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Dividend Vision

ETF Comparison

DIVO vs SCHD: Sell Upside for Cash, or Own a Quality Screen?

A head-to-head of Amplify CWP Enhanced Dividend Income and Schwab U.S. Dividend Equity covering overwrite versus quality rules.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • DIVOInvestors who want higher current income (4.85% vs 3.26% for SCHD).
  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

DIVO has lagged SCHD over the trailing twelve months, posting a 12.22% total return against 23.02%. The picture flips over 5 years, though — DIVO has compounded at 11.43% a year, ahead of SCHD at 9.29%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualizedSince Dec 2016Volatility Sharpe Sortino Max drawdown
DIVO8.41%12.22%16.71%11.43%12.45%10.8%1.021.50-12.1%
SCHD20.89%23.02%15.99%9.29%12.30%13.2%0.791.15-16.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Dec 2016” measures every fund from December 14, 2016 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDIVOSCHD
Full nameAmplify CWP Enhanced Dividend Income ETFSchwab U.S. Dividend Equity ETF
IssuerAmplify ETFsSchwab
Last Close$46.74 as of October 2, 2026$32.72 as of October 2, 2026
Distribution rate4.85%3.26%
Trailing 12-month yield6.45%3.22%
Distribution Safety Score™ 93100
Safety-Adjusted Yield 4.51%3.26%
Expense ratio0.56%0.06%
AUM$7.86B$110B
Distribution frequencyMonthlyQuarterly
Underlying index—Dow Jones U.S. Dividend 100 Index
ObjectiveSeeks to provide current income as the primary objective and capital appreciation as the secondary objective by investing at least 80% of net assets in dividend-paying U.S. exchange-traded equity securities while opportunistically utilizing covered call options on those securities.Seeks to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100 Index, which measures the performance of high dividend yielding stocks issued by U.S. companies with a record of consistently paying dividends, selected for fundamental strength relative to their peers based on financial ratios.
Asset classEquityEquity
Inception date12/14/201610/20/2011
Beta0.540.56
Last dividend$0.18904$0.2665
Ex-dividend date09/29/202609/23/2026

Bottom lineChoose DIVO if you want higher current income (4.85% vs 3.26% for SCHD). Choose SCHD if you want a quality-dividend tilt rather than the whole market.

Overwrite versus a quality dividend screen

DIVO sells call premium on dividend stocks. SCHD owns a quality screen and keeps the upside. Overlay versus rules is the split.

DIVOSCHD
EngineCovered-call overwriteQuality dividend screen
Expense ratio0.56%0.06%
Distribution rate4.85%3.26%
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Amplify ETFs
ETFs46
Total AUM$16.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Amplify ETFs is known for offering specialized, thematic investment solutions across diverse market segments including digital assets, commodities, and dividend strategies. The issuer's lineup spans multiple fund families covering income-focused strategies, covered call approaches, commodity exposure, and thematic sectors such as cybersecurity, blockchain, gaming, and sustainable investing. Notable for tickers like BLOK (blockchain), HACK (cybersecurity), and DIVO (dividend), Amplify combines traditional income strategies with alternative themes and emerging asset classes, appealing to investors seeking both yield and exposure to innovation-driven sectors.

See our curated list of related YouTube videos on DIVO.

See all Amplify ETFs ETFs
Schwab
ETFs33
Total AUM$612B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHD.

See all Schwab ETFs

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Quick verdict

DIVO (Amplify CWP Enhanced Dividend Income ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both dividend ETFs, but they take different approaches.

DIVO offers the higher yield at 4.85% vs 3.26% for SCHD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHD is cheaper with an expense ratio of 0.06% compared to 0.56%.

SCHD is the larger fund by assets ($110B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose DIVO

Amplify CWP Enhanced Dividend Income ETF

  • Want higher current income — DIVO yields 4.85% vs 3.26% for SCHD.
  • Want broad equity exposure.

Choose SCHD

Schwab U.S. Dividend Equity ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.06% expense ratio vs 0.56% for DIVO.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, DIVO would generate roughly $40.42 cash per distribution, while SCHD would produce $81.50 cash per distribution, at current distribution rates.

DIVO yield4.85%
SCHD yield3.26%
Cash diff on $10K$41.08

Cost & efficiency

Over 10 years on $10,000, DIVO would cost approximately $560 in fees vs $60 for SCHD (simplified, not compounded). The $500.00 difference may be offset by yield or performance.

DIVO ER0.56%
SCHD ER0.06%

Strategy & risk

DIVO is an ETF built around a derivative overlay strategy, while SCHD tracks Dow Jones U.S. Dividend 100 Index. Beta is 0.54 for DIVO and 0.56 for SCHD — effectively similar market sensitivity.

DIVO beta0.54
SCHD beta0.56

Fund details

DIVO is managed by Amplify ETFs (launched 12/14/2016) with $7.86B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets.

DIVO AUM$7.86B
SCHD AUM$110B
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Frequently asked questions

What is the difference between DIVO and SCHD?

DIVO (Amplify CWP Enhanced Dividend Income ETF) writes covered calls on dividend stocks. SCHD (Schwab U.S. Dividend Equity ETF) screens quality US dividend payers and does not sell upside. Overlay versus screen is the live difference. Cost is 0.56% versus 0.06%; distributions are 4.85% and 3.26% as of October 2026.

What is the current distribution rate for DIVO and SCHD?

DIVO currently distributes 4.85% and SCHD 3.26%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is DIVO or SCHD better for dividend income?

It depends on your goals. DIVO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both DIVO and SCHD?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is DIVO or SCHD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SCHD scores 100, DIVO scores 93, so SCHD's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DIVO or SCHD?

DIVO has an expense ratio of 0.56% while SCHD charges 0.06%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DIVO vs SCHD generate?

At current rates, $10,000 in DIVO would generate roughly $40.42 cash per distribution ($485.00 annually). The same in SCHD would produce about $81.50 cash per distribution ($326.00 annually).

Which has performed better historically, DIVO or SCHD?

DIVO has lagged SCHD over the trailing twelve months, posting a 12.22% total return against 23.02%. The picture flips over 5 years, though — DIVO has compounded at 11.43% a year, ahead of SCHD at 9.29%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DIVO vs SCHD — at a glance

Generated October 3, 2026.

Overview

DIVO and SCHD both target dividend income from U.S. large-cap equities, but employ fundamentally different approaches. SCHD is a passive index tracker following the Dow Jones U.S. Dividend 100 Index, while DIVO actively overlays covered call options on dividend-paying stocks to enhance yield. This structural difference—passive indexing versus active option strategy—drives their divergent costs, income profiles, and risk characteristics.

How they differ

The largest distinction is strategy: SCHD replicates a dividend-quality index through buy-and-hold exposure, while DIVO writes covered calls on its equity holdings to generate additional income. This explains why DIVO's distribution rate is 4.85% versus SCHD's 3.26%—DIVO's yield includes call premium capture.

Who each is best for

DIVO: Fits investors who prioritize high current income and are comfortable with capped upside potential in exchange for enhanced monthly cash flow. The covered call overlay appeals to those seeking yield above traditional dividend-stock baskets.

SCHD: Designed for long-term dividend accumulators seeking low-cost, passive exposure to consistent dividend payers with minimal trading activity. Works well for investors indifferent to monthly distributions and comfortable with quarterly payouts.

Key risks to know

  • Covered call NAV drag. DIVO's call writing caps equity appreciation and may result in shares being called away at strike prices below intrinsic value, limiting long-term capital growth. The premium captured funds higher distributions but not underlying price gains.
  • Yield sustainability through premium capture. DIVO's elevated yield depends on sustained call premium—a tightening vol environment or lower equity demand for call protection could compress its distribution rate relative to SCHD's.
  • Index tracking purity. SCHD aims to track the Dow Jones Dividend 100 Index; tracking error can arise from cash drag, rebalancing lag, and fee impact, though its 0.06% fee is minimal.
  • Concentration in dividend-quality equities. Both funds focus on high-dividend payers, creating overlap in portfolio holdings and sector/stock concentration risk not visible in asset-level comparison alone. Economic cycles affecting dividend-growth stocks affect both.
  • Beta and drawdown similarity. Both funds report betas near 0.54–0.56, suggesting similar market sensitivity to broad equity declines, despite their structural differences.

Bottom line

If you want the simplest, lowest-cost path to a diversified basket of U.S. dividend growers, SCHD's 0.06% fee and $110B scale make it the economical default. If higher monthly income from call premium is your priority and you accept capped price appreciation, DIVO's 4.85% yield justifies its 0.56% fee—provided you monitor whether call premiums remain rich enough to sustain that payout. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.