PHEQ vs SCHX
Parametric Hedged Equity ETF vs Schwab US Large-Cap ETF
Which is better, PHEQ or SCHX?
SCHX has been ahead.
SCHX has a lower expense ratio. SCHX led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. SCHX is less concentrated, with 36.9% of the fund in its ten largest positions against 40.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PHEQ | SCHX |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $152M | $75.3B |
| Dividend Yield | 0.82% | 1.04% |
| Holdings | 374 | 752 |
| YTD Return | +9.39% | +13.08%Best |
| 1Y Return | +12.67% | +16.62%Best |
| 3Y Return (annualized) | +14.84% | +22.27%Best |
| 5Y Return (annualized) | - | +12.56% |
| Volatility (annualized) | 6.7%Best | 12.4% |
| Max Drawdown | -12.6%Best | -19.0% |
| $10,000 over 3 years | $15,145 | $18,736Best |
| Top 10 Weight | 40.8% | 36.9%Best |
| Fund Family | Parametric | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 16, 2023 | Nov 3, 2009 |
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Oct 19, 2023 to Oct 14, 2026 (3 years).
PHEQ vs SCHX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
PHEQ vs SCHX Performance
Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric and Schwab US Large-Cap ETF (SCHX) is an ETF from Charles Schwab Asset Management. Over the past year PHEQ returned +12.67% while SCHX returned +16.62%. Year to date, PHEQ is up 9.39% versus a gain of 13.08% for SCHX.
Over three years, PHEQ compounded at +14.84% per year against +22.27% for SCHX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHX has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 6.7% for PHEQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.6% for PHEQ and -19.0% for SCHX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PHEQ charges 0.29% per year while SCHX charges 0.03%. On a $10,000 position that is $29 vs $3 annually, a gap of $26 per year that compounds over a long holding period. On income, PHEQ currently yields 0.82% against 1.04% for SCHX.
Holdings Overlap
99.4% of PHEQ's money is in holdings SCHX also owns. 66.8% of SCHX's money is in holdings PHEQ also owns.
Most of PHEQ is already inside SCHX. Owning both mostly buys the same companies twice.
160 positions in common, counted across the 174 positions we hold weights for in PHEQ and 752 in SCHX, against full books of 374 and 752.
What only one of them owns
Our book lists 573 positions for SCHX that do not appear in our book for PHEQ (32.6% of the fund), and 9 for PHEQ that do not appear in SCHX (2.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PHEQ | Weight in SCHX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.63% | 8.02% | 0.61% |
| AAPLApple, Inc | 7.52% | 6.90% | 0.62% |
| MSFTMicrosoft Corp | 5.98% | 5.44% | 0.54% |
| AMZNAmazon.Com Inc | 3.93% | 3.50% | 0.43% |
| GOOGLAlphabet Inc | 3.20% | 2.86% | 0.34% |
| AVGOBroadcom Inc | 2.68% | 2.40% | 0.28% |
| GOOGAlphabet Inc. C | 2.69% | 2.29% | 0.40% |
| METAMeta Platforms Inc | 2.40% | 2.28% | 0.12% |
| MUMicron Technology, Inc. | 1.94% | 1.72% | 0.22% |
| TSLATesla Inc | 1.83% | 1.48% | 0.35% |
99.4% of PHEQ is already inside SCHX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PHEQ or SCHX?
PHEQ has an expense ratio of 0.29% while SCHX charges 0.03%. SCHX is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, PHEQ or SCHX?
Over the past year PHEQ returned +12.67% vs +16.62% for SCHX, so SCHX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHEQ or SCHX?
SCHX has been the more volatile fund at 12.4% annualized versus 6.7% for PHEQ. Worst drawdown: PHEQ -12.6% vs SCHX -19.0%.
Should I hold both PHEQ and SCHX?
PHEQ and SCHX have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between PHEQ and SCHX?
99.4% of PHEQ's money is in holdings SCHX also owns. 66.8% of SCHX's is in holdings PHEQ also owns. They hold 160 positions in common, counted across the 174 positions we hold weights for in PHEQ and 752 in SCHX.
Which pays a higher dividend, PHEQ or SCHX?
PHEQ yields 0.82% while SCHX yields 1.04%, so SCHX currently pays the higher dividend yield.
Is SCHX better than PHEQ?
SCHX has a lower expense ratio. SCHX led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. SCHX is less concentrated, with 36.9% of the fund in its ten largest positions against 40.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.