EEM Meets SCHF

Last week I profiled the new Schwab Broad Market ETF SCHB that Schwab clients can trade commission free.
Today I'm taking a look at the alignment of Schwab's SCHF (emerging markets ETF) and the EEM. The chart on the left is shown on 5 minute bars and compares the price line charts of EEM (blue) and SCHF (white).
The chart on the right shows EEM versus the NYAD on 2 minute bars.
The simple implication for daytraders is that the close correlation between SCHF, EEM and NYAD make it a viable (commission free) VIXEN trading vehicle and/or a proxy for EEM system based trades.
As with SCHB and SPY, SCHF does lag in daily volume relative to EEM.
EEM trades about 50M shares a day with .01 spreads while SCHF trades about 200K with .03 spreads. While there are options on SCHF, there is currently no open interest.
Both SCHB and SCHF have only been active since 11/03/09 so the anticipation is that volume will pick up somewhere down the road.
Daytrading the SCHF (and SCHB) can be something of a leap of faith given there are frequent 5 and 10 minute bars with no volume, but tracking the SCHB against the SPY and the SCHF against the EEM based on % change has consistently shown an extremely high correlation and mean reversion behavior.