# SCHM alternatives: 8 similar ETFs compared

> ETFs similar to SCHM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHM. Updated daily.

The ETFs most like SCHM are IJH, MDY and IWR. IJH, MDY and IWR hold medium-sized US companies, like SCHM.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- 8 funds can stand in for SCHM: 4 of the same kind and 4 related funds.
- SCHM charges 0.03% a year (about $3 on $10,000).
- IJH moved most like SCHM: a daily correlation of 0.99 over about the last five years.
- Returns and drops for each pair use the same dates for both funds.

## SCHM alternatives at a glance

Each fund below can stand in for SCHM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way.

| ETF | How close | Yearly fee | Fee on $10,000 | Tracks |
| --- | --- | --- | --- | --- |
| **SCHM** | This fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index |
| [IJH](https://tactfolio.com/etf/IJH.md) | Same kind of fund | 0.05% | $5 | S&P MidCap 400 Index |
| [MDY](https://tactfolio.com/etf/MDY.md) | Same kind of fund | 0.23% | $23 | S&P MidCap 400 Index |
| [IWR](https://tactfolio.com/etf/IWR.md) | Same kind of fund | 0.18% | $18 | Russell MidCap Index |
| [VO](https://tactfolio.com/etf/VO.md) | Same kind of fund | 0.03% | $3 | Morningstar US Mid Cap Index |
| [VB](https://tactfolio.com/etf/VB.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index |
| [SCHA](https://tactfolio.com/etf/SCHA.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index |
| [IWM](https://tactfolio.com/etf/IWM.md) | Related fund | 0.19% | $19 | Russell 2000 Index |
| [IJR](https://tactfolio.com/etf/IJR.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index |

Fees come from each fund company, checked on the dates shown on each fund's page.

## How SCHM and its alternatives did over the same dates

Each row measures the alternative and SCHM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

| ETF | Moves with SCHM | Per year | SCHM per year | Worst drop | SCHM worst drop | Since |
| --- | --- | --- | --- | --- | --- | --- |
| [IJH](https://tactfolio.com/etf/IJH.md) | 0.99 | 10.7% | 10.9% | −42.2% | −42.4% | January 2011 |
| [MDY](https://tactfolio.com/etf/MDY.md) | 0.99 | 10.4% | 10.9% | −42.2% | −42.4% | January 2011 |
| [IWR](https://tactfolio.com/etf/IWR.md) | 0.98 | 11.2% | 10.9% | −40.6% | −42.4% | January 2011 |
| [VO](https://tactfolio.com/etf/VO.md) | 0.97 | 11.2% | 10.9% | −39.4% | −42.4% | January 2011 |
| [VB](https://tactfolio.com/etf/VB.md) | 0.99 | 10.5% | 10.9% | −42.0% | −42.4% | January 2011 |
| [SCHA](https://tactfolio.com/etf/SCHA.md) | 0.98 | 10.1% | 10.9% | −42.4% | −42.4% | January 2011 |
| [IWM](https://tactfolio.com/etf/IWM.md) | 0.96 | 9.5% | 10.9% | −41.1% | −42.4% | January 2011 |
| [IJR](https://tactfolio.com/etf/IJR.md) | 0.95 | 10.6% | 10.9% | −44.4% | −42.4% | January 2011 |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## Each SCHM alternative, compared

### IJH: iShares Core S&P Mid-Cap ETF

IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index.

It charges 0.05% a year, about $5 on $10,000, against $3 for SCHM. It held 408 stocks, against 497 for SCHM.

From January 2011 to October 2026, IJH returned about 10.7% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99).

Read the [IJH fund page](https://tactfolio.com/etf/IJH.md) for its returns by year and worst drop.

### MDY: State Street SPDR S&P MidCap 400 ETF Trust

MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index.

It charges 0.23% a year, about $23 on $10,000, against $3 for SCHM. It held 400 stocks, against 497 for SCHM.

From January 2011 to October 2026, MDY returned about 10.4% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99).

Read the [MDY fund page](https://tactfolio.com/etf/MDY.md) for its returns by year and worst drop.

### IWR: iShares Russell Mid-Cap ETF

IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index.

It charges 0.18% a year, about $18 on $10,000, against $3 for SCHM. It held 822 stocks, against 497 for SCHM.

From January 2011 to October 2026, IWR returned about 11.2% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the [IWR fund page](https://tactfolio.com/etf/IWR.md) for its returns by year and worst drop.

### VO: Vanguard Morningstar Mid-Cap ETF

VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index.

It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 271 stocks, against 497 for SCHM.

From January 2011 to October 2026, VO returned about 11.2% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.97).

Read the [VO fund page](https://tactfolio.com/etf/VO.md) for its returns by year and worst drop.

### VB: Vanguard Morningstar Small-Cap ETF

VB is a looser match. It holds small US companies, while SCHM holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 1,301 stocks, against 497 for SCHM.

From January 2011 to October 2026, VB returned about 10.5% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99).

Read the [VB fund page](https://tactfolio.com/etf/VB.md) for its returns by year and worst drop.

### SCHA: Schwab U.S. Small-Cap ETF

SCHA is a looser match. It holds small US companies, while SCHM holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 1,721 stocks, against 497 for SCHM.

From January 2011 to October 2026, SCHA returned about 10.1% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98).

Read the [SCHA fund page](https://tactfolio.com/etf/SCHA.md) for its returns by year and worst drop.

### IWM: iShares Russell 2000 ETF

IWM is a looser match. It holds small US companies, while SCHM holds medium-sized US companies.

It charges 0.19% a year, about $19 on $10,000, against $3 for SCHM. It held 1,983 stocks, against 497 for SCHM.

From January 2011 to October 2026, IWM returned about 9.5% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96).

Read the [IWM fund page](https://tactfolio.com/etf/IWM.md) for its returns by year and worst drop.

### IJR: iShares Core S&P Small-Cap ETF

IJR is a looser match. It holds small US companies, while SCHM holds medium-sized US companies.

It charges 0.06% a year, about $6 on $10,000, against $3 for SCHM. It held 643 stocks, against 497 for SCHM.

From January 2011 to October 2026, IJR returned about 10.6% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.95).

Read the [IJR fund page](https://tactfolio.com/etf/IJR.md) for its returns by year and worst drop.

## SCHM versions from other fund companies

Some people keep all their funds with one company. Here is the closest fund to SCHM from each other company on this page:

- **iShares (BlackRock):** [IJH](https://tactfolio.com/etf/IJH.md), iShares Core S&P Mid-Cap ETF (same kind of fund, 0.05% a year)
- **SPDR (State Street):** [MDY](https://tactfolio.com/etf/MDY.md), State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year)
- **Vanguard:** [VO](https://tactfolio.com/etf/VO.md), Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here.

## How to choose between SCHM and its alternatives

- **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
- **The fee.** The difference is often small. On $10,000, SCHM costs about $3 a year.
- **History.** An older fund has been through more bad markets, so you can see how far it fell.
- **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

## Swapping SCHM to harvest a tax loss

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IJH, MDY or IWR, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550).

## Test SCHM and its alternatives in a backtest

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add SCHM and IJH, and see how each would have done on the same dates, or how a mix of both would have done.

## The details

Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like SCHM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What ETF is most similar to SCHM?

IJH is the closest. IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. Over about the last five years they moved almost exactly together.

### Is there a cheaper alternative to SCHM?

Not among the funds here. SCHM charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed.

### Is SCHM or IJH better?

Neither is better for everyone. From January 2011 to October 2026, SCHM returned about 10.9% a year and IJH returned about 10.7% a year. SCHM charges 0.03% a year and IJH charges 0.05%. Past returns do not tell you what comes next.

### What if I had put $10,000 in SCHM 10 years ago?

It would have grown to about $28,038 by October 16, 2026, with dividends reinvested. That is about 10.9% a year. Past returns do not tell you what comes next.

## Sources

- [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm)
- [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf)
- [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy)
- [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf)
- [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo)
- [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb)
- [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm)
- [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf)
- [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf)
- [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.