ETF Comparison

FDVV vs SCHD: Which Is the Better Pick in 2026?

A head-to-head comparison of Fidelity High Dividend ETF and Schwab U.S. Dividend Equity ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

Fidelity Investments

ETFs81

Total AUM$188B

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

Fidelity Investments is a major player in the ETF space, known for offering a comprehensive range of funds across diverse investment strategies and asset classes. Their lineup of 67 ETFs spans allocation, bond, dividend, equity, factor-based, income, index, international, and sector-focused strategies, with notable offerings including their Fidelity Factor and Fidelity Yield Enhanced families designed to capture specific market premiums and enhance income generation. The issuer serves both broad market investors and those seeking specialized exposure, with popular tickers like FBTC (their Bitcoin ETF) and various dividend and income-focused funds catering to different investor objectives and risk profiles.

See our curated list of related YouTube videos on FDVV.

See all Fidelity Investments ETFs

Schwab

ETFs34

Total AUM$574B

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

Schwab is known for offering low-cost, broad-based ETFs that serve both core portfolio holdings and specialized investment strategies. Their 33-fund lineup spans multiple asset classes including bonds, equities, international markets, digital assets, and factor-based strategies, with a notable emphasis on dividend-focused funds like SCHD alongside core index options. The issuer emphasizes accessibility for individual investors through competitive expense ratios and a diverse range of fund families designed to support various investment objectives.

See our curated list of related YouTube videos on SCHD.

See all Schwab ETFs

Side-by-side snapshot

	FDVV	SCHD
Full name	Fidelity High Dividend ETF	Schwab U.S. Dividend Equity ETF
Issuer	Fidelity Investments	Schwab
Last Close	$61.28 as of July 4, 2026	$32.39 as of July 4, 2026
Distribution yield	3.39%	3.12%
Distribution Safety Score	89	100
Expense ratio	0.15%	0.06%
AUM	$9.80B	$95.2B
Distribution frequency	Quarterly	Quarterly
Underlying index	Fidelity High Dividend Index	Dow Jones U.S. Dividend 100 Index
Objective	Dividend Income	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 class	Equity	Equity
Inception date	09/12/2016	10/20/2011
Beta	0.8	0.59
Last dividend	$0.5190	$0.2525
Ex-dividend date	06/18/2026	06/24/2026

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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

FDVV has lagged SCHD over the trailing twelve months, posting a 19.47% total return against 23.16%. The picture flips over 10 years, though — FDVV has compounded at 13.39% a year, ahead of SCHD at 12.50%. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Sep 2016	Volatility	Sharpe	Sortino	Max drawdown
FDVV	8.29%	19.47%	18.77%	13.59%	13.39%	13.39%	12.6%	1.02	1.45	-15.9%
SCHD	17.79%	23.16%	13.81%	8.69%	12.50%	12.64%	13.1%	0.65	0.94	-16.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2016” measures every fund from September 15, 2016 — the youngest fund's first trading day — 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.

Quick verdict

FDVV (Fidelity High Dividend ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

FDVV offers the higher yield at 3.39% vs 3.12% 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 0.15%.

They track different benchmarks: FDVV is linked to Fidelity High Dividend Index while SCHD tracks Dow Jones U.S. Dividend 100 Index, which means their performance drivers differ.

SCHD is the larger fund by assets ($95.2B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, FDVV would generate roughly $28.25/month, while SCHD would produce $26.00/month, at current distribution rates. Both pay quarterly distributions.

FDVV yield3.39%

SCHD yield3.12%

Monthly diff on $10K$2.25

Cost & efficiency

Over 10 years on $10,000, FDVV would cost approximately $150 in fees vs $60 for SCHD (simplified, not compounded). The $90.00 difference may be offset by yield or performance.

FDVV ER0.15%

SCHD ER0.06%

Strategy & risk

FDVV tracks Fidelity High Dividend Index with a dividend income approach, while SCHD tracks Dow Jones U.S. Dividend 100 Index with a basket approach. Beta is 0.8 for FDVV and 0.59 for SCHD, indicating SCHD is less volatile relative to the market.

FDVV beta0.8

SCHD beta0.59

Fund details

FDVV is managed by Fidelity Investments (launched 09/12/2016) with $9.80B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $95.2B in assets.

FDVV AUM$9.80B

SCHD AUM$95.2B

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Frequently asked questions

Is FDVV or SCHD better for dividend income?

It depends on your goals. FDVV 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.

What is the difference between FDVV and SCHD?

FDVV (Fidelity High Dividend ETF) tracks Fidelity High Dividend Index with a dividend income approach, while SCHD (Schwab U.S. Dividend Equity ETF) tracks Dow Jones U.S. Dividend 100 Index with a basket approach. They are issued by Fidelity Investments and Schwab respectively.

Can I hold both FDVV and SCHD?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, FDVV or SCHD?

FDVV has an expense ratio of 0.15% 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 FDVV vs SCHD generate?

At current rates, $10,000 in FDVV would generate roughly $28.25 per month ($339.00 annually). The same in SCHD would produce about $26.00 per month ($312.00 annually).

Which has performed better historically, FDVV or SCHD?

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FDVV vs SCHD — at a glance

Generated July 2026 from current fund data.

Overview

FDVV and SCHD are both large-cap U.S. dividend-focused ETFs that deliver quarterly income from stocks with strong dividend histories. The key difference lies in index construction: FDVV tracks Fidelity's proprietary High Dividend Index, while SCHD follows the Dow Jones U.S. Dividend 100 Index, which emphasizes consistent payers and screens for financial strength. SCHD is roughly 10 times larger by assets and charges half the expense ratio, while FDVV offers a slightly higher distribution yield.

How they differ

SCHD's index explicitly selects for both dividend consistency and fundamental financial strength, whereas FDVV's Fidelity index focuses primarily on high dividend yield. That structural difference shows up in the beta: SCHD's 0.59 beta is nearly 30% lower than FDVV's 0.8, suggesting SCHD holds more defensive, lower-volatility dividend stocks. On yield, FDVV edges ahead at 3.39% versus SCHD's 3.12%, a 27-basis-point gap that reflects Fidelity's tilt toward higher-yielding names. Cost is SCHD's advantage—its 0.06% expense ratio is less than half FDVV's 0.15%—and SCHD's $95.2B AUM dwarfs FDVV's $9.80B, likely translating to tighter trading spreads and greater index-tracking precision.

Who each is best for

FDVV: Fits investors seeking a straightforward high-yield dividend basket from a major provider, comfortable with slightly more volatility in exchange for a marginal yield premium.

SCHD: Designed for income-focused investors who prioritize lower portfolio volatility and cost efficiency, and value an index methodology that screens for dividend stability and financial health alongside yield.

Key risks to know

Index concentration risk: Both funds are tilted toward high-dividend equities, which skews the portfolio toward mature, lower-growth sectors and away from growth stocks; a prolonged shift toward capital appreciation over income could lag broad market returns.

Dividend cut risk: SCHD's index screens for consistency, but FDVV's yield-first approach could hold stocks nearer the edge of dividend sustainability; economic stress or sector downturns may force dividend reductions in either fund.

Interest-rate sensitivity: As rates rise, high-dividend stocks—especially those yielding only 3%—become less competitive versus fixed income; either fund could face headwinds if bond yields climb further.

Beta and market timing: SCHD's lower beta (0.59) means it underperforms in rising equity markets; FDVV's higher beta (0.8) offers more upside capture during rallies but also more downside in corrections.

Bottom line

If you want the lowest cost and most defensive dividend exposure with a proven index, SCHD's 0.06% fee, $95.2B scale, and financial-strength screening stand out. If you're willing to pay an extra 9 basis points annually for a higher dividend yield and slightly more market participation, FDVV's 3.39% distribution rate offers a trade-off. Past performance does not guarantee future results; both funds' returns depend on dividend sustainability and equity valuations going forward.

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