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ETF Comparison

SPHD vs SCHD: Two Different Dividend Rulebooks

A head-to-head of Invesco's S&P 500 High Dividend Low Volatility ETF and Schwab's U.S. Dividend Equity ETF covering screens, cost, and cash.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.
  • SPHDInvestors who want higher current income (5.02% vs 3.26% for SCHD).

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.

SCHD has outpaced SPHD over the trailing twelve months, posting a 23.02% total return against 1.77%. The lead holds up over 10 years too: SCHD has compounded at 12.55% a year, against 6.57% for SPHD. 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 Oct 2012Volatility Sharpe Sortino Max drawdown
SCHD20.89%23.02%15.99%9.29%12.55%12.64%13.2%0.791.15-16.1%
SPHD3.65%1.77%12.42%6.73%6.57%8.93%13.0%0.560.80-13.3%

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 Oct 2012” measures every fund from October 18, 2012 — 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.
MetricSCHDSPHD
Full nameSchwab U.S. Dividend Equity ETFInvesco S&P 500 High Dividend Low Volatility ETF
IssuerSchwabInvesco
Underlying indexDow Jones U.S. Dividend 100 IndexS&P 500 Low Volatility High Dividend Index
Last Close$32.72 as of October 2, 2026$48.16 as of October 2, 2026
Distribution rate3.26%5.02%
Trailing 12-month yield3.22%5.12%
Distribution Safety Score™ 10091
Safety-Adjusted Yield 3.26%4.57%
Expense ratio0.06%0.30%
AUM$110B$3.24B
Distribution frequencyQuarterlyMonthly
ObjectiveSeeks 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.Seeks monthly income by tracking the S&P 500 Low Volatility High Dividend Index, investing at least 90% of total assets in the 50 least volatile high-yielding constituents of the S&P 500.
Asset classEquityEquity
Inception date10/20/201110/18/2012
Beta0.560.43
Last dividend$0.2665$0.20156
Ex-dividend date09/23/202609/21/2026

Bottom lineChoose SCHD if you want a quality-dividend tilt rather than the whole market. Choose SPHD if you want higher current income (5.02% vs 3.26% for SCHD).

SCHD vs SPHD: quality screen or high-yield low-vol?

SCHD wants consistent dividend payers. SPHD takes high-yielding S&P 500 names and keeps the least volatile.

SCHDSPHD
ScreenQuality US dividend payersS&P 500 high dividend, low volatility
Expense ratio0.06%0.30%
Distribution rate3.26%5.02%
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Income calculator

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

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
Invesco
ETFs246
Total AUM$1012B

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

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on SPHD.

See all Invesco ETFs

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Quick verdict

SCHD (Schwab U.S. Dividend Equity ETF) and SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) are both dividend ETFs, but they take different approaches.

SPHD offers the higher yield at 5.02% 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 0.30%.

They have different reference exposures: SCHD is linked to Dow Jones U.S. Dividend 100 Index while SPHD is linked to S&P 500 Low Volatility High Dividend 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.

Who should choose each?

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 0.30% for SPHD.

Choose SPHD

Invesco S&P 500 High Dividend Low Volatility ETF

  • Want higher current income — SPHD yields 5.02% vs 3.26% for SCHD.
  • Want a quality-dividend tilt — screened payers rather than the broad index.

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, SCHD would generate roughly $81.50 cash per distribution, while SPHD would produce $41.83 cash per distribution, at current distribution rates.

SCHD yield3.26%
SPHD yield5.02%
Cash diff on $10K$39.67

Cost & efficiency

Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $300 for SPHD (simplified, not compounded). The $240.00 difference may be offset by yield or performance.

SCHD ER0.06%
SPHD ER0.30%

Strategy & risk

SCHD tracks Dow Jones U.S. Dividend 100 Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index with a dividend approach. Beta is 0.56 for SCHD and 0.43 for SPHD, making SPHD the less volatile of the two by this measure.

SCHD beta0.56
SPHD beta0.43

Fund details

SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets. SPHD is managed by Invesco (launched 10/18/2012) with $3.24B in assets.

SCHD AUM$110B
SPHD AUM$3.24B
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Frequently asked questions

What is the difference between SPHD and SCHD?

SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) takes high-yielding S&P 500 names and keeps the least volatile of that group. SCHD (Schwab U.S. Dividend Equity ETF) screens US dividend payers for quality and consistency. Cost is 0.30% versus 0.06%; distributions are 5.02% and 3.26% as of October 2026. A higher printed yield is usually more concentration in the richest payers, not a better screen.

What is the current distribution rate for SCHD and SPHD?

SCHD currently distributes 3.26% and SPHD 5.02%, 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 SCHD or SPHD better for dividend income?

It depends on your goals. SPHD 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 SCHD and SPHD?

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 SCHD or SPHD 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, SPHD scores 91, 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, SCHD or SPHD?

SCHD has an expense ratio of 0.06% while SPHD charges 0.30%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SCHD would generate roughly $81.50 cash per distribution ($326.00 annually). The same in SPHD would produce about $41.83 cash per distribution ($502.00 annually).

Which has performed better historically, SCHD or SPHD?

SCHD has outpaced SPHD over the trailing twelve months, posting a 23.02% total return against 1.77%. The lead holds up over 10 years too: SCHD has compounded at 12.55% a year, against 6.57% for SPHD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SCHD vs SPHD — at a glance

Generated October 3, 2026.

Overview

SCHD and SPHD are both dividend-focused ETFs tracking U.S. large-cap stocks, but they apply different selection criteria and offer notably different yield profiles. SCHD targets the 100 highest-yielding large-cap stocks with consistent dividend histories and fundamental strength, while SPHD narrows to the 50 least volatile high-dividend payers within the S&P 500. The core tradeoff: SCHD emphasizes breadth and low fees; SPHD emphasizes yield concentration and volatility suppression.

How they differ

The most obvious difference is yield: SPHD distributes 5.02% against SCHD's 3.26%, reflecting SPHD's focus on extracting maximum income from a tightly curated 50-stock basket rather than SCHD's 100-stock approach. Third, SPHD's expense ratio of 0.30% is higher than SCHD's 0.06%, a 0.24%-percentage-point gap that compounds over decades; however, SPHD's tighter volatility screen (beta of 0.43 versus SCHD's 0.56) may appeal to investors uncomfortable with equity swings. SCHD is the larger fund by asset base at $110B, while SPHD holds $3.24B.

Who each is best for

SCHD: Fits investors seeking broad exposure to reliable dividend payers at minimal cost, willing to accept a more moderate yield in exchange for lower fees, lower portfolio turnover implied by a 100-stock index, and the structural simplicity of a well-established, heavily trafficked fund.

SPHD: Fits investors prioritizing current income and dampened volatility over lowest-cost exposure, comfortable with a concentrated 50-stock portfolio and monthly distributions, and willing to pay slightly higher fees for a low-volatility tilt within the dividend space.

Key risks to know

  • Concentration in top 50 yields. SPHD's 50-stock universe is tighter than SCHD's 100, raising the odds that a handful of holdings face unexpected dividend cuts or deterioration, and reducing diversification within the dividend-equity segment.
  • Yield and beta tension. SPHD's lower beta (0.43) may reflect genuine dampening of downside swings, but it could also signal lower growth or cyclical bias in a lower-volatility universe; in sustained bull markets, this structural tilt may underperform SCHD.
  • Expense-ratio compounding. Over a 30-year holding period, SPHD's 0.30% fee versus SCHD's 0.06% compounds to meaningful capital drag, especially if both funds deliver similar pre-fee total returns.
  • Overlap and correlated sector risk. Both funds draw from the same U.S. large-cap dividend universe, so their holdings likely overlap significantly; verify the overlap to confirm whether holding both provides genuine diversification or just doubles down on similar exposure.

Bottom line

If you prioritize lowest cost and broadest diversification within dividend stocks, SCHD's 0.06% fee and $110B asset base stand out. If you value maximum current income and prefer monthly payments plus a volatility dampener, SPHD's 5.02% yield and 0.43 beta may suit a lower-equity-risk allocation. Past performance doesn't predict future results, and both funds' yields depend on corporate dividend policy, which can shift rapidly.

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.

What the distribution rate really tells you Why a high yield isn't high income How to read a fund's stats

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These comparisons follow the Dividend Vision methodology.