They are more than schismed, for they teach different things. If we were only in schism, then we would not have two different doctrines, two teachings, two faiths. Two faiths is something hard to reconcile with a God who is Truth. If Christ is Truth, as He says, then this is no mere relativistic truth, whereby you say A, he says B, and you are both "right" as long as you are each happy. If Christ is Truth, and there is only one Truth as there is one God, then if one says A and another says B, one has to be wrong.
This is not schism. This is two different faiths. Why else would we even have two different Creeds, differing in as important a matter as who God has revealed Himself to be?