UTRE vs. SCHQ

Last updated Aug 4, 2026

UTRE (US Treasury 3 Year Note ETF) and SCHQ (Schwab Long-Term U.S. Treasury ETF) are both Government Bonds funds - UTRE tracks the ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross while SCHQ tracks the Bloomberg U.S. Long Treasury Index. Both are passively managed. Over the past 3 years, UTRE returned 3.81%/yr vs -0.04%/yr for SCHQ. Their 0.73 correlation means they have sometimes moved together and sometimes differently. UTRE charges 0.15%/yr vs 0.03%/yr for SCHQ.

Performance

UTRE vs. SCHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 3 Year Note ETF (UTRE) and Schwab Long-Term U.S. Treasury ETF (SCHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTRE achieves a 0.10% return, which is significantly higher than SCHQ's -2.90% return.

UTRE

• 1D: 0.06%
• 1M: -0.14%
• 6M: 0.07%
• YTD: 0.10%
• 1Y: 1.76%
• 3Y*: 3.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.29%

SCHQ

• 1D: 0.36%
• 1M: -3.17%
• 6M: -2.56%
• YTD: -2.90%
• 1Y: -1.33%
• 3Y*: -0.04%
• 5Y*: -7.19%
• 10Y*: —
• ALL TIME*: -4.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SCHQ Schwab Long-Term U.S. Treasury ETF	$13.53M	$14.79M	$18.63M
UTRE US Treasury 3 Year Note ETF	$202.14K	$202.39K	$275.66K

UTRE vs. SCHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UTRE US Treasury 3 Year Note ETF	0.10%	5.68%	2.96%	2.34%
SCHQ Schwab Long-Term U.S. Treasury ETF	-2.90%	5.50%	-6.44%	-1.80%

Correlation

The correlation between UTRE and SCHQ is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 28, 2023	0.73

The correlation between UTRE and SCHQ has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

UTRE vs. SCHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTRE

UTRE Risk / Return Rank: 33
UTRE Sharpe Ratio Rank: 35
UTRE Sortino Ratio Rank: 34
UTRE Omega Ratio Rank: 32
UTRE Calmar Ratio Rank: 34
UTRE Martin Ratio Rank: 31

SCHQ

SCHQ Risk / Return Rank: 8
SCHQ Sharpe Ratio Rank: 9
SCHQ Sortino Ratio Rank: 8
SCHQ Omega Ratio Rank: 8
SCHQ Calmar Ratio Rank: 9
SCHQ Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTRE vs. SCHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Year Note ETF (UTRE) and Schwab Long-Term U.S. Treasury ETF (SCHQ). 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.

	UTRE	SCHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.16	+1.08
Sortino ratio: Return per unit of downside risk	1.33	-0.16	+1.50
Omega ratio: Gain probability vs. loss probability	1.16	0.98	+0.18
Calmar ratio: Return relative to maximum drawdown	1.23	-0.19	+1.42
Martin ratio: Return relative to average drawdown	2.88	-0.41	+3.29

UTRE vs. SCHQ - Sharpe Ratio Comparison

The current UTRE Sharpe Ratio is 0.92, which is higher than the SCHQ Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of UTRE and SCHQ, 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

UTRE vs. SCHQ - Drawdown Comparison

The maximum UTRE drawdown since its inception was -2.80%, smaller than the maximum SCHQ drawdown of -46.13%. Use the drawdown chart below to compare losses from any high point for UTRE and SCHQ.

Drawdown Indicators

	UTRE	SCHQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-46.13%	+43.33%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-7.05%	+5.61%
Max Drawdown (3Y) Largest decline over 3 years	-1.86%	-13.38%	+11.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.93%	—
Current Drawdown Current decline from peak	-0.89%	-38.39%	+37.50%
Average Drawdown Average peak-to-trough decline	-0.78%	-26.61%	+25.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	3.23%	-2.62%

Volatility

UTRE vs. SCHQ - Volatility Comparison

The current volatility for US Treasury 3 Year Note ETF (UTRE) is 0.51%, while Schwab Long-Term U.S. Treasury ETF (SCHQ) has a volatility of 2.30%. This indicates that UTRE experiences smaller price fluctuations and is considered to be less risky than SCHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTRE	SCHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	2.30%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	6.30%	-4.73%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	8.41%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	14.41%	-11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	15.20%	-12.52%

UTRE vs. SCHQ - Expense Ratio Comparison

UTRE has a 0.15% expense ratio, which is higher than SCHQ'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

UTRE vs. SCHQ - Dividend Comparison

UTRE's dividend yield for the trailing twelve months is around 3.52%, less than SCHQ's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SCHQ Schwab Long-Term U.S. Treasury ETF	4.92%	4.54%	4.58%	3.79%	2.88%	1.69%	1.51%	0.44%
UTRE US Treasury 3 Year Note ETF	3.52%	3.60%	4.01%	3.14%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UTRE and SCHQ in my portfolio?

UTRE and SCHQ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTRE or SCHQ?

SCHQ has higher volatility (2.30%) compared to UTRE (0.51%). In terms of maximum drawdown, UTRE dropped -2.80% vs SCHQ's -46.13%.

Which ETF is better, UTRE or SCHQ?

On 3-year performance, UTRE leads with 3.81% vs -0.04% for SCHQ. On fees, SCHQ is cheaper at 0.03% per year. On volatility, UTRE has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTRE or SCHQ?

Over the 3-year period, UTRE has performed better with a 3.81% return vs -0.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTRE or SCHQ?

SCHQ is cheaper with a 0.03% expense ratio, compared with 0.15% for UTRE.

Which ETF pays a higher dividend yield, UTRE or SCHQ?

SCHQ has the higher dividend yield at 4.92%, compared with 3.52% for UTRE.

What is the main difference between UTRE and SCHQ?

UTRE tracks ICE BofA Current 3-Year US Treasury Index - Benchmark TR Gross, while SCHQ tracks Bloomberg U.S. Long Treasury Index. They also come from different issuers: US Benchmark Series and Charles Schwab. Their fees differ too: 0.15% for UTRE and 0.03% for SCHQ.

Which has better risk-adjusted returns?

UTRE currently has the higher Sharpe Ratio (0.92 vs -0.16), 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.