SCYB vs. SCMB

Last updated Aug 2, 2026

SCYB (Schwab High Yield Bond ETF) and SCMB (Schwab Municipal Bond ETF) are both exchange-traded funds - SCYB is a High Yield Bonds fund tracking the ICE BofA US Cash Pay High Yield Constrained Index, while SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index. Both are passively managed. Over the past 3 years, SCYB returned 8.22%/yr vs 2.76%/yr for SCMB. Their 0.48 correlation means their historical movements had little consistent relationship. Both charge a 0.03% expense ratio.

Performance

SCYB vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab High Yield Bond ETF (SCYB) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCYB achieves a 1.87% return, which is significantly higher than SCMB's 0.06% return.

SCYB

• 1D: 0.08%
• 1M: -0.27%
• 6M: 1.11%
• YTD: 1.87%
• 1Y: 5.41%
• 3Y*: 8.22%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.43%

SCMB

• 1D: 0.00%
• 1M: -1.78%
• 6M: -0.52%
• YTD: 0.06%
• 1Y: 4.38%
• 3Y*: 2.76%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.54%

*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)
SCMB Schwab Municipal Bond ETF	$37.46M	$30.33M	$30.04M
SCYB Schwab High Yield Bond ETF	$27.25M	$28.58M	$31.43M

SCYB vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SCYB Schwab High Yield Bond ETF	1.87%	8.33%	8.15%	7.29%
SCMB Schwab Municipal Bond ETF	0.06%	3.78%	0.91%	3.84%

Correlation

The correlation between SCYB and SCMB is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.48

Return for Risk

SCYB vs. SCMB — Risk / Return Rank

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

SCYB

SCYB Risk / Return Rank: 67
SCYB Sharpe Ratio Rank: 62
SCYB Sortino Ratio Rank: 66
SCYB Omega Ratio Rank: 66
SCYB Calmar Ratio Rank: 64
SCYB Martin Ratio Rank: 77

SCMB

SCMB Risk / Return Rank: 67
SCMB Sharpe Ratio Rank: 76
SCMB Sortino Ratio Rank: 77
SCMB Omega Ratio Rank: 83
SCMB Calmar Ratio Rank: 50
SCMB Martin Ratio Rank: 48

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.

SCYB vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab High Yield Bond ETF (SCYB) and Schwab Municipal Bond ETF (SCMB). 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.

	SCYB	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.73	-0.29
Sortino ratio: Return per unit of downside risk	2.17	2.46	-0.29
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.08
Calmar ratio: Return relative to maximum drawdown	2.21	1.79	+0.43
Martin ratio: Return relative to average drawdown	9.67	5.53	+4.14

SCYB vs. SCMB - Sharpe Ratio Comparison

The current SCYB Sharpe Ratio is 1.44, which is comparable to the SCMB Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SCYB and SCMB, 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

SCYB vs. SCMB - Drawdown Comparison

The maximum SCYB drawdown since its inception was -4.92%, smaller than the maximum SCMB drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for SCYB and SCMB.

Drawdown Indicators

	SCYB	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-4.92%	-6.13%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-2.92%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-4.75%	-0.17%
Current Drawdown Current decline from peak	-0.46%	-1.86%	+1.40%
Average Drawdown Average peak-to-trough decline	-0.50%	-1.30%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.94%	-0.38%

Volatility

SCYB vs. SCMB - Volatility Comparison

The current volatility for Schwab High Yield Bond ETF (SCYB) is 0.74%, while Schwab Municipal Bond ETF (SCMB) has a volatility of 1.02%. This indicates that SCYB experiences smaller price fluctuations and is considered to be less risky than SCMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCYB	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	1.02%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	2.35%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	3.01%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	4.12%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	4.12%	+0.92%

SCYB vs. SCMB - Expense Ratio Comparison

Both SCYB and SCMB 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

SCYB vs. SCMB - Dividend Comparison

SCYB's dividend yield for the trailing twelve months is around 6.94%, more than SCMB's 3.59% yield.

Position	TTM	2025	2024	2023	2022
SCMB Schwab Municipal Bond ETF	3.26%	3.36%	3.34%	3.10%	0.59%
SCYB Schwab High Yield Bond ETF	6.31%	6.99%	7.06%	3.36%	0.00%

Frequently Asked Questions

Can I hold both SCYB and SCMB in my portfolio?

SCYB and SCMB have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCYB or SCMB?

SCMB has higher volatility (1.02%) compared to SCYB (0.74%). In terms of maximum drawdown, SCYB dropped -4.92% vs SCMB's -6.13%.

Which ETF is better, SCYB or SCMB?

On 3-year performance, SCYB leads with 8.22% vs 2.76% for SCMB. Both ETFs have the same 0.03% expense ratio. On volatility, SCYB has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCYB or SCMB?

Over the 3-year period, SCYB has performed better with a 8.22% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCYB or SCMB?

SCYB and SCMB have the same expense ratio: 0.03% per year.

Which ETF pays a higher dividend yield, SCYB or SCMB?

SCYB has the higher dividend yield at 6.31%, compared with 3.26% for SCMB.

What is the main difference between SCYB and SCMB?

SCYB is categorized as High Yield Bonds, while SCMB is Municipal Bonds. SCYB tracks ICE BofA US Cash Pay High Yield Constrained Index, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (1.73 vs 1.44), 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.