The SCHG ETF has returned 9% year-to-date in 2026, trailing SPY's 13% and QQQ's nearly 19%. This contrasts sharply with its 10-year return of 445%, which significantly surpassed the S&P 500's 254%. Analysts attribute SCHG's recent underperformance to the market rally broadening beyond megacap growth names, highlighting the fund's heavy concentration in its top holdings.