This study compares the voxel-based morphometry (VBM) and region-of-interest (ROI)-based volumetric analysis in schizophrenia. Magnetic Resonance Imaging (MRI) data of 50 unmedicated schizophrenia patients and 82 healthy controls were examined. ROI-based volumetric analysis was performed by tracing caudates on anterior commissure and posterior commissure (ACPC)-positioned MRI. The comparison of 20 subjects in the lower and upper 25% for traced caudate size and the comparison between patients and controls revealed significantly reduced gray matter concentration in the caudate through VBM. Caudate volume (absolute and relative) revealed that patients with schizophrenia had smaller caudate nuclei than controls. The ROC results demonstrated that the performance of VBM (area under the curve (AUC): 61%) was similar to that of ROI-based volumetric analysis (AUC: 61% for relative ROI volume) and their correlation was 0.51 (p<0.05). These results suggest that to be an alternative to ROI-based volumetry in schizophrenia, cautious interpretation of VBM may be needed.