VGLT vs. SCHO
VGLT (Vanguard Long-Term Treasury ETF) and SCHO (Schwab Short-Term U.S. Treasury ETF) are both Government Bonds funds - VGLT tracks the Bloomberg U.S. Long Treasury Index while SCHO tracks the Bloomberg U.S. Treasury 1-3 Year Index. Both are passively managed. Over the past 10 years, VGLT returned -1.63%/yr vs 1.74%/yr for SCHO. Their 0.57 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.03% expense ratio.
Performance
VGLT vs. SCHO - Performance Comparison
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Returns By Period
In the year-to-date period, VGLT achieves a -1.98% return, which is significantly lower than SCHO's 0.92% return. Over the past 10 years, VGLT has underperformed SCHO with an annualized return of -1.63%, while SCHO has yielded a comparatively higher 1.74% annualized return.
VGLT
- 1D
- 0.17%
- 1M
- -2.13%
- 6M
- -1.56%
- YTD
- -1.98%
- 1Y
- -0.89%
- 3Y*
- 0.27%
- 5Y*
- -6.65%
- 10Y*
- -1.63%
- ALL TIME*
- 2.34%
SCHO
- 1D
- 0.00%
- 1M
- 0.17%
- 6M
- 0.72%
- YTD
- 0.92%
- 1Y
- 2.84%
- 3Y*
- 4.25%
- 5Y*
- 1.91%
- 10Y*
- 1.74%
- ALL TIME*
- 1.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $73.74M | $66.74M | $85.78M | |
| $107.06M | $103.64M | $108.85M |
VGLT vs. SCHO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGLT Vanguard Long-Term Treasury ETF | -1.98% | 5.35% | -6.28% | 3.27% | -29.34% | -4.98% | 17.57% | 14.30% | -1.54% | 8.64% |
SCHO Schwab Short-Term U.S. Treasury ETF | 0.92% | 5.49% | 3.65% | 4.31% | -3.87% | -0.64% | 3.11% | 3.47% | 1.37% | 0.33% |
Correlation
The correlation between VGLT and SCHO is 0.61, 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. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2010 | 0.57 |
The correlation between VGLT and SCHO has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
VGLT vs. SCHO — Risk / Return Rank
VGLT
SCHO
VGLT vs. SCHO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Treasury ETF (VGLT) 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.
| VGLT | SCHO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.41 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 3.33 | -3.45 |
| Martin ratioReturn relative to average drawdown | -0.27 | 13.93 | -14.20 |
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Drawdowns
VGLT vs. SCHO - Drawdown Comparison
The maximum VGLT drawdown since its inception was -46.18%, which is greater than SCHO's maximum drawdown of -5.69%. Use the drawdown chart below to compare losses from any high point for VGLT and SCHO.
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Drawdown Indicators
| VGLT | SCHO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.18% | -5.69% | -40.49% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -0.86% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -13.38% | -0.98% | -12.40% |
Max Drawdown (5Y)Largest decline over 5 years | -40.98% | -5.64% | -35.34% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -5.69% | -40.49% |
Current DrawdownCurrent decline from peak | -37.83% | 0.00% | -37.83% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -0.61% | -14.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.20% | +3.06% |
Volatility
VGLT vs. SCHO - Volatility Comparison
Vanguard Long-Term Treasury ETF (VGLT) has a higher volatility of 2.32% compared to Schwab Short-Term U.S. Treasury ETF (SCHO) at 0.31%. This indicates that VGLT's price experiences larger fluctuations and is considered to be riskier 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
| VGLT | SCHO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.32% | 0.31% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 1.03% | +5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.41% | 1.32% | +7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 2.00% | +12.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.74% | 1.56% | +12.18% |
VGLT vs. SCHO - Expense Ratio Comparison
Both VGLT and SCHO have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGLT vs. SCHO - Dividend Comparison
VGLT's dividend yield for the trailing twelve months is around 4.74%, more than SCHO's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHO Schwab Short-Term U.S. Treasury ETF | 3.88% | 4.06% | 4.29% | 3.76% | 1.34% | 0.41% | 1.27% | 2.27% | 1.60% | 1.12% | 0.82% | 0.68% |
VGLT Vanguard Long-Term Treasury ETF | 4.74% | 4.44% | 4.33% | 3.33% | 2.84% | 1.82% | 2.15% | 2.46% | 2.71% | 2.55% | 2.69% | 3.21% |
Frequently Asked Questions
VGLT and SCHO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGLT has higher volatility (2.32%) compared to SCHO (0.31%). In terms of maximum drawdown, VGLT dropped -46.18% vs SCHO's -5.69%.
On 10-year performance, SCHO leads with 1.74% vs -1.63% for VGLT. Both ETFs have the same 0.03% expense ratio. On volatility, SCHO has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SCHO has performed better with a 1.74% return vs -1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGLT and SCHO have the same expense ratio: 0.03% per year.
VGLT has the higher dividend yield at 4.74%, compared with 3.88% for SCHO.
VGLT tracks Bloomberg U.S. Long Treasury Index, while SCHO tracks Bloomberg U.S. Treasury 1-3 Year Index. They also come from different issuers: Vanguard and Charles Schwab.
SCHO currently has the higher Sharpe Ratio (2.16 vs -0.11), 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.
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