SCHV vs. SPY

Last updated Aug 4, 2026

SCHV (Schwab U.S. Large-Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SCHV is a Large Cap Value Equities fund tracking the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SCHV returned 11.20%/yr vs 15.09%/yr for SPY. Their correlation of 0.91 means they have usually moved in the same direction. SCHV charges 0.04%/yr vs 0.09%/yr for SPY.

Performance

SCHV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Large-Cap Value ETF (SCHV) 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, SCHV achieves a 16.84% return, which is significantly higher than SPY's 11.70% return. Over the past 10 years, SCHV has underperformed SPY with an annualized return of 11.20%, while SPY has yielded a comparatively higher 15.09% annualized return.

SCHV

• 1D: 0.62%
• 1M: -0.44%
• 6M: 10.28%
• YTD: 16.84%
• 1Y: 26.65%
• 3Y*: 17.32%
• 5Y*: 10.74%
• 10Y*: 11.20%
• ALL TIME*: 11.64%

SPY

• 1D: 1.42%
• 1M: 1.73%
• 6M: 9.53%
• YTD: 11.70%
• 1Y: 23.22%
• 3Y*: 20.74%
• 5Y*: 13.05%
• 10Y*: 15.09%
• ALL TIME*: 10.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SCHV Schwab U.S. Large-Cap Value ETF	$123.13M	$109.65M	$118.87M
SPY State Street SPDR S&P 500 ETF	$38.19B	$36.17B	$39.59B

SCHV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHV Schwab U.S. Large-Cap Value ETF	16.84%	16.02%	14.13%	8.93%	-7.65%	25.58%	2.64%	25.92%	-7.30%	16.56%
SPY State Street SPDR S&P 500 ETF	11.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SCHV and SPY is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Dec 11, 2009	0.91

The correlation between SCHV and SPY shifts across timeframes, from 0.72 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

SCHV vs. SPY - Sectors Allocation Comparison

Sectors	SCHV	SPY
Technology	22.9%	36.9%
Financial Services	18.7%	12.5%
Industrials	13.9%	7.6%
Healthcare	11.2%	9.4%
Consumer Defensive	8.1%	4.8%
Consumer Cyclical	6.5%	8.9%
Energy	5.8%	3.4%
Utilities	4.3%	2.6%
Real Estate	3.9%	2.0%
Basic Materials	2.5%	1.9%
Communication Services	2.1%	9.7%

Return for Risk

SCHV vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SCHV

SCHV Risk / Return Rank: 91
SCHV Sharpe Ratio Rank: 91
SCHV Sortino Ratio Rank: 92
SCHV Omega Ratio Rank: 90
SCHV Calmar Ratio Rank: 90
SCHV Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 78
SPY Sharpe Ratio Rank: 78
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 77
SPY Calmar Ratio Rank: 74
SPY Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCHV vs. SPY - Risk-Adjusted Trends Comparison

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

	SCHV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.82	+0.56
Sortino ratio: Return per unit of downside risk	3.37	2.50	+0.86
Omega ratio: Gain probability vs. loss probability	1.42	1.32	+0.10
Calmar ratio: Return relative to maximum drawdown	3.92	2.62	+1.30
Martin ratio: Return relative to average drawdown	15.18	11.20	+3.98

SCHV vs. SPY - Sharpe Ratio Comparison

The current SCHV Sharpe Ratio is 2.37, which is higher than the SPY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SCHV 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

SCHV vs. SPY - Drawdown Comparison

The maximum SCHV drawdown since its inception was -37.08%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SCHV and SPY.

Drawdown Indicators

	SCHV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-37.08%	-55.19%	+18.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-8.88%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-18.76%	+3.50%
Max Drawdown (5Y) Largest decline over 5 years	-19.78%	-24.50%	+4.72%
Max Drawdown (10Y) Largest decline over 10 years	-37.08%	-33.72%	-3.36%
Current Drawdown Current decline from peak	-1.61%	0.00%	-1.61%
Average Drawdown Average peak-to-trough decline	-3.80%	-9.01%	+5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	2.08%	-0.32%

Volatility

SCHV vs. SPY - Volatility Comparison

The current volatility for Schwab U.S. Large-Cap Value ETF (SCHV) is 3.08%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.84%. This indicates that SCHV 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

	SCHV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.84%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	10.23%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	12.87%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	17.19%	-2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	17.96%	-1.02%

SCHV vs. SPY - Expense Ratio Comparison

SCHV has a 0.04% 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

SCHV vs. SPY - Dividend Comparison

SCHV's dividend yield for the trailing twelve months is around 1.78%, more than SPY's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHV Schwab U.S. Large-Cap Value ETF	1.78%	2.02%	2.25%	2.42%	2.37%	1.93%	3.03%	3.02%	3.05%	2.37%	2.65%	2.69%
SPY State Street SPDR S&P 500 ETF	0.99%	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 SCHV and SPY in my portfolio?

SCHV and SPY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCHV or SPY?

SPY has higher volatility (3.84%) compared to SCHV (3.08%). In terms of maximum drawdown, SCHV dropped -37.08% vs SPY's -55.19%.

Which ETF is better, SCHV or SPY?

On 10-year performance, SPY leads with 15.09% vs 11.20% for SCHV. On fees, SCHV is cheaper at 0.04% per year. On volatility, SCHV has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCHV or SPY?

Over the 10-year period, SPY has performed better with a 15.09% return vs 11.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHV or SPY?

SCHV is cheaper with a 0.04% expense ratio, compared with 0.09% for SPY.

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

SCHV has the higher dividend yield at 1.78%, compared with 0.99% for SPY.

What is the main difference between SCHV and SPY?

SCHV is categorized as Large Cap Value Equities, while SPY is S&P 500. SCHV tracks Dow Jones U.S. Large-Cap Value Total Stock Market Index, while SPY tracks S&P 500 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.04% for SCHV and 0.09% for SPY.

Which has better risk-adjusted returns?

SCHV currently has the higher Sharpe Ratio (2.37 vs 1.82), 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.