SCHZ vs SPHY: Performance, Holdings, Fees & Risk
SCHZ and SPHY are ETFs, but they can differ materially in exposure, yield, fees and risk. SCHZ is Schwab U.S. Aggregate Bond ETF, while SPHY is State Street SPDR Portfolio High Yield Bond ETF. SCHZ is broader by holdings count, with 12,514 positions versus 1,914 for SPHY. SCHZ has the lower expense ratio. Current AlgovestIQ evidence has SCHZ ahead on AIQ Score, 68 versus 51.
What is the main difference between SCHZ and SPHY?
SCHZ holds 12,514 positions to SPHY's 1,914.
| Metric | SCHZ | SPHY |
|---|---|---|
| Fund | ||
| Expense ratio | 0.03% | 0.05% |
| Holdings | 12,514 | 1,914 |
| Distribution yieldTrailing 12 months | 4.32% | 7.43% |
| Average volume | 2,239,191 | 5,731,974 |
| Performance | ||
| 1Y return | -5.9% | -5.5% |
| YTD return | -4.7% | -5.1% |
| 5Y annualized returnTotal return, distributions reinvested | -0.3% | +3.7% |
| Risk | ||
| Annualized volatility | 4.2% | 4.2% |
| Max drawdown (1Y) | -7.3% | -6.2% |
| Max drawdown (5Y)Total return, distributions reinvested | -17.5% | -15.3% |
| Beta | 0.12 | 0.21 |
| Sharpe ratio | -2.36 | -2.32 |
| Sortino ratio | -3.29 | -3.02 |
| AlgovestIQ | ||
| AIQ Score | 68/100 | 51/100 |
| AIQ Edge Score | 10/10 | 4/10 |
| Momentum | 55/100 | 31/100 |
| Risk Resilience | 92/100 | 82/100 |
AlgovestIQ AIQ Comparison
Schwab U.S. Aggregate Bond ETF vs State Street SPDR Portfolio High Yield Bond ETF
SCHZ leads
SCHZ leads by 17 AIQ points, primarily on Value and Momentum, and the lead has widened from 12 points over 30 sessions.
Stable: 3 of 4 evidence groups support SCHZ, its lead is widening, and its current signal state is conflicted.
Schwab U.S. Aggregate Bond ETF
State Street SPDR Portfolio High Yield Bond ETF
The Algovestiq AIQ Score currently favors SCHZ over SPHY, 68 versus 51 as of Oct 21, 2026. SCHZ's advantage is driven primarily by stronger value and momentum. SCHZ also shows the stronger technical structure relative to its 50-day moving average. 3 of 4 covered evidence groups favor SCHZ today, and the comparison is rated Stable on stability: the leader is throwing conflicting signals. SCHZ lead: Strengthening — the AIQ differential moved from 12 to 17 points over 30 sessions.
Compare Schwab U.S. Aggregate Bond ETF and State Street SPDR Portfolio High Yield Bond ETF across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
SCHZ vs SPHY: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | SCHZ | SPHY | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.03% | 0.05% | SCHZ |
| Broader diversificationNumber of holdings | 12,514 | 1,914 | SCHZ |
| Higher incomeTrailing 12-month distribution yield | 4.32% | 7.43% | SPHY |
| Smaller drawdownsMax drawdown, 5 years | -17.5% | -15.3% | SPHY |
| Lower volatilityAnnualized volatility, 1 year | 4.2% | 4.2% | Similar |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare SCHZ and SPHY against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Value73 vs 36SCHZ +37
- Momentum55 vs 31SCHZ +24
- Risk Resilience92 vs 82SCHZ +10
- Quality63 vs 66Even
3 of 4 evidence groups favor SCHZ. SCHZ’s edge is concentrated in value and momentum.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum +4
No signal started or stopped since the prior session; its 5 active signals are unchanged.
Largest factor move: Momentum +2
No signal started or stopped since the prior session; its 5 active signals are unchanged.
SCHZ's lead was unchanged in the latest session.
Deeper signal detail for each name lives on its own signals page — SCHZ and SPHY both carry a full feed there.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | SCHZ | SPHY | Why it matters |
|---|---|---|---|
| Expense ratio | 0.03% | 0.05% | Lower is better — it compounds against you every year you hold. |
| Holdings | 12,514 | 1,914 | More holdings means broader diversification, not better returns. |
| Average volume | 2,239,191 | 5,731,974 | Liquidity — matters most if you trade size. |
| Annualized volatility | 4.2% | 4.2% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -7.3% | -6.2% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | -2.36 | -2.32 | Return per unit of risk. Higher is better. |
| Beta | 0.12 | 0.21 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
AIQ Agreement Matrix
3 of 4 covered evidence groups favor SCHZ. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | SCHZ | 68 vs 51 |
| Fundamentals | Not covered | Not covered |
| Valuation | SCHZ | Value 73 vs 36 |
| Technicals | Even | Price vs 50-day -0.8% vs -2%; vs 200-day -3.2% vs -3.9% |
| Risk Resilience | SCHZ | Risk Resilience 92 vs 82 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of SCHZ and SPHY and are excluded from the count.
AIQ Decision Stability
The conclusion rests on a wide gap and broad agreement. It is unlikely to turn on a single session.
- The AIQ gap is wide at 17 points. (supports the conclusion holding)
- The leader's advantage has been widening. (supports the conclusion holding)
- The lead has been steady session to session. (supports the conclusion holding)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on SCHZ.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20SCHZ lead: Strengthening — the AIQ differential moved from 12 to 17 points over 30 sessions.
- Today
- SCHZ +17
- 68 vs 51
- 7 sessions ago
- SCHZ +16
- 66 vs 50
- 30 sessions ago
- SCHZ +12
- 61 vs 49
- 90 sessions ago
- SCHZ +8
- 63 vs 55
The lead has not changed hands in this window.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
SCHZ and SPHY carry the same 5 signals, so the signals do not separate them: Death Cross Active, ATR Contraction - Coiling, 52-Week Low Proximity, Downtrend Structure Active, MACD Bullish Crossover.
SCHZ leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Neither the price nor the AIQ Score moved enough in the latest session to confirm or contradict the other (price 0%, AIQ +1 points).
Price and the AIQ Score both moved up over the latest session (price +0.18%, AIQ +1 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1SPHY closes the Value gap — currently 37 points behind, the largest single contributor to SCHZ's edge.
- 2SPHY's Death Cross Active resolves — a bearish trend rule currently active against it.
- 3SCHZ's conflicting signal state resolves bearish — it currently carries 1 bullish and 3 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
SCHZ leads 5 of 6 windows| Metric | SCHZ | SPHY |
|---|---|---|
| 1 week (5 sessions) | 0.5% | -0.4% |
| 1 month (20 sessions) | -1% | -2.6% |
| 3 months (63 sessions) | -2.4% | -3.7% |
| 6 months (126 sessions) | -4.3% | -4.8% |
| Year to date | -4.7% | -5.1% |
| 1 year (252 sessions) | -5.9% | -5.5% |
Technicals
Split| Metric | SCHZ | SPHY |
|---|---|---|
| RSI (14) | 65.5 | 37.1 |
| ADX (14) | 23.1 | 41.1 |
| Price vs 50-day | -0.8% | -2% |
| Price vs 200-day | -3.2% | -3.9% |
| Volatility (1M, annualized) | 5.1% | 4.4% |
Risk
SCHZ is the more resilient| Metric | SCHZ | SPHY |
|---|---|---|
| Beta | 0.12 | 0.21 |
| Sharpe ratio | -2.36 | -2.32 |
| Sortino ratio | -3.29 | -3.02 |
| Max drawdown | -7.3% | -6.2% |
| Current drawdown | -6.1% | -6.2% |
| Annualized volatility | 4.2% | 4.2% |
| Value at risk (95%) | -0.5% | -0.5% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between SCHZ and SPHY?
SCHZ holds 12,514 positions to SPHY's 1,914.
Which ETF is more diversified, SCHZ or SPHY?
SCHZ holds more positions: 12,514 versus 1,914 for SPHY.
Which has the lower expense ratio?
SCHZ has the lower expense ratio, 0.03% a year against 0.05% for SPHY.
Which ETF has the higher distribution yield?
SPHY, with a trailing 12-month distribution yield of 7.43% against 4.32% for SCHZ.
Which ETF has been more volatile?
Their volatility over the past year is similar: 4.2% annualized for SCHZ and 4.2% for SPHY.
Which ETF has had the smaller drawdown?
SPHY fell less from peak to trough over the past five years: -15.3% against -17.5% for SCHZ.
Compare SCHZ and SPHY with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.