SHYG vs. SCHA
SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and SCHA (Schwab U.S. Small-Cap ETF) are both exchange-traded funds - SHYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield 0-5 Index, while SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index. Both are passively managed. Over the past 10 years, SHYG returned 5.22%/yr vs 11.55%/yr for SCHA. A 0.66 correlation means they provide meaningful diversification when combined. SHYG charges 0.30%/yr vs 0.04%/yr for SCHA.
Performance
SHYG vs. SCHA - Performance Comparison
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Returns By Period
In the year-to-date period, SHYG achieves a 1.72% return, which is significantly lower than SCHA's 22.49% return. Over the past 10 years, SHYG has underperformed SCHA with an annualized return of 5.22%, while SCHA has yielded a comparatively higher 11.55% annualized return.
SHYG
- 1D
- 0.05%
- 1M
- 0.85%
- YTD
- 1.72%
- 6M
- 2.29%
- 1Y
- 6.70%
- 3Y*
- 8.09%
- 5Y*
- 4.82%
- 10Y*
- 5.22%
SCHA
- 1D
- 1.16%
- 1M
- 6.94%
- YTD
- 22.49%
- 6M
- 19.84%
- 1Y
- 43.96%
- 3Y*
- 18.37%
- 5Y*
- 7.19%
- 10Y*
- 11.55%
SHYG vs. SCHA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 1.72% | 7.94% | 8.17% | 10.38% | -4.71% | 4.60% | 3.15% | 9.93% | 0.02% | 5.11% |
SCHA Schwab U.S. Small-Cap ETF | 22.49% | 11.60% | 11.16% | 18.46% | -19.81% | 16.45% | 19.34% | 26.50% | -11.79% | 14.94% |
Correlation
The correlation between SHYG and SCHA 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 | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.66 |
The correlation between SHYG and SCHA has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.
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Return for Risk
SHYG vs. SCHA — Risk / Return Rank
SHYG
SCHA
SHYG vs. SCHA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) and Schwab U.S. Small-Cap ETF (SCHA). 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.
| SHYG | SCHA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 4.38 | -0.68 |
| Martin ratioReturn relative to average drawdown | 16.02 | 16.08 | -0.06 |
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Drawdowns
SHYG vs. SCHA - Drawdown Comparison
The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum SCHA drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SHYG and SCHA.
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Drawdown Indicators
| SHYG | SCHA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -42.41% | +23.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -9.50% | +7.75% |
Max Drawdown (3Y)Largest decline over 3 years | -4.53% | -27.29% | +22.76% |
Max Drawdown (5Y)Largest decline over 5 years | -9.39% | -30.79% | +21.40% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | -42.41% | +23.15% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.44% | -7.57% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 2.59% | -2.19% |
Volatility
SHYG vs. SCHA - Volatility Comparison
The current volatility for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is 0.98%, while Schwab U.S. Small-Cap ETF (SCHA) has a volatility of 6.62%. This indicates that SHYG experiences smaller price fluctuations and is considered to be less risky than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYG | SCHA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 6.62% | -5.64% |
Volatility (6M)Calculated over the trailing 6-month period | 2.55% | 13.67% | -11.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 18.62% | -15.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.73% | 22.03% | -16.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 22.75% | -16.33% |
SHYG vs. SCHA - Expense Ratio Comparison
SHYG has a 0.30% expense ratio, which is higher than SCHA's 0.04% expense ratio.
Dividends
SHYG vs. SCHA - Dividend Comparison
SHYG's dividend yield for the trailing twelve months is around 7.00%, more than SCHA's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHA Schwab U.S. Small-Cap ETF | 0.98% | 1.26% | 1.51% | 1.42% | 1.37% | 1.19% | 1.05% | 1.39% | 1.58% | 1.24% | 1.50% | 1.48% |
SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 7.00% | 7.03% | 6.93% | 6.54% | 5.57% | 4.83% | 5.07% | 5.33% | 5.90% | 5.49% | 5.53% | 5.17% |
Frequently Asked Questions
SHYG and SCHA 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.
SCHA has higher volatility (6.62%) compared to SHYG (0.98%). In terms of maximum drawdown, SHYG dropped -19.26% vs SCHA's -42.41%.
On 10-year performance, SCHA leads with 11.55% vs 5.22% for SHYG. On fees, SCHA is cheaper at 0.04% per year. On volatility, SHYG has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHA has performed better with a 11.55% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHA is cheaper with a 0.04% expense ratio, compared with 0.30% for SHYG.
SHYG has the higher dividend yield at 7.00%, compared with 0.98% for SCHA.
SHYG is categorized as High Yield Bonds, while SCHA is Small Cap Blend Equities. SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.30% for SHYG and 0.04% for SCHA.
SCHA currently has the higher Sharpe Ratio (2.24 vs 2.02), 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.
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