USIAX vs. SCHO

Last updated Jun 3, 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. Their correlation of 0.87 suggests significant overlap in exposure. 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: -0.04%
• 1M: -0.02%
• YTD: 0.46%
• 6M: 0.82%
• 1Y: 3.47%
• 3Y*: 4.17%
• 5Y*: 1.81%
• 10Y*: 1.72%

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

USIAX vs. SCHO - Yearly Performance Comparison

	2026 (YTD)
USIAX UBS Ultra Short Income Fund	0.32%
SCHO Schwab Short-Term U.S. Treasury ETF	-0.07%

Correlation

The correlation between USIAX and SCHO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.87

Return for Risk

USIAX vs. SCHO — Risk / Return Rank

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

SCHO

SCHO Risk / Return Rank: 82
SCHO Sharpe Ratio Rank: 77
SCHO Sortino Ratio Rank: 89
SCHO Omega Ratio Rank: 84
SCHO Calmar Ratio Rank: 77
SCHO Martin Ratio Rank: 83

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.

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

Sharpe Ratios by Period

	USIAX	SCHO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	19.58	1.00	+18.58

Drawdowns

USIAX vs. SCHO - Drawdown Comparison

The maximum USIAX 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 USIAX and SCHO.

Drawdown Indicators

	USIAX	SCHO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-5.69%	+5.69%
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	0.00%	-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	—	0.20%	—

Volatility

Volatility by Period

	USIAX	SCHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.65%	1.37%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	1.98%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	1.56%	+2.09%

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 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.