UPGD vs. SCHM

Last updated Jul 12, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - UPGD tracks the Bloomberg ANR Improvers Index - Benchmark TR Gross while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 10 years, UPGD returned 10.03%/yr vs 11.14%/yr for SCHM. Their correlation of 0.92 suggests significant overlap in exposure. UPGD charges 0.40%/yr vs 0.04%/yr for SCHM.

Performance

UPGD vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Schwab US Mid-Cap ETF (SCHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGD achieves a 11.58% return, which is significantly lower than SCHM's 19.74% return. Over the past 10 years, UPGD has underperformed SCHM with an annualized return of 10.03%, while SCHM has yielded a comparatively higher 11.14% annualized return.

UPGD

• 1D: 0.55%
• 1M: 1.21%
• 6M: 7.66%
• YTD: 11.58%
• 1Y: 16.65%
• 3Y*: 13.33%
• 5Y*: 7.44%
• 10Y*: 10.03%

SCHM

• 1D: -0.03%
• 1M: -0.29%
• 6M: 13.69%
• YTD: 19.74%
• 1Y: 26.94%
• 3Y*: 15.83%
• 5Y*: 8.08%
• 10Y*: 11.14%

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

UPGD vs. SCHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	11.58%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
SCHM Schwab US Mid-Cap ETF	19.74%	10.17%	11.98%	16.69%	-17.07%	19.36%	15.26%	27.48%	-8.77%	19.60%

Correlation

The correlation between UPGD and SCHM 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 13, 2011	0.92

The correlation between UPGD and SCHM shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

UPGD vs. SCHM - Sectors Allocation Comparison

Sectors	UPGD	SCHM
Consumer Cyclical	25.1%	10.8%
Industrials	22.2%	21.7%
Consumer Defensive	19.4%	3.4%
Technology	13.8%	22.1%
Utilities	7.8%	2.9%
Healthcare	6.4%	10.9%
Basic Materials	3.7%	4.7%
Communication Services	1.6%	2.6%
Financial Services	0.0%	10.9%
Energy	-	3.4%
Real Estate	-	6.4%

Return for Risk

UPGD vs. SCHM — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 39
UPGD Sharpe Ratio Rank: 39
UPGD Sortino Ratio Rank: 40
UPGD Omega Ratio Rank: 36
UPGD Calmar Ratio Rank: 38
UPGD Martin Ratio Rank: 42

SCHM

SCHM Risk / Return Rank: 63
SCHM Sharpe Ratio Rank: 58
SCHM Sortino Ratio Rank: 59
SCHM Omega Ratio Rank: 54
SCHM Calmar Ratio Rank: 69
SCHM Martin Ratio Rank: 74

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.

UPGD vs. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Schwab US Mid-Cap ETF (SCHM). 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.

	UPGD	SCHM	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.56	-0.45
Sortino ratio: Return per unit of downside risk	1.70	2.26	-0.56
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	1.56	2.78	-1.22
Martin ratio: Return relative to average drawdown	5.35	10.89	-5.54

UPGD vs. SCHM - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is comparable to the SCHM Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of UPGD and SCHM, 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

UPGD vs. SCHM - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than SCHM's maximum drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for UPGD and SCHM.

Drawdown Indicators

	UPGD	SCHM	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-42.43%	-18.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-9.32%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-23.27%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-26.46%	+2.15%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-42.43%	-7.77%
Current Drawdown Current decline from peak	-0.81%	-2.87%	+2.06%
Average Drawdown Average peak-to-trough decline	-10.22%	-5.63%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.38%	+0.55%

Volatility

UPGD vs. SCHM - Volatility Comparison

The current volatility for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is 4.86%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 6.15%. This indicates that UPGD experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	SCHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	6.15%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	10.73%	12.82%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	16.57%	-2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.66%	19.70%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	20.46%	+1.08%

UPGD vs. SCHM - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than SCHM's 0.04% expense ratio.

Dividends

UPGD vs. SCHM - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than SCHM's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHM Schwab US Mid-Cap ETF	1.23%	1.46%	1.43%	1.50%	1.67%	1.13%	1.31%	1.48%	1.56%	1.27%	1.51%	1.54%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and SCHM in my portfolio?

UPGD and SCHM 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.

Which is riskier, UPGD or SCHM?

SCHM has higher volatility (6.15%) compared to UPGD (4.86%). In terms of maximum drawdown, UPGD dropped -60.74% vs SCHM's -42.43%.

Which ETF is better, UPGD or SCHM?

On 10-year performance, SCHM leads with 11.14% vs 10.03% for UPGD. On fees, SCHM is cheaper at 0.04% per year. On volatility, UPGD has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or SCHM?

Over the 10-year period, SCHM has performed better with a 11.14% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or SCHM?

SCHM is cheaper with a 0.04% expense ratio, compared with 0.40% for UPGD.

Which ETF pays a higher dividend yield, UPGD or SCHM?

UPGD has the higher dividend yield at 1.57%, compared with 1.23% for SCHM.

What is the main difference between UPGD and SCHM?

UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.40% for UPGD and 0.04% for SCHM.

Which has better risk-adjusted returns?

SCHM currently has the higher Sharpe Ratio (1.56 vs 1.12), 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.