Market Index, while MGV tracks CRSP US Mega Cap Value Index. They also come from different issuers: Charles Schwab and Vanguard. Their fees differ too: 0.04% for SCHV and 0.05% for MGV.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (2.93 vs 2.75), 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.