SNSXX vs. SCHO

Last updated Jun 5, 2026

SNSXX (Schwab U.S. Treasury Money Fund) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both funds - SNSXX is a Money Market fund managed by Charles Schwab, while SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 5 years, SNSXX returned 1.38%/yr vs 1.82%/yr for SCHO. At a 0.09 correlation, their price movements are largely independent. SNSXX charges 0.34%/yr vs 0.03%/yr for SCHO.

Performance

SNSXX vs. SCHO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Treasury Money Fund (SNSXX) and Schwab Short-Term U.S. Treasury ETF (SCHO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SNSXX achieves a 1.40% return, which is significantly higher than SCHO's 0.50% return.

SNSXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.40%
• 6M: 1.72%
• 1Y: 3.69%
• 3Y*: 2.32%
• 5Y*: 1.38%
• 10Y*: —

SCHO

• 1D: 0.08%
• 1M: 0.10%
• YTD: 0.50%
• 6M: 0.90%
• 1Y: 3.35%
• 3Y*: 4.16%
• 5Y*: 1.82%
• 10Y*: 1.72%

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

SNSXX vs. SCHO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SNSXX Schwab U.S. Treasury Money Fund	1.40%	3.97%	1.61%	0.00%	0.00%	0.00%
SCHO Schwab Short-Term U.S. Treasury ETF	0.50%	5.49%	3.65%	4.31%	-3.87%	-0.69%

Correlation

The correlation between SNSXX and SCHO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.09

Return for Risk

SNSXX vs. SCHO — Risk / Return Rank

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

SCHO

SCHO Risk / Return Rank: 82
SCHO Sharpe Ratio Rank: 77
SCHO Sortino Ratio Rank: 89
SCHO Omega Ratio Rank: 83
SCHO Calmar Ratio Rank: 78
SCHO Martin Ratio Rank: 83

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.

SNSXX vs. SCHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Treasury Money Fund (SNSXX) and Schwab Short-Term U.S. Treasury ETF (SCHO). 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.

	SNSXX	SCHO	Difference
Sharpe ratio: Return per unit of total volatility	3.71	2.46	+1.25
Sortino ratio: Return per unit of downside risk	—	4.01	—
Omega ratio: Gain probability vs. loss probability	—	1.49	—
Calmar ratio: Return relative to maximum drawdown	—	3.91	—
Martin ratio: Return relative to average drawdown	—	16.82	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNSXX vs. SCHO - Sharpe Ratio Comparison

The current SNSXX Sharpe Ratio is 3.71, which is higher than the SCHO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of SNSXX and SCHO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SNSXX	SCHO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	2.46	+1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.09	0.92	+1.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.08	1.00	+1.08

Drawdowns

SNSXX vs. SCHO - Drawdown Comparison

The maximum SNSXX drawdown since its inception was 0.00%, smaller than the maximum SCHO drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for SNSXX and SCHO.

Drawdown Indicators

	SNSXX	SCHO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-5.69%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.86%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-0.98%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-5.69%	+5.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.69%	—
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	0.00%	-0.61%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.20%	-0.20%

Volatility

SNSXX vs. SCHO - Volatility Comparison

The current volatility for Schwab U.S. Treasury Money Fund (SNSXX) is 0.29%, while Schwab Short-Term U.S. Treasury ETF (SCHO) has a volatility of 0.42%. This indicates that SNSXX experiences smaller price fluctuations and is considered to be less risky than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNSXX	SCHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.42%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	0.73%	0.91%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	1.05%	1.37%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.68%	1.98%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	1.56%	-0.88%

SNSXX vs. SCHO - Expense Ratio Comparison

SNSXX has a 0.34% expense ratio, which is higher than SCHO's 0.03% expense ratio.

Dividends

SNSXX vs. SCHO - Dividend Comparison

SNSXX's dividend yield for the trailing twelve months is around 3.62%, less than SCHO's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHO Schwab Short-Term U.S. Treasury ETF	3.90%	4.06%	4.29%	3.76%	1.34%	0.41%	1.27%	2.27%	1.60%	1.12%	0.82%	0.68%
SNSXX Schwab U.S. Treasury Money Fund	3.62%	3.88%	1.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SNSXX and SCHO in my portfolio?

SNSXX and SCHO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNSXX or SCHO?

SCHO has higher volatility (0.42%) compared to SNSXX (0.29%). In terms of maximum drawdown, SNSXX dropped 0.00% vs SCHO's -5.69%.

Which has better risk-adjusted returns?

SNSXX currently has the higher Sharpe Ratio (3.71 vs 2.46), 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.