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USD=X vs. SCHO
Performance
Return for Risk
Drawdowns
Volatility

USD=X vs. SCHO

Last updated Jun 19, 2026

USD=X (USD Cash) is a currency, while SCHO (Schwab Short-Term U.S. Treasury ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. Over the past 10 years, USD=X returned 0.00%/yr vs 1.70%/yr for SCHO.

Performance

USD=X vs. SCHO - Performance Comparison

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

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Returns By Period

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%

SCHO

1D
0.08%
1M
0.27%
YTD
0.46%
6M
0.57%
1Y
3.22%
3Y*
4.23%
5Y*
1.85%
10Y*
1.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD=X vs. SCHO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SCHO
Schwab Short-Term U.S. Treasury ETF		0.46%5.49%3.65%4.31%-3.87%-0.64%3.11%3.47%1.37%0.33%

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USD Cash

Schwab Short-Term U.S. Treasury ETF

Often compared with USD=X:
USD=X vs. UUPUSD=X vs. EUR=XUSD=X vs. XRP-USDUSD=X vs. BTC-USDUSD=X vs. QQQUSD=X vs. TSLAUSD=X vs. USDX
Often compared with SCHO:
SCHO vs. SGOVSCHO vs. VGSHSCHO vs. BSVSCHO vs. SHVSCHO vs. BILSCHO vs. SCHQSCHO vs. SPTS

Return for Risk

USD=X vs. SCHO — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SCHO
SCHO Risk / Return Rank: 8282
Overall Rank
SCHO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SCHO Sortino Ratio Rank: 8888
Sortino Ratio Rank
SCHO Omega Ratio Rank: 8484
Omega Ratio Rank
SCHO Calmar Ratio Rank: 7979
Calmar Ratio Rank
SCHO Martin Ratio Rank: 8383
Martin Ratio Rank
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.

USD=X vs. SCHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) 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.

USD=XSCHODifference
Sharpe ratioReturn per unit of total volatility

—

2.31

—

Sortino ratioReturn per unit of downside risk

—

3.66

—

Omega ratioGain probability vs. loss probability

—

1.46

—

Calmar ratioReturn relative to maximum drawdown

—

3.76

—

Martin ratioReturn relative to average drawdown

—

15.73

—

USD=X vs. SCHO - Sharpe Ratio Comparison

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Drawdowns

USD=X vs. SCHO - Drawdown Comparison

The maximum USD=X 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 USD=X and SCHO.

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Drawdown Indicators

USD=XSCHODifference

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

0.00%

-5.69%

+5.69%

Current Drawdown

Current decline from peak

0.00%

-0.23%

+0.23%

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

USD=X vs. SCHO - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while Schwab Short-Term U.S. Treasury ETF (SCHO) has a volatility of 0.51%. This indicates that USD=X 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.

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Volatility by Period

USD=XSCHODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

0.51%

-0.51%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

0.98%

-0.98%

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

1.40%

-1.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

1.99%

-1.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

1.56%

-1.56%

Frequently Asked Questions

SCHO has higher volatility (0.51%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs SCHO's -5.69%.

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