TYA vs. SCHO
TYA (Simplify Intermediate Term Treasury Futures Strategy ETF) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both Government Bonds funds. TYA is actively managed, while SCHO is passively managed. Over the past 3 years, TYA returned -2.02%/yr vs 4.20%/yr for SCHO. Their correlation of 0.85 suggests significant overlap in exposure. TYA charges 0.15%/yr vs 0.03%/yr for SCHO.
Performance
TYA vs. SCHO - Performance Comparison
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Returns By Period
In the year-to-date period, TYA achieves a -6.92% return, which is significantly lower than SCHO's 0.58% return.
TYA
- 1D
- -1.24%
- 1M
- -2.13%
- 6M
- -6.77%
- YTD
- -6.92%
- 1Y
- -1.32%
- 3Y*
- -2.02%
- 5Y*
- —
- 10Y*
- —
SCHO
- 1D
- -0.08%
- 1M
- 0.03%
- 6M
- 0.58%
- YTD
- 0.58%
- 1Y
- 3.09%
- 3Y*
- 4.20%
- 5Y*
- 1.86%
- 10Y*
- 1.70%
TYA vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -6.92% | 14.38% | -9.63% | -2.23% | -37.62% | -0.80% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.58% | 5.49% | 3.65% | 4.31% | -3.87% | -0.54% |
Correlation
The correlation between TYA and SCHO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021 | 0.85 |
The correlation between TYA and SCHO has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.
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Return for Risk
TYA vs. SCHO — Risk / Return Rank
TYA
SCHO
TYA vs. SCHO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) 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.
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.
| TYA | SCHO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.44 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 3.61 | -3.73 |
| Martin ratioReturn relative to average drawdown | -0.26 | 15.22 | -15.48 |
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Drawdowns
TYA vs. SCHO - Drawdown Comparison
The maximum TYA drawdown since its inception was -51.15%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for TYA and SCHO.
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Drawdown Indicators
| TYA | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.15% | -5.69% | -45.46% |
Max Drawdown (1Y)Largest decline over 1 year | -11.80% | -0.86% | -10.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -0.98% | -19.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.69% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.69% | — |
Current DrawdownCurrent decline from peak | -42.62% | -0.17% | -42.45% |
Average DrawdownAverage peak-to-trough decline | -35.94% | -0.61% | -35.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 0.20% | +4.81% |
Volatility
TYA vs. SCHO - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 4.27% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.49%. This indicates that TYA's price experiences larger fluctuations and is considered to be riskier than SCHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TYA | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.27% | 0.49% | +3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 1.01% | +8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 1.41% | +11.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.44% | 1.99% | +18.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.44% | 1.56% | +18.88% |
TYA vs. SCHO - Expense Ratio Comparison
TYA has a 0.15% expense ratio, which is higher than SCHO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TYA vs. SCHO - Dividend Comparison
TYA's dividend yield for the trailing twelve months is around 3.79%, less than SCHO's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 3.91% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | 3.79% | 3.85% | 4.84% | 4.28% | 2.23% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TYA and SCHO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TYA has higher volatility (4.27%) compared to SCHO (0.49%). In terms of maximum drawdown, TYA dropped -51.15% vs SCHO's -5.69%.
On 3-year performance, SCHO leads with 4.20% vs -2.02% for TYA. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SCHO has performed better with a 4.20% return vs -2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHO is cheaper with a 0.03% expense ratio, compared with 0.15% for TYA.
SCHO has the higher dividend yield at 3.91%, compared with 3.79% for TYA.
They also come from different issuers: Simplify and Charles Schwab. Their fees differ too: 0.15% for TYA and 0.03% for SCHO.
SCHO currently has the higher Sharpe Ratio (2.20 vs -0.11), 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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