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Security Comparison

FXAIX vs SCHD: The Index Fund, or a Dividend Screen?

A head-to-head of Fidelity's 500 Index Fund and Schwab's U.S. Dividend Equity ETF covering trading, payout, cost, and role.

Data updated September 18, 2026

Best for

  • FXAIXInvestors who want broad equity exposure.
  • SCHDInvestors who want higher current income (3.00% vs 1.03% for FXAIX).

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.

FXAIX has lagged SCHD over the trailing twelve months, posting a 17.26% total return against 27.11%. The picture flips over 10 years, though — FXAIX has compounded at 15.52% a year, ahead of SCHD at 12.93%. 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 Oct 2011Volatility Sharpe Sortino Max drawdown
FXAIX12.45%17.26%21.45%13.19%15.52%15.22%15.0%1.001.44-18.5%
SCHD23.46%27.11%15.30%9.83%12.93%13.32%13.2%0.741.08-16.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Oct 2011” measures every fund from October 20, 2011 — 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.
MetricFXAIXSCHD
Full nameFidelity 500 Index FundSchwab U.S. Dividend Equity ETF
IssuerFidelity InvestmentsSchwab
Last Close$266.43 as of September 18, 2026$33.68 as of September 18, 2026
Distribution rate1.03%3.00%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 1.03%3.00%
Expense ratio0.015%0.06%
AUM$859B$110B
Distribution frequencyQuarterlyQuarterly
Underlying index—Dow Jones U.S. Dividend 100 Index
Objective—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 date02/17/198810/20/2011
Beta1.00.56
Last dividend$0.695$0.2525
Ex-dividend date07/10/202606/24/2026

Bottom lineChoose FXAIX if you want broad equity exposure. Choose SCHD if you want higher current income (3.00% vs 1.03% for FXAIX).

FXAIX vs SCHD: S&P 500 fund or dividend screen?

FXAIX is Fidelity's S&P 500 index mutual fund. SCHD is a quality-dividend ETF. Wrapper and screen are the decision.

FXAIXSCHD
VehicleIndex mutual fundETF
What it ownsS&P 500Quality US dividend payers
TradingEnd-of-day net asset valueIntraday at a market price
Expense ratio0.015%0.06%
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Income calculator

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

Schwab
ETFs33
Total AUM$609B

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

FXAIX (Fidelity 500 Index Fund) is a mutual fund, while SCHD (Schwab U.S. Dividend Equity ETF) is an ETF — their trading structures differ.

SCHD offers the higher yield at 3.00% vs 1.03% for FXAIX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

FXAIX is cheaper with an expense ratio of 0.015% compared to 0.06%.

FXAIX is the larger fund by assets ($859B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FXAIX

Fidelity 500 Index Fund

  • Want broad equity exposure.
  • Want to keep costs low — a 0.015% expense ratio vs 0.06% for SCHD.

Choose SCHD

Schwab U.S. Dividend Equity ETF

  • Want higher current income — SCHD yields 3.00% vs 1.03% for FXAIX.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.6 vs 1.0 for FXAIX.

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, FXAIX would generate roughly $8.58/month, while SCHD would produce $25.00/month, at current distribution rates. Both pay quarterly distributions.

FXAIX yield1.03%
SCHD yield3.00%
Monthly diff on $10K$16.42

Cost & efficiency

Over 10 years on $10,000, FXAIX would cost approximately $15 in fees vs $60 for SCHD (simplified, not compounded). The $45.00 difference may be offset by yield or performance.

FXAIX ER0.015%
SCHD ER0.06%

Strategy & risk

SCHD tracks Dow Jones U.S. Dividend 100 Index. FXAIX is a mutual fund whose tracked index or strategy detail is not recorded in our data, so this comparison rests on the measured figures — yield, fees, size, and performance — rather than strategy labels. Beta is 1.0 for FXAIX and 0.56 for SCHD, making SCHD the less volatile of the two by this measure.

FXAIX beta1.0
SCHD beta0.56

Fund details

FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets.

FXAIX AUM$859B
SCHD AUM$110B
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Frequently asked questions

What is the difference between FXAIX and SCHD?

FXAIX (Fidelity 500 Index Fund) is a Fidelity S&P 500 index mutual fund that transacts at end-of-day net asset value. SCHD (Schwab U.S. Dividend Equity ETF) is an ETF that screens US dividend payers for quality. Cost is 0.015% versus 0.06%; distributions are 1.03% and 3.00% as of September 2026. FXAIX is a mutual fund, not an exchange-traded fund. The index versus the dividend screen is the decision.

What is the current distribution rate for FXAIX and SCHD?

FXAIX currently distributes 1.03% and SCHD 3.00%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FXAIX 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 FXAIX 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 FXAIX 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 — they are effectively tied: FXAIX scores 100, SCHD scores 100. Neither has a clear safety edge on that measure. SCHD has also shown lower price volatility (beta 0.56 vs 1.00 for FXAIX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FXAIX or SCHD?

FXAIX has an expense ratio of 0.015% 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 FXAIX vs SCHD generate?

At current rates, $10,000 in FXAIX would generate roughly $8.58 per month ($103.00 annually). The same in SCHD would produce about $25.00 per month ($300.00 annually).

Which has performed better historically, FXAIX or SCHD?

FXAIX has lagged SCHD over the trailing twelve months, posting a 17.26% total return against 27.11%. The picture flips over 10 years, though — FXAIX has compounded at 15.52% a year, ahead of SCHD at 12.93%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FXAIX vs SCHD — at a glance

Generated September 19, 2026.

Overview

FXAIX is a broad market mutual fund tracking the S&P 500, holding roughly 500 large-cap U.S. stocks with equal weighting across all constituents. SCHD is an ETF that selectively holds 100 high-dividend-yielding large-cap stocks filtered for consistent payment history and relative financial strength. The core distinction: FXAIX offers full market exposure with minimal income, while SCHD targets dividend-paying stocks with a material yield premium.

How they differ

FXAIX and SCHD pursue entirely different strategies. FXAIX tracks the S&P 500 mechanically, holding all 500 index members regardless of dividend profile, while SCHD filters for 100 stocks specifically chosen for dividend yield and payment reliability. That selection difference shows up in yield: SCHD distributes 3.00% compared to FXAIX's 1.03%, nearly a threefold gap. SCHD's beta of 0.56 versus FXAIX's 1.0 signals that the Dividend 100 Index's concentrated, filtered exposure moves less than the full market.

Who each is best for

  • FXAIX: Fits investors seeking maximum market breadth with minimal expenses and no preference for dividend concentration—those building core equity positions and indifferent to income yield.
  • SCHD: Fits investors prioritizing current income from dividends while staying within large-cap U.S. equities, or those comfortable sacrificing full market exposure for a lower-volatility, dividend-focused subset.

Key risks to know

  • Concentration and sector tilt: SCHD's 100-stock filtered basket is more concentrated than FXAIX's 500, and selecting for dividend yield naturally overweights sectors with higher payout ratios (financials, utilities, energy), introducing sector concentration risk that the S&P 500 disperses across all industries.
  • Dividend sustainability and distribution cuts: SCHD's 3.00% yield depends on the underlying 100 companies maintaining their dividend policies. Economic downturns or company-specific stress can trigger dividend cuts, potentially eroding both yield and the fund's relative attractiveness.
  • Beta and downside capture: SCHD's 0.56 beta means it typically declines less than the broad market in downturns, but also rises less in rallies; this dampened exposure could underperform during strong equity bull markets where growth and non-dividend stocks lead.
  • Reduced growth exposure: FXAIX includes growth-oriented, non-dividend-paying companies (tech, biotech); SCHD's dividend filter excludes or underweights high-growth firms, potentially missing upside in periods when reinvestment and capital appreciation drive market returns.

Bottom line

If you want full S&P 500 exposure with rock-bottom fees and no income requirement, FXAIX delivers that cleanly. If you prioritize current dividend income and are comfortable with a more concentrated, lower-volatility portfolio tilted toward dividend payers, SCHD's 3.00% yield and 0.56 beta reflect that tradeoff explicitly. 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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