SCHZ vs. GBF
SCHZ (Schwab U.S. Aggregate Bond ETF) and GBF (iShares Government/Credit Bond ETF) are both exchange-traded funds - SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index, while GBF is a Intermediate Core Bond fund tracking the Bloomberg U.S. Government/Credit Bond Index. Both are passively managed. Over the past 10 years, SCHZ returned 1.37%/yr vs 1.28%/yr for GBF. Their correlation of 0.87 suggests significant overlap in exposure. SCHZ charges 0.03%/yr vs 0.20%/yr for GBF.
Performance
SCHZ vs. GBF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCHZ achieves a -0.14% return, which is significantly higher than GBF's -0.25% return. Over the past 10 years, SCHZ has outperformed GBF with an annualized return of 1.37%, while GBF has yielded a comparatively lower 1.28% annualized return.
SCHZ
- 1D
- -0.31%
- 1M
- -0.65%
- 6M
- -0.40%
- YTD
- -0.14%
- 1Y
- 3.63%
- 3Y*
- 3.75%
- 5Y*
- -0.23%
- 10Y*
- 1.37%
GBF
- 1D
- -0.29%
- 1M
- -0.67%
- 6M
- -0.52%
- YTD
- -0.25%
- 1Y
- 3.06%
- 3Y*
- 3.39%
- 5Y*
- -0.58%
- 10Y*
- 1.28%
SCHZ vs. GBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHZ Schwab U.S. Aggregate Bond ETF | -0.14% | 7.24% | 1.26% | 5.60% | -13.17% | -1.72% | 7.46% | 8.65% | -0.26% | 3.50% |
GBF iShares Government/Credit Bond ETF | -0.25% | 6.41% | 0.99% | 5.79% | -13.85% | -2.30% | 8.76% | 9.47% | -0.52% | 4.10% |
Correlation
The correlation between SCHZ and GBF is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.87 |
The correlation between SCHZ and GBF shifts across timeframes, from 0.87 (all time) to 0.98 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SCHZ vs. GBF — Risk / Return Rank
SCHZ
GBF
SCHZ vs. GBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Aggregate Bond ETF (SCHZ) and iShares Government/Credit Bond ETF (GBF). 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.
| SCHZ | GBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.14 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 1.13 | +0.22 |
| Martin ratioReturn relative to average drawdown | 3.77 | 3.04 | +0.74 |
Loading charts...
Drawdowns
SCHZ vs. GBF - Drawdown Comparison
The maximum SCHZ drawdown since its inception was -18.74%, roughly equal to the maximum GBF drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for SCHZ and GBF.
Loading charts...
Drawdown Indicators
| SCHZ | GBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.74% | -19.67% | +0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.73% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.18% | -5.78% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -18.01% | -18.45% | +0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -18.74% | -19.67% | +0.93% |
Current DrawdownCurrent decline from peak | -2.89% | -5.28% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -3.68% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.01% | -0.05% |
Volatility
SCHZ vs. GBF - Volatility Comparison
Schwab U.S. Aggregate Bond ETF (SCHZ) has a higher volatility of 1.25% compared to iShares Government/Credit Bond ETF (GBF) at 1.18%. This indicates that SCHZ's price experiences larger fluctuations and is considered to be riskier than GBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SCHZ | GBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 1.18% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.89% | 2.81% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 3.70% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 5.93% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 5.28% | +0.14% |
SCHZ vs. GBF - Expense Ratio Comparison
SCHZ has a 0.03% expense ratio, which is lower than GBF's 0.20% 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
SCHZ vs. GBF - Dividend Comparison
SCHZ's dividend yield for the trailing twelve months is around 4.17%, more than GBF's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBF iShares Government/Credit Bond ETF | 3.81% | 3.81% | 3.94% | 3.03% | 2.13% | 1.22% | 1.64% | 2.64% | 2.59% | 2.31% | 2.09% | 2.04% |
SCHZ Schwab U.S. Aggregate Bond ETF | 4.17% | 4.05% | 3.96% | 3.28% | 2.63% | 2.16% | 2.43% | 2.79% | 2.56% | 2.40% | 2.24% | 2.11% |
Frequently Asked Questions
With a correlation of 0.97, SCHZ and GBF 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.
SCHZ has higher volatility (1.25%) compared to GBF (1.18%). In terms of maximum drawdown, SCHZ dropped -18.74% vs GBF's -19.67%.
On 10-year performance, SCHZ leads with 1.37% vs 1.28% for GBF. On fees, SCHZ 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.
Over the 10-year period, SCHZ has performed better with a 1.37% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHZ is cheaper with a 0.03% expense ratio, compared with 0.20% for GBF.
SCHZ has the higher dividend yield at 4.17%, compared with 3.81% for GBF.
SCHZ is categorized as Total Bond Market, while GBF is Intermediate Core Bond. SCHZ tracks Bloomberg US Aggregate Bond Index, while GBF tracks Bloomberg U.S. Government/Credit Bond Index. They also come from different issuers: Charles Schwab and iShares. Their fees differ too: 0.03% for SCHZ and 0.20% for GBF.
SCHZ currently has the higher Sharpe Ratio (0.98 vs 0.83), 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.
Find the right allocation for SCHZ and GBF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer