I agree that seems like one part of the issue. Another perhaps related part may be the way the put spread collar works.
Because the three month collars have different start and end months in each of the funds, it's possible for one fund to be in the "protected" area, where market declines don't affect the payoff value, while another fund could have already blown through the protection.
See diagram below. In this example, where the collar kicks in after a 5% loss at which point it provides 10% loss "insurance". Suppose two months ago the market went up 5%, and in the past month it dropped 10%.
A collar that started two months ago would be protecting a fund with a net 5% market loss. That is, the collar would just be kicking in now. But a collar that started just one month ago would be half used up. It would be protecting a fund with a net 10% market loss. (5% of that loss would be covered by the higher strike price put option.)
After another 5% drop in the market, its protection would be used up. At that point, the value of the latter fund would follow the market down, while the former fund would still have some protection.

In addition to high crude oil prices, refining for gasoline is the other bottleneck. Gasoline are produced locally and there are finite number of refinery plants across the nation. To build new ones takes over a decade given the safety requirements.
https://npr.org/2022/06/26/1107265390/refinery-shortage-high-gas-prices-russia

They are quite successful at directing the conversation to how hard it is to build new refineries. What is seldom discussed are refinery closures, the yearly gambit with changing the seasonal formulas, and the ever-popular down for maintenance when prices are high.
https://www.eastbaytimes.com/2022/06/16/california-fuel-prices-set-to-soar-as-refiners-undergo-work/
Me thinks it would be a simpler task to modernize and upgrade an existing facility than it would be to get permits for new facilities.
Nearly everyone is a NIMBY when it comes to refineries. They have to be built where pipelines or tankers can get to them. In the latter case, new refineries tend to spoil waterfront views that are now typically expensive real estate. Whereas people living near existing refineries would be tickled pink if they were upgrading safety along with capacity.

That is precisely what the crack-spreads are telling us - I posted on it in the Oil thread,
https://www.mutualfundobserver.com/discuss/discussion/comment/150168/#Comment_150168

In addition to high crude oil prices, refining for gasoline is the other bottleneck. Gasoline are produced locally and there are finite number of refinery plants across the nation. To build new ones takes over a decade given the safety requirements.
https://npr.org/2022/06/26/1107265390/refinery-shortage-high-gas-prices-russia

the original jhqax fund is only down 9.72% ytd. but the new jhdax fund is down 12.35 ytd and the new jhtax fund is down 14.85% ytd. i would appreciate it if someone could explain the reason the 2 new funds are down so much more than jhqax. im fortunate that i have a position in jhqax.

What @larryB, @sma3 and I are seeing from SWVXX click within Schwab a/c is the following screenshot. It clearly says 0.60% as 7-day yield and that is WRONG, it is the distribution yield as seen in the following table of monthly distributions annualized using the main website data (that also shows CORRECT 7-day yield as 1.19%). So, it is BAD/WRONG presentation, NOT that Schwab is stiffing us for pennies. @msf makes a good point about rapid nonlinear rise in m-mkt rates.
2/15/22 0.0278%
3/15/22 0.0278%
4/15/22 0.0712%
5/15/22 0.2646%
6/15/22 0.6014%

While I a not sure I believe them, Schwab chat claims with fed reserve raising rates, next months payout will be close to 1.19%. The "waivers' apply to individual investors also he says.

That sounds more or less correct. As with MMFs generally, SWVXX declares dividends daily and distributes monthly. So the distribution on June 15th (this fund makes distributions in mid-month) includes the interest declared on May 16th, May 17th, May 18th, ..., June 14th.
The 0.000501157 per dollar invested that was paid on June 15th, which as @sma3 calculated comes to about 0.6%/year, is really the average of rates on each of these days.
https://www.schwabassetmanagement.com/products/swvxx (see distributions)
Rates have been increasing nonlinearly over the past three months. One expects that to continue for some time. The SEC rate quoted is the average of the interest declared over the past seven calendar days, annualized. That means interest declared June 21, June 22, ..., June 27th.
The midpoint of the days used to calculate the SEC yield of 1.19% is June 24th. The midpoint of the days for which interest was just paid (0.6% annualized) was May 31st. That's a difference of 3.5 weeks!
Both rates are correct. One just needs to be precise as to what "rate" means. The 0.6% rate is the rate of interest earned between May 16th and June 14th. The 1.19% is the rate of interest earned between June 21 and June 27.
If one extrapolates, the next payment, about July 15th, should be higher than 1.19%. That's because it will include interest earned June 15 - June 20 (6 days paying less than 1.19%), interest earned June 21-27 (7 days paying 1.19% average), and interest earned for about 17 days after that (paying more than 1.19%).
17 days at rates higher than 1.19%, 7 days at 1.19% (average), and 6 days at lower rates. That should wind up averaging more than 1.19%.
There is a 0.01% waiver in effect. So the annual yield without waiver would be about one basis point lower.

Yes, 3-5 year look-backs make more sense and are a more reliable indicator than 1 year. I too observe those statistics which @KHaw24 mentioned. As for dividends, well... I've begun to grow a sleeve of single-stocks which pay divvies. Of course, my big slug in FINANCIALS in PRISX will pay, but I won't see that until December. In the current stinky market, dividend payers have the advantage of "paying you" while we all wait for better conditions. My BHB Bar Harbor Bank pays quarterly, so that's the exception for me. My TRP Equity Income PRFDX does not yield as much as the ones you listed. @Bobpa

It's really not apples to apples compariosn to compare funds on a 1 yr basis. It's one the performance categories bit probably way down my list of importance. In simple terms, a lot of the 'top performers' on 1 year performance basis are in the same categories that held up diring the first half of 2022...Energy, Dividend paying funds, Large Cap Value etc...
I prefer 3 and 5 year numbers personally, especially returns vs category! I also look at Upside/Downside on 3 and 5yrs, SD, Beta, Yield (if any), Sector Allocation (usually a good indicator of the source of the outperformance), Concentration ...
As far as your hoices mentioned, I own SCHD as well so I'm not sure if you are asking to add another 'Value/Dividend ETF' in addition to that one?

I have been a Schwab customers for many years. Yesterday, for the first time I learned in my taxable account that I can not place a sell order for SWVXX and immediately place a buy order for a mutual fund from another fund family. (Strangely, about a month ago I transferred cash from my bank to Schwab and parked the cash in SWVXX to later buy a mutual fund. Evidently, the $200K I have in SWVXX gives me a margin buying power of $30K to buy another mutual fund before SWVXX sale is settled - very strange.) I called the Schwab rep and he said Schwab changed their policy a year ago and now you have to wait for the mutual fund sold to settle before you can place a buy order (SWVXX is treated as a mutual fund). When I showed him that recently I had no problem switching mutual funds on the same day in my IRA, like I always did, he said the new rule applies only to taxable account. W/r/t my taxable account, I asked him to clarify and after two days he still has not gotten back to me with answers to (1) why I am not allowed to use immediately 90% of the potential sale proceeds of SWVXX (or any mutual fund) to buy another fund? and (2) why I am not allowed to use the exchange feature to sell and buy funds from the same non-Schwab fund family? I no longer own any mutual funds in my taxable account to test if (2) is correct, except that is what the rep said.
It is already punitive that Schwab does not provide a MM fund as a sweep account like Vanguard and Fidelity do. Schwab wants to discourage using their MM funds and force liquid funds into zero interest cash account if immediate liquidity is desired. Schwab has gotten so used to paying no interest on cash in its bank and brokerage accounts that it does not want to pay any yield now, even when FF rate continues to go up.
I am surprised it is legal for Schwab not to give its customers access to any non-Schwab money market funds. I could not find this access on their website and the Schwab Rep said that is the case.
More likely I will be moving the cash from Schwab to (Fidelity or Vanguard) where I can get a better yield in the sweep account than in SWVXX.

I am considering exchanging some positions I have in some conservative allocation funds for some dividend ETF's. I have looked at some which have better 1 years returns, such as PEY, DVY, GCOW, SPYD, CDC, CDL, and DHS. Looking forward does it make sense to move from the 30-50% stock portfolio of conservative allocation funds to the ETF's? I already have a position in SCHD.
The dollars now invested in the CA funds probably would not be needed for 3-4 years. Any opinions on the move or the ETF'S being considered. PMEFX is the only CA Allocation fund I have that has held up well. It is now yielding 4.49% (according to Morningstar) and is about 15.5% of my total portfolio. If I was to move the other CA Allocation funds into it, the position would be 27% and I am not sure I am comfortable with that much in one position. Thank you for any comments.

I spoke to multiple reps at Schwab this afternoon and got multiple answers. I was told I am getting 1.19% and to ignore the .6% as it was a known technical issue. Later I spoke to a “Pinnacle” rep,,,, supposed to be their brightest and best. He said without hesitation that the rate is .6%. When I told him what I had been told ten minutes earlier he transferred me to a tech support person who knew nothing about the known issue. He then transferred me to a broker who said 1.19%. I used to be a fan of Schwab.

I hope Schwab is in fact giving us the rates shown at https://www.schwab.com/money-market-funds. The rates at the link already represent an opportunity cost (about 20 bps for minimums below $1M) relative to MMF rates at Vanguard, which requires rock bottom minimums. If the actual rate credited by Schwab to our accounts is much lower, that would be very annoying.
It seems non-Schwab MM funds are not available on the Schwab platform. Same with TD Ameritrade. Is that correct?

While I a not sure I believe them, Schwab chat claims with fed reserve raising rates, next months payout will be close to 1.19%. The "waivers' apply to individual investors also he says. The $1.61 was on6/15 same day fed hiked rates

I saw the same data.
One of my smaller accounts received $1.61 on 6/15 on a SWVXX balance of $3217
Annualizing it and not accounting for compounding that is $19.32 a year
19.32/3217 is 0.6%
Will email them.

@larryB, sloppy updates. I just checked in my account,
SNVXX 7-day yield 0.45% as of 4/7/22,
SWVXX 7-day yield 0.60% as of 6/27/22.
These data are either stale or wrong.
Schwab website is showing 1.07% and 1.19%, respectively. https://www.schwab.com/money-market-funds

@YBB. I am logged on to my Schwab account right now. SWVXX value advantage money fund is reported to have a 7 day yield of 1.19% under the research tab. However I own this fund and my position reports a yield of .6%. I have asked Schwab to explain this to me and tell me what’s going on and for days they claim “technical problems “. SNVXX showing 1.07%. But who knows?

M-mkt ERs are quite different:
Vanguard VMFXX 0.11% (core/settlement)
Schwab SNVXX 0.35% (no core/settlement m-mkt funds at Schwab)
Fidelity SPAXX 0.42% (core/settlement) (Fido also has policy of sequentially tapping other better Fido m-mkt funds)
Keep an eye on 3-mo Treasury rates, $IRX (scale is 10x),
https://stockcharts.com/h-sc/ui?s=$IRX&p=D&yr=1&mn=0&dy=0&id=p99540670730

I just looked at take home after taxes ( Mass tax is 5%)
At Schwab Short term treasuries look the best with 3 mo 1.47 vs Schwab MM 1.11
Their muni MM at my tax rate is 0.64% pretty pathetic!
I guess the spread at 3mos implies that rates will be much higher by then, or is it just Schwab's fee etc?

Portfolio Visualizer is a great site. Each PV run (linkable) provides an in-depth analysis of 3-4 portfolios or tickers (1 fund portfolios).
But PV is also trying to monetize. Basic/free signup that allowed storing portfolios was eliminated a while ago & it now has only subscription tiers. Free/unsigned access for analyses/runs still remains and portfolios can be saved on Excel & uploaded for PV runs. How long this will continue? I don't know.
This is a common business model - provide free software services, debug & develop software features, switch to subscriptions when enough people have sign up. This is what M* has been doing too - out of free services came M* Office, M* Direct, now M* Investor.
For charting, free Stockcharts is quite good. Yahoo Finance is OK for quotes & historical data, but its price-only charts (without reinvestments) are of limited value; they are also not linkable. Yahoo login is also finicky due to past business tie-ins and ownership changes.