SCHD VS SPY Drawdowns analysis

In 2022 SPY peak to trough during Drawdown went down 26.2% vs SCHD 18%.

Fast forward to 2025 during this current drawdown SCHD is down 8.2% vs SPY 4.94%

Dividents are not-reinvested in Both comparisons.

What’s the cause of the bifurcation? Something has to give eventually. I’m speculating is that it’s due to the unexpected quite substantial drop in oil prices which is more heavily represented in SCHD vs SPY.

Thoughts?