SCHZ vs. SCHP
SCHZ (Schwab U.S. Aggregate Bond ETF) and SCHP (Schwab U.S. TIPS ETF) are both exchange-traded funds - SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index, while SCHP is a Inflation-Protected Bonds fund tracking the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Both are passively managed. Over the past 10 years, SCHZ returned 1.28%/yr vs 2.44%/yr for SCHP. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.03% expense ratio.
Performance
SCHZ vs. SCHP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCHZ achieves a -0.58% return, which is significantly lower than SCHP's 0.54% return. Over the past 10 years, SCHZ has underperformed SCHP with an annualized return of 1.28%, while SCHP has yielded a comparatively higher 2.44% annualized return.
SCHZ
- 1D
- -0.31%
- 1M
- -1.26%
- 6M
- -0.92%
- YTD
- -0.58%
- 1Y
- 1.78%
- 3Y*
- 3.90%
- 5Y*
- -0.43%
- 10Y*
- 1.28%
- ALL TIME*
- 2.01%
SCHP
- 1D
- -0.11%
- 1M
- -0.76%
- 6M
- -0.03%
- YTD
- 0.54%
- 1Y
- 1.89%
- 3Y*
- 3.86%
- 5Y*
- 0.30%
- 10Y*
- 2.44%
- ALL TIME*
- 2.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $93.70M | $94.28M | $106.00M | |
| $38.45M | $39.28M | $43.87M |
SCHZ vs. SCHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHZ Schwab U.S. Aggregate Bond ETF | -0.58% | 7.24% | 1.26% | 5.60% | -13.17% | -1.72% | 7.46% | 8.65% | -0.26% | 3.50% |
SCHP Schwab U.S. TIPS ETF | 0.54% | 6.76% | 1.95% | 3.91% | -12.02% | 5.87% | 10.86% | 8.52% | -1.78% | 3.02% |
Correlation
The correlation between SCHZ and SCHP is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.76 |
The correlation between SCHZ and SCHP shifts across timeframes, from 0.76 (all time) to 0.88 (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. SCHP — Risk / Return Rank
SCHZ
SCHP
SCHZ vs. SCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Aggregate Bond ETF (SCHZ) and Schwab U.S. TIPS ETF (SCHP). 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 | SCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.30 | -0.32 |
| Martin ratioReturn relative to average drawdown | 2.48 | 3.52 | -1.05 |
Loading charts...
Drawdowns
SCHZ vs. SCHP - Drawdown Comparison
The maximum SCHZ drawdown since its inception was -18.74%, which is greater than SCHP's maximum drawdown of -14.26%. Use the drawdown chart below to compare losses from any high point for SCHZ and SCHP.
Loading charts...
Drawdown Indicators
| SCHZ | SCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.74% | -14.26% | -4.48% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -1.93% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.05% | -3.70% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -18.01% | -14.26% | -3.75% |
Max Drawdown (10Y)Largest decline over 10 years | -18.74% | -14.26% | -4.48% |
Current DrawdownCurrent decline from peak | -3.32% | -1.30% | -2.02% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -3.90% | +0.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.71% | +0.36% |
Volatility
SCHZ vs. SCHP - Volatility Comparison
Schwab U.S. Aggregate Bond ETF (SCHZ) has a higher volatility of 0.97% compared to Schwab U.S. TIPS ETF (SCHP) at 0.70%. This indicates that SCHZ's price experiences larger fluctuations and is considered to be riskier than SCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SCHZ | SCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.70% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 2.45% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 3.26% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 6.11% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 5.58% | -0.16% |
SCHZ vs. SCHP - Expense Ratio Comparison
Both SCHZ and SCHP have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SCHZ vs. SCHP - Dividend Comparison
SCHZ's dividend yield for the trailing twelve months is around 4.19%, less than SCHP's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHP Schwab U.S. TIPS ETF | 4.17% | 4.06% | 2.99% | 3.02% | 7.19% | 4.39% | 1.11% | 2.02% | 2.26% | 1.90% | 1.38% | 0.28% |
SCHZ Schwab U.S. Aggregate Bond ETF | 3.82% | 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
SCHZ and SCHP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCHZ has higher volatility (0.97%) compared to SCHP (0.70%). In terms of maximum drawdown, SCHZ dropped -18.74% vs SCHP's -14.26%.
On 10-year performance, SCHP leads with 2.44% vs 1.28% for SCHZ. Both ETFs have the same 0.03% expense ratio. On volatility, SCHP has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHP has performed better with a 2.44% return vs 1.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHZ and SCHP have the same expense ratio: 0.03% per year.
SCHP has the higher dividend yield at 4.17%, compared with 3.82% for SCHZ.
SCHZ is categorized as Total Bond Market, while SCHP is Inflation-Protected Bonds. SCHZ tracks Bloomberg US Aggregate Bond Index, while SCHP tracks Bloomberg US Treasury Inflation-Linked Bond Index (Series-L).
SCHP currently has the higher Sharpe Ratio (0.77 vs 0.72), 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 SCHP
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