ETF Comparison

SCHD vs SPMO: A Dividend Screen, or Recent Winners?

A head-to-head of Schwab's U.S. Dividend Equity ETF and Invesco's S&P 500 Momentum ETF covering screens, cost, and what each is for.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

SCHDInvestors who want higher current income (3.28% vs 0.64% for SPMO).
SPMOInvestors who want broad equity exposure.

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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.

SCHD has lagged SPMO over the trailing twelve months, posting a 24.24% total return against 26.63%. The lead holds up over 10 years too: SPMO has compounded at 20.41% a year, against 12.52% for SCHD. SCHD has been the steadier holding, though — annualized volatility of 13.2% against 22.0% for SPMO. 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.
Symbol	YTD cumulative	1Y cumulative	3Y annualized	5Y annualized	10Y annualized	Since Oct 2015	Volatility	Sharpe	Sortino	Max drawdown
SCHD	20.19%	24.24%	15.79%	9.12%	12.52%	12.68%	13.2%	0.78	1.13	-16.1%
SPMO	27.42%	26.63%	39.39%	21.26%	20.41%	19.21%	22.0%	1.31	1.92	-20.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 2015” measures every fund from October 12, 2015 — 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.
Metric	SCHD	SPMO
Full name	Schwab U.S. Dividend Equity ETF	Invesco S&P 500 Momentum ETF
Issuer	Schwab	Invesco
Underlying index	Dow Jones U.S. Dividend 100 Index	S&P 500 Momentum Index
Last Close	$32.53 as of September 30, 2026	$151.58 as of September 30, 2026
Distribution rate	3.28%	0.64%
Trailing 12-month yield	3.24%	0.73%
Distribution Safety Score™	100	72
Safety-Adjusted Yield	3.28%	0.46%
Expense ratio	0.06%	0.13%
AUM	$110B	$23.2B
Distribution frequency	Quarterly	Quarterly
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.	Track the S&P 500 Momentum Index, providing factor exposure to the highest momentum names within the S&P 500.
Asset class	Equity	Equity
Inception date	10/20/2011	10/09/2015
Beta	0.56	1.35
Last dividend	$0.2665	$0.243
Ex-dividend date	09/23/2026	09/21/2026

Bottom lineChoose SCHD if you want higher current income (3.28% vs 0.64% for SPMO). Choose SPMO if you want broad equity exposure.

SCHD vs SPMO: quality dividends or momentum?

Opposite factor bets. SCHD wants consistent dividend payers. SPMO wants S&P 500 names that have been going up.

	SCHD	SPMO
Screen	Quality US dividend payers	S&P 500 Momentum Index
Expense ratio	0.06%	0.13%
Distribution rate	3.28%	0.64%

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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.

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Invesco

ETFs246

Total AUM$1013B

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 SPMO.

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Quick verdict

SCHD (Schwab U.S. Dividend Equity ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

SCHD offers the higher yield at 3.28% vs 0.64% for SPMO. 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 0.13%.

They have different reference exposures: SCHD is linked to Dow Jones U.S. Dividend 100 Index while SPMO is linked to S&P 500 Momentum 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.

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Deep dive

Yield & income

On a $10,000 investment, SCHD would generate roughly $82.00 cash per distribution, while SPMO would produce $16.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SCHD yield3.28%

SPMO yield0.64%

Cash diff on $10K$66.00

Cost & efficiency

Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $130 for SPMO (simplified, not compounded). The $70.00 difference may be offset by yield or performance.

SCHD ER0.06%

SPMO ER0.13%

Strategy & risk

SCHD tracks Dow Jones U.S. Dividend 100 Index, while SPMO tracks S&P 500 Momentum Index with an index approach. Beta is 0.56 for SCHD and 1.35 for SPMO, making SCHD the less volatile of the two by this measure.

SCHD beta0.56

SPMO beta1.35

Fund details

SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets. SPMO is managed by Invesco (launched 10/09/2015) with $23.2B in assets.

SCHD AUM$110B

SPMO AUM$23.2B

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Frequently asked questions

What is the difference between SCHD and SPMO?

SCHD (Schwab U.S. Dividend Equity ETF) screens US dividend payers for quality. SPMO (Invesco S&P 500 Momentum ETF) tracks S&P 500 Momentum Index — S&P 500 names that have been going up. Cost is 0.06% versus 0.13%; distributions are 3.28% and 0.64% as of September 2026. Yield is not the comparison. The decision is a dividend screen versus a momentum factor.

What is the current distribution rate for SCHD and SPMO?

SCHD currently distributes 3.28% and SPMO 0.64%, 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 SCHD or SPMO 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 SCHD and SPMO?

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 SPMO 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, SPMO scores 72, so SCHD's payout currently looks the more resilient of the two. SCHD has also shown lower price volatility (beta 0.56 vs 1.35 for SPMO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SCHD or SPMO?

SCHD has an expense ratio of 0.06% while SPMO charges 0.13%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SCHD would generate roughly $82.00 cash per distribution ($328.00 annually). The same in SPMO would produce about $16.00 cash per distribution ($64.00 annually).

Which has performed better historically, SCHD or SPMO?

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Dividend dates and history

SCHD vs SPMO — at a glance

Generated September 26, 2026.

Overview

SCHD and SPMO are both large-cap U.S. equity ETFs, but they track fundamentally different stock-selection philosophies. SCHD targets high-dividend-yielding companies with a track record of consistent payouts and financial strength, while SPMO isolates the highest-momentum stocks within the S&P 500. One is built for dividend income; the other prioritizes price momentum and capital appreciation.

How they differ

The clearest distinction is strategy: SCHD selects 100 dividend-focused stocks based on yield and payout consistency, while SPMO tracks momentum—the tendency of stocks that have recently outperformed to continue outperforming. This drives a massive yield gap: SCHD distributes 3.28%, versus 0.64% for SPMO. The beta figures tell the story—SCHD's 0.56 suggests it moves less than the broad market, while SPMO's 1.35 indicates higher volatility. SCHD's $110B asset base dwarfs SPMO's $23.2B, and the expense ratio gap is narrow (0.06% vs. 0.13%), so cost is not a material differentiator. Both rebalance quarterly.

Who each is best for

SCHD: Fits investors seeking steady quarterly income from large-cap U.S. stocks without taking on broad-market volatility. The lower beta appeals to those with a longer time horizon who want dividend cash flow without sharp swings.

SPMO: Designed for investors willing to tolerate higher volatility in pursuit of capital appreciation driven by near-term price momentum. Minimal distributions mean this works better for those indifferent to current income and focused on total return.

Key risks to know

Dividend sustainability and sector concentration: SCHD's focus on high-dividend payers naturally concentrates in sectors (utilities, energy, financials, consumer staples) that perform poorly when interest rates rise or when growth stocks outperform. A shift in market leadership could erode both yield and price.

Momentum factor reversal: SPMO's reliance on recent price outperformance creates mean-reversion risk. Stocks at the top of momentum rankings often underperform when sentiment shifts, especially during market downturns. A sharp reversal in relative strength could trigger significant losses.

Lower systematic risk does not mean lower absolute risk: SCHD's low beta provides some cushion during broad selloffs, but dividend cuts or sector-specific stress (energy price collapse, rate shock to utilities) can still produce sharp declines independent of overall market movements.

Concentration in large-cap growth within S&P 500: SPMO's momentum tilt will overweight mega-cap technology and growth names that have recently led. This concentration can amplify losses if that segment falters.

Bottom line

If you prioritize steady income with below-market volatility, SCHD's 3.28% yield and 0.56 beta target that profile. If you're chasing capital appreciation and can tolerate 1.35 beta swings, SPMO's momentum exposure appeals to different market timing assumptions. The two funds expose you to different risks—sector concentration and dividend sustainability for SCHD; momentum reversal and growth-stock concentration for SPMO—so the choice depends on which risks you'd rather own. 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.

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These comparisons follow the Dividend Vision methodology.