In 23 games so far this season, Schmaltz had two goals and nine assists with the Blackhawks, but had struggled to find a regular place in the top six forward group as he struggled to put the puck in the net.
Schmaltz is also due to hit restricted free agency this summer, and would have been in line for a pay increase that the Blackhawks were going to be challenged to finance.
In exchange, the Blackhawks received forward Dylan Strome and forward Brendan Perlini from the Coyotes. Strome has scored three goals and dished out three assists in 20 games this season, but has never found the success at the NHL level that could have been expected after being the number three overall pick in the 2015 NHL Draft.
In 22 games with the Coyotes this season, Perlini has two goals and four assists. Last season, the forward set career highs in both categories, with 17 goals and 13 assists.
The Blackhawks will next take the ice on Tuesday night when they face the Vegas Golden Knights at the United Center.