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 -1.00%/yr vs 4.23%/yr for SCHO. Their correlation of 0.85 means they have usually moved in the same direction. 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 -7.44% return, which is significantly lower than SCHO's 0.83% return.
TYA
- 1D
- 0.46%
- 1M
- -3.02%
- 6M
- -6.00%
- YTD
- -7.44%
- 1Y
- -6.08%
- 3Y*
- -1.00%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -10.67%
SCHO
- 1D
- 0.05%
- 1M
- 0.09%
- 6M
- 0.68%
- YTD
- 0.83%
- 1Y
- 2.67%
- 3Y*
- 4.23%
- 5Y*
- 1.88%
- 10Y*
- 1.73%
- ALL TIME*
- 1.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.21M | $61.33M | $83.92M | |
| $293.95K | $302.74K | $683.37K |
TYA vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TYA Simplify Intermediate Term Treasury Futures Strategy ETF | -7.44% | 14.38% | -9.63% | -2.23% | -37.62% | -0.80% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.83% | 5.49% | 3.65% | 4.31% | -3.87% | -0.54% |
Correlation
The correlation between TYA and SCHO is 0.81, 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. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 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 | -2.54 | ||
| Sortino ratioReturn per unit of downside risk | -3.69 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.38 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 3.13 | -3.63 |
| Martin ratioReturn relative to average drawdown | -1.07 | 13.09 | -14.16 |
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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 | -12.24% | -0.86% | -11.38% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | -0.98% | -18.15% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.69% | — |
Current DrawdownCurrent decline from peak | -42.95% | 0.00% | -42.95% |
Average DrawdownAverage peak-to-trough decline | -36.02% | -0.61% | -35.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 0.20% | +5.48% |
Volatility
TYA vs. SCHO - Volatility Comparison
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) has a higher volatility of 3.30% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.33%. 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 | 3.30% | 0.33% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 1.03% | +8.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 1.32% | +10.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.35% | 2.00% | +18.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 1.57% | +18.78% |
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 3.74%, less than SCHO's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 3.88% | 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 | 3.74% | 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 (3.30%) compared to SCHO (0.33%). In terms of maximum drawdown, TYA dropped -51.15% vs SCHO's -5.69%.
On 3-year performance, SCHO leads with 4.23% vs -1.00% for TYA. On fees, SCHO is cheaper at 0.03% per year. On volatility, SCHO has been the lower-risk option at 0.33%. 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 4.23% return vs -1.00%. 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 3.88%, compared with 3.74% 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 (2.03 vs -0.51), 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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