Vanguard Long-Term Corporate Bond ETF (NASDAQ:VCLT) focuses on high-quality corporate debt, whereas Schwab Long-Term U.S. Treasury ETF (NYSEMKT:SCHQ) targets the safety of government-backed obligations, resulting in distinct yield and risk profiles. The Vanguard fund currently offers a higher payout, reflecting the additional yield investors require for holding corporate credit rather than government debt. Schwab Long-Term U.S. Treasury ETF has paid $1.47 per share over the trailing 12 months, which on its recent ~$29.9 share price works out to a 4.9% yield. Vanguard Long-Term Corporate Bond ETF is a much larger and more diversified fund with 2,854 holdings, primarily consisting of high-quality, investment-grade corporate debt with maturities between 10 and 25 years. Vanguard Long-Term Corporate Bond ETF has paid $4.08 per share over the trailing 12 months, which on its recent ~$71.7 share price works out to a 5.7% yield.