USIAX vs. SCHO

Last updated Jun 24, 2026

USIAX (UBS Ultra Short Income Fund) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both funds - USIAX is a Ultrashort Bond fund managed by UBS, while SCHO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. At a 0.29 correlation, their price movements are largely independent. USIAX charges 0.35%/yr vs 0.03%/yr for SCHO.

Performance

USIAX vs. SCHO - Performance Comparison

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

Returns By Period

USIAX

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

SCHO

• 1D: 0.00%
• 1M: 0.14%
• YTD: 0.42%
• 6M: 0.62%
• 1Y: 3.01%
• 3Y*: 4.20%
• 5Y*: 1.84%
• 10Y*: 1.68%

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

USIAX vs. SCHO - Yearly Performance Comparison

	2026 (YTD)
USIAX UBS Ultra Short Income Fund	0.22%
SCHO Schwab Short-Term U.S. Treasury ETF	-0.07%

Correlation

The correlation between USIAX and SCHO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.29

Return for Risk

USIAX vs. SCHO — Risk / Return Rank

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

USIAX

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

SCHO

SCHO Risk / Return Rank: 76
SCHO Sharpe Ratio Rank: 70
SCHO Sortino Ratio Rank: 81
SCHO Omega Ratio Rank: 77
SCHO Calmar Ratio Rank: 72
SCHO Martin Ratio Rank: 78

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.

USIAX vs. SCHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS Ultra Short Income Fund (USIAX) 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.

	USIAX	SCHO	Difference
Sharpe ratio: Return per unit of total volatility	—	2.16	—
Sortino ratio: Return per unit of downside risk	—	3.42	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	3.51	—
Martin ratio: Return relative to average drawdown	—	14.59	—

Drawdowns

USIAX vs. SCHO - Drawdown Comparison

The maximum USIAX drawdown since its inception was -0.10%, smaller than the maximum SCHO drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for USIAX and SCHO.

Drawdown Indicators

	USIAX	SCHO	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-5.69%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.69%	—
Current Drawdown Current decline from peak	-0.10%	-0.27%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.61%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.21%	—

Volatility

Volatility by Period

	USIAX	SCHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.40%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	1.99%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	1.56%	-0.23%

USIAX vs. SCHO - Expense Ratio Comparison

USIAX has a 0.35% expense ratio, which is higher than SCHO's 0.03% expense ratio.

Dividends

USIAX vs. SCHO - Dividend Comparison

USIAX's dividend yield for the trailing twelve months is around 0.32%, 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%
USIAX UBS Ultra Short Income Fund	0.32%	0.00%	0.00%	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 USIAX and SCHO in my portfolio?

USIAX and SCHO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.