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Dividend Vision

ETF Comparison

FDVV vs SCHD: Take the Yield, or Screen for Quality?

A head-to-head of Fidelity High Dividend and Schwab's U.S. Dividend Equity ETF covering selection rules, payout, cost, and drawdown.

Data updated August 19, 2026

Best for

  • FDVVInvestors who want a quality-dividend tilt rather than the whole market.
  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.

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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 20.17% total return against 33.45%. The picture flips over 10 years, though — FDVV has compounded at 13.72% a year, ahead of SCHD at 13.13%. 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.
SymbolYTD1Y3Y5Y10YSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDVV13.37%20.17%20.57%14.55%13.72%13.72%12.6%1.141.63-15.9%
SCHD28.63%33.45%16.97%10.46%13.13%13.46%13.2%0.851.25-16.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFDVVSCHD
Full nameFidelity High Dividend ETFSchwab U.S. Dividend Equity ETF
IssuerFidelity InvestmentsSchwab
Last Close$63.58 as of August 19, 2026$34.51 as of August 19, 2026
Distribution yield3.27%2.93%
Distribution Safety Score™ 93100
Expense ratio0.15%0.06%
AUM$10.6B$109B
Distribution frequencyQuarterlyQuarterly
Underlying indexFidelity High Dividend IndexDow Jones U.S. Dividend 100 Index
ObjectiveSeeks to track the Fidelity High Dividend Index, investing at least 80% of assets in large- and mid-capitalization high-dividend-paying companies expected to keep paying and growing their dividends.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 date09/12/201610/20/2011
Beta0.780.56
Last dividend$0.5190$0.2525
Ex-dividend date06/18/202606/24/2026

Bottom lineFDVV and SCHD are both for investors who want a quality-dividend tilt rather than the whole market — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

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Income calculator

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

Fidelity Investments
ETFs82
Total AUM$202B

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.

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Schwab
ETFs34
Total AUM$616B

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.

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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 3.27% vs 2.93% 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 ($109B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, FDVV would generate roughly $27.25/month, while SCHD would produce $24.42/month, at current distribution rates. Both pay quarterly distributions.

FDVV yield3.27%
SCHD yield2.93%
Monthly diff on $10K$2.83

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, while SCHD tracks Dow Jones U.S. Dividend 100 Index. Beta is 0.78 for FDVV and 0.56 for SCHD, making SCHD the less volatile of the two by this measure.

FDVV beta0.78
SCHD beta0.56

Fund details

FDVV is managed by Fidelity Investments (launched 09/12/2016) with $10.6B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $109B in assets.

FDVV AUM$10.6B
SCHD AUM$109B
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Frequently asked questions

What is the difference between FDVV and SCHD?

FDVV (Fidelity High Dividend ETF) screens Fidelity High Dividend Index for high current yield. SCHD (Schwab U.S. Dividend Equity ETF) screens Dow Jones U.S. Dividend 100 Index for consistency and fundamental quality. That is why FDVV usually prints the larger payout — 3.27% against 2.93% as of August 2026 — and often a rougher ride. Cost is 0.15% versus 0.06%. The larger yield is the screen, not a better dividend fund. Compare total return and drawdown with the cash figure.

What is the current distribution yield for FDVV and SCHD?

FDVV currently distributes 3.27% and SCHD 2.93%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

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.

Can I hold both FDVV 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 FDVV 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, FDVV scores 93, so SCHD's payout currently looks the more resilient of the two. SCHD has also shown lower price volatility (beta 0.56 vs 0.78 for FDVV). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

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 $27.25 per month ($327.00 annually). The same in SCHD would produce about $24.42 per month ($293.00 annually).

Which has performed better historically, FDVV or SCHD?

FDVV has lagged SCHD over the trailing twelve months, posting a 20.17% total return against 33.45%. The picture flips over 10 years, though — FDVV has compounded at 13.72% a year, ahead of SCHD at 13.13%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FDVV vs SCHD — at a glance

Generated August 15, 2026.

Overview

FDVV and SCHD are both low-cost equity ETFs designed to capture U.S. dividend income by tracking indexes of high-dividend-paying stocks. The key difference: FDVV casts a wider net across large and mid-cap dividend payers, while SCHD focuses narrowly on the 100 largest U.S. companies with the strongest dividend track records and financial fundamentals.

How they differ

SCHD starts with a much narrower selection rule—the Dow Jones U.S. Dividend 100 Index screens for just 100 large-cap stocks with consistent payout histories and strong financial metrics—while FDVV tracks the broader Fidelity High Dividend Index, which includes both large and mid-cap names expected to maintain and grow dividends. That concentration shows up in volatility: SCHD has a beta of 0.56 versus FDVV's 0.78, meaning SCHD gyrates less with broad market moves. FDVV yields 3.23% compared to SCHD's 2.93%, a 30-basis-point spread that reflects the wider net. On costs, SCHD wins decisively at 0.06% expense ratio versus FDVV's 0.15%, a meaningful gap at this scale. SCHD also dominates in assets under management, with $106B versus FDVV's $10.4B, suggesting tighter spreads and more liquid trading in SCHD.

Who each is best for

FDVV: Fits investors who want exposure to a broader dividend-paying universe across the capitalization spectrum and are comfortable with modestly higher volatility in exchange for a higher current yield.

SCHD: Designed for investors who prioritize lower cost, lower volatility, and a more concentrated portfolio of the most financially robust dividend-payers, and who favor a lighter trading footprint with minimal market tracking error.

Key risks to know

  • Index concentration risk for SCHD. Limiting the portfolio to 100 stocks selected for fundamental strength means bigger single-name exposure and less diversification cushion than a broader dividend strategy; performance hinges on those 100 holding up financially.
  • Mid-cap volatility for FDVV. By including mid-cap dividend payers, FDVV inherits more sensitivity to earnings surprises and smaller-company cyclicality; the higher beta of 0.78 means sharper drawdowns in downturns compared to SCHD's 0.56.
  • Dividend sustainability in a rising-rate environment. Both funds depend on companies maintaining and growing payouts. In a sharply higher rate environment, companies may face pressure to sustain distributions relative to reinvestment needs, particularly for mid-cap names in FDVV.
  • Opportunity cost of dividend focus. Both funds emphasize income over growth, which may lag broad-market total-return indexes in periods where capital appreciation drives performance.

Bottom line

SCHD offers a lower-cost, lower-volatility path for investors who want exposure to financially sturdy dividend payers and value efficiency; FDVV delivers a higher yield from a wider pool of stocks, accepting modestly higher costs and volatility. The choice hinges on whether you prefer the tighter, more selective approach with lower fees, or a broader net with stronger current income. 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.

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