SCHV vs. SPY

Last updated Jun 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 11.50%/yr vs 15.49%/yr for SPY. Their correlation of 0.91 suggests significant overlap in exposure. 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 15.39% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, SCHV has underperformed SPY with an annualized return of 11.50%, while SPY has yielded a comparatively higher 15.49% annualized return.

SCHV

• 1D: 0.09%
• 1M: 5.65%
• YTD: 15.39%
• 6M: 16.00%
• 1Y: 28.49%
• 3Y*: 18.86%
• 5Y*: 10.40%
• 10Y*: 11.50%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

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	15.39%	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	10.91%	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 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 14, 2009	0.91

The correlation between SCHV and SPY shifts across timeframes, from 0.74 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

SCHV vs. SPY - Sectors Allocation Comparison

Sectors	SCHV	SPY
Financial Services	19.6%	11.8%
Technology	18.2%	35.9%
Industrials	14.0%	7.8%
Healthcare	11.3%	8.4%
Consumer Defensive	8.8%	4.8%
Energy	7.2%	3.6%
Consumer Cyclical	6.9%	10.3%
Utilities	4.6%	2.4%
Real Estate	4.1%	1.9%
Basic Materials	2.8%	1.8%
Communication Services	2.5%	11.3%

Return for Risk

SCHV vs. SPY — Risk / Return Rank

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

SCHV

SCHV Risk / Return Rank: 81
SCHV Sharpe Ratio Rank: 81
SCHV Sortino Ratio Rank: 84
SCHV Omega Ratio Rank: 78
SCHV Calmar Ratio Rank: 80
SCHV Martin Ratio Rank: 82

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. 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.

	SCHV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.38	+0.32
Sortino ratio: Return per unit of downside risk	3.84	3.24	+0.60
Omega ratio: Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio: Return relative to maximum drawdown	4.19	3.16	+1.03
Martin ratio: Return relative to average drawdown	16.96	14.72	+2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHV vs. SPY - Sharpe Ratio Comparison

The current SCHV Sharpe Ratio is 2.69, which is comparable to the SPY Sharpe Ratio of 2.38. 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.

Sharpe Ratios by Period

	SCHV	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.38	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.82	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.87	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.59	+0.13

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	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-3.83%	-9.05%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.91%	-0.22%

Volatility

SCHV vs. SPY - Volatility Comparison

Schwab U.S. Large-Cap Value ETF (SCHV) has a higher volatility of 3.09% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that SCHV's price experiences larger fluctuations and is considered to be riskier 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	3.09%	2.84%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	8.90%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	11.83%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	17.05%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	17.94%	-1.00%

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 1.76%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHV Schwab U.S. Large-Cap Value ETF	1.76%	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	0.98%	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 0.74, 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?

SCHV has higher volatility (3.09%) compared to SPY (2.84%). 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 15.49% vs 11.50% for SCHV. On fees, SCHV is cheaper at 0.04% per year. On volatility, SPY has been the lower-risk option at 2.84%. 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 15.49% return vs 11.50%. 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 1.76%, compared with 0.98% 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 (2.69 vs 2.38), 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.