SCHX vs. SPY

Last updated Jun 24, 2026

SCHX (Schwab U.S. Large-Cap ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SCHX is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Large-Cap 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, SCHX returned 15.47%/yr vs 15.53%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. SCHX charges 0.03%/yr vs 0.09%/yr for SPY.

Performance

SCHX vs. SPY - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SCHX having a 8.04% return and SPY slightly higher at 8.15%. Both investments have delivered pretty close results over the past 10 years, with SCHX having a 15.47% annualized return and SPY not far ahead at 15.53%.

SCHX

• 1D: -1.29%
• 1M: -1.16%
• YTD: 8.04%
• 6M: 7.00%
• 1Y: 23.07%
• 3Y*: 20.75%
• 5Y*: 12.44%
• 10Y*: 15.47%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SCHX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHX Schwab U.S. Large-Cap ETF	8.04%	17.46%	24.88%	26.84%	-19.41%	26.81%	20.81%	31.22%	-4.66%	21.95%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SCHX and SPY is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 3, 2009	0.99

The correlation between SCHX and SPY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

SCHX vs. SPY - Sectors Allocation Comparison

Sectors	SCHX	SPY
Technology	37.8%	39.0%
Financial Services	10.4%	11.1%
Communication Services	9.8%	10.6%
Consumer Cyclical	9.4%	9.9%
Industrials	8.8%	7.8%
Healthcare	8.5%	8.3%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.6%	2.1%
Real Estate	2.0%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

SCHX vs. SPY — Risk / Return Rank

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

SCHX

SCHX Risk / Return Rank: 56
SCHX Sharpe Ratio Rank: 56
SCHX Sortino Ratio Rank: 54
SCHX Omega Ratio Rank: 55
SCHX Calmar Ratio Rank: 54
SCHX Martin Ratio Rank: 64

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

SCHX vs. SPY - Risk-Adjusted Trends Comparison

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

	SCHX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.90	-0.06
Sortino ratio: Return per unit of downside risk	2.51	2.58	-0.08
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.57	2.67	-0.10
Martin ratio: Return relative to average drawdown	11.26	11.92	-0.66

SCHX vs. SPY - Sharpe Ratio Comparison

The current SCHX Sharpe Ratio is 1.84, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SCHX 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

SCHX vs. SPY - Drawdown Comparison

The maximum SCHX drawdown since its inception was -34.33%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SCHX and SPY.

Drawdown Indicators

	SCHX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.33%	-55.19%	+20.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-8.88%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-18.76%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-25.41%	-24.50%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	-33.72%	-0.61%
Current Drawdown Current decline from peak	-3.11%	-3.17%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.96%	-9.04%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.98%	+0.07%

Volatility

SCHX vs. SPY - Volatility Comparison

Schwab U.S. Large-Cap ETF (SCHX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.89% and 4.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCHX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	4.87%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	9.85%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	12.50%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	17.15%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	17.95%	+0.21%

SCHX vs. SPY - Expense Ratio Comparison

SCHX has a 0.03% 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

SCHX vs. SPY - Dividend Comparison

SCHX's dividend yield for the trailing twelve months is around 1.03%, which matches SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHX Schwab U.S. Large-Cap ETF	1.03%	1.09%	1.22%	1.39%	1.64%	1.22%	1.64%	1.82%	2.02%	1.70%	1.92%	2.04%
SPY State Street SPDR S&P 500 ETF	1.03%	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 SCHX and SPY in my portfolio?

With a correlation of 1.00, SCHX and SPY 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, SCHX or SPY?

SCHX has higher volatility (4.89%) compared to SPY (4.87%). In terms of maximum drawdown, SCHX dropped -34.33% vs SPY's -55.19%.

Which ETF is better, SCHX or SPY?

On 10-year performance, SPY leads with 15.53% vs 15.47% for SCHX. On fees, SCHX is cheaper at 0.03% per year. 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, SCHX or SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 15.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCHX or SPY?

SCHX is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

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

SCHX and SPY have nearly identical dividend yields, around 1.03%.

What is the main difference between SCHX and SPY?

SCHX is categorized as Large Cap Blend Equities, while SPY is S&P 500. SCHX tracks Dow Jones U.S. Large-Cap 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: 0.03% for SCHX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.84), 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.