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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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • FDVVInvestors who want a quality-dividend tilt rather than the whole market.
  • SCHDInvestors who want higher current income (3.26% vs 2.38% for FDVV).

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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

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.

FDVV has lagged SCHD over the trailing twelve months, posting a 11.98% total return against 23.02%. The picture flips over 10 years, though — FDVV has compounded at 13.09% a year, ahead of SCHD at 12.55%. 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 annualized10Y annualizedSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDVV9.21%11.98%20.42%13.87%13.09%13.13%12.6%1.131.63-15.9%
SCHD20.89%23.02%15.99%9.29%12.55%12.59%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 Sep 2016” measures every fund from September 15, 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.
MetricFDVVSCHD
Full nameFidelity High Dividend ETFSchwab U.S. Dividend Equity ETF
IssuerFidelity InvestmentsSchwab
Underlying indexFidelity High Dividend IndexDow Jones U.S. Dividend 100 Index
Last Close$60.92 as of October 2, 2026$32.72 as of October 2, 2026
Distribution rate2.38%3.26%
Trailing 12-month yield2.81%3.22%
Distribution Safety Score™ 93100
Safety-Adjusted Yield 2.21%3.26%
Expense ratio0.15%0.06%
AUM$10.3B$110B
Distribution frequencyQuarterlyQuarterly
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
Beta0.760.56
Last dividend$0.362$0.2665
Ex-dividend date09/18/202609/23/2026

Bottom lineChoose FDVV if you want a quality-dividend tilt rather than the whole market. Choose SCHD if you want higher current income (3.26% vs 2.38% for FDVV).

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Income calculator

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

Fidelity Investments
ETFs85
Total AUM$210B

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

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FDVV.

See all Fidelity Investments 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

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

SCHD offers the higher yield at 3.26% vs 2.38% for FDVV. 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 have different reference exposures: FDVV is linked to Fidelity High Dividend Index while SCHD is linked to Dow Jones U.S. Dividend 100 Index, which means their performance drivers differ.

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

Deep dive

Yield & income

On a $10,000 investment, FDVV would generate roughly $59.50 cash per distribution, while SCHD would produce $81.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.

FDVV yield2.38%
SCHD yield3.26%
Cash diff on $10K$22.00

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 0.76 for FDVV and 0.56 for SCHD, making SCHD the less volatile of the two by this measure.

FDVV beta0.76
SCHD beta0.56

Fund details

FDVV is managed by Fidelity Investments (launched 09/12/2016) with $10.3B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets.

FDVV AUM$10.3B
SCHD AUM$110B
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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 — 2.38% against 3.26% as of October 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 rate for FDVV and SCHD?

FDVV currently distributes 2.38% 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 FDVV or SCHD better for dividend income?

It depends on your goals. SCHD 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 0.76 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 $59.50 cash per distribution ($238.00 annually). The same in SCHD would produce about $81.50 cash per distribution ($326.00 annually).

Which has performed better historically, FDVV or SCHD?

FDVV has lagged SCHD over the trailing twelve months, posting a 11.98% total return against 23.02%. The picture flips over 10 years, though — FDVV has compounded at 13.09% a year, ahead of SCHD at 12.55%. 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 October 3, 2026.

Overview

FDVV and SCHD are both U.S. large-cap dividend ETFs that track passive indexes, but they differ in index construction, yield, and fund size. Dividend 100 Index, which applies fundamental strength screens to a narrower universe of consistent dividend payers. SCHD is substantially larger and cheaper to own, while FDVV delivers a gentler yield profile.

How they differ

SCHD yields 3.26% versus FDVV's 2.38%—a 88-basis-point gap that reflects SCHD's tighter focus on the highest-yielding stocks. Both track mechanically, but SCHD's underlying index screens for fundamental value ratios alongside dividends, whereas FDVV emphasizes growth dividend payers. SCHD's beta of 0.56 sits below FDVV's 0.76, indicating lower market sensitivity, likely due to the index's tighter selection rules.

Who each is best for

  • FDVV: Fits investors seeking moderate dividend income alongside potential capital appreciation, favoring a broader universe of dividend growers that may include names with younger or moderately expanding payouts.
  • SCHD: Designed for income-focused holders who prioritize higher current yield and lower volatility, willing to accept a narrower stock list in exchange for measurable dividend consistency and lower fund costs.

Key risks to know

  • Concentration in high-yielding names. SCHD's 100-stock index versus a broader universe means sector and single-stock concentration risk may be higher; dividend-heavy portfolios often cluster in industrials, utilities, and financials, amplifying exposure to interest-rate or sector rotation shocks.
  • Dividend cut vulnerability. Both funds hold companies screened for dividend stability, yet past consistency does not prevent cuts during recessions or downturns; economic weakness typically pressures both payouts and share prices simultaneously.
  • Yield-chasing performance gap. SCHD's higher yield may reflect value or mechanical selection biases that underperform growth markets over extended periods; mean-reversion to higher dividend exposure has sometimes lagged during extended bull runs in technology.
  • Beta divergence. FDVV's higher beta of 0.76 means it may amplify downturns relative to SCHD, and the gap between their betas suggests different underlying holdings; overlap should be verified before holding both.

Bottom line

If you want lower costs and a higher current payout with less market volatility, SCHD's expense ratio and 3.26% yield stand out. If you prefer a broader dividend-growth mandate and don't need the highest yield today, FDVV's gentler profile may fit a longer time horizon. Both carry dividend-specific risks—payouts can be cut, and high-yield concentration can lag in growth markets. Past performance does not predict 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 to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.