ETF Comparison

SCHD vs SPYD: Which Is the Better Pick in 2026?

A head-to-head comparison of Schwab U.S. Dividend Equity ETF and SPDR Portfolio S&P 500 High Dividend ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

Schwab

ETFs34

Total AUM$574B

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

Schwab is known for offering low-cost, broad-based ETFs that serve both core portfolio holdings and specialized investment strategies. Their 33-fund lineup spans multiple asset classes including bonds, equities, international markets, digital assets, and factor-based strategies, with a notable emphasis on dividend-focused funds like SCHD alongside core index options. The issuer emphasizes accessibility for individual investors through competitive expense ratios and a diverse range of fund families designed to support various investment objectives.

See our curated list of related YouTube videos on SCHD.

See all Schwab ETFs

State Street

ETFs182

Total AUM$2107B

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

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPYD.

See all State Street ETFs

Side-by-side snapshot

	SCHD	SPYD
Full name	Schwab U.S. Dividend Equity ETF	SPDR Portfolio S&P 500 High Dividend ETF
Issuer	Schwab	State Street
Last Close	$32.39 as of July 4, 2026	$48.42 as of July 4, 2026
Distribution yield	3.12%	4.49%
Distribution Safety Score	100	87
Expense ratio	0.06%	0.07%
AUM	$95.2B	$7.51B
Distribution frequency	Quarterly	Quarterly
Underlying index	Dow Jones U.S. Dividend 100 Index	S&P 500 High Dividend 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.	Track the S&P 500 High Dividend Index, holding the highest-yielding stocks within the S&P 500.
Asset class	Equity	Equity
Inception date	10/20/2011	10/21/2015
Beta	0.59	0.68
Last dividend	$0.2525	$0.5430
Ex-dividend date	06/24/2026	09/21/2026

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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

SCHD has outpaced SPYD over the trailing twelve months, posting a 23.16% total return against 16.08%. The lead holds up over 10 years too: SCHD has compounded at 12.50% a year, against 8.54% for SPYD. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Oct 2015	Volatility	Sharpe	Sortino	Max drawdown
SCHD	17.79%	23.16%	13.81%	8.69%	12.50%	12.55%	13.1%	0.65	0.94	-16.1%
SPYD	12.16%	16.08%	13.61%	8.10%	8.54%	9.31%	14.3%	0.58	0.83	-16.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2015” measures every fund from October 22, 2015 — 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.

Quick verdict

SCHD (Schwab U.S. Dividend Equity ETF) and SPYD (SPDR Portfolio S&P 500 High Dividend ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

SPYD offers the higher yield at 4.49% vs 3.12% 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 0.07%.

They track different benchmarks: SCHD is linked to Dow Jones U.S. Dividend 100 Index while SPYD tracks S&P 500 High Dividend Index, which means their performance drivers differ.

SCHD is the larger fund by assets ($95.2B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, SCHD would generate roughly $26.00/month, while SPYD would produce $37.42/month, at current distribution rates. Both pay quarterly distributions.

SCHD yield3.12%

SPYD yield4.49%

Monthly diff on $10K$11.42

Cost & efficiency

Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $70 for SPYD (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

SCHD ER0.06%

SPYD ER0.07%

Strategy & risk

SCHD tracks Dow Jones U.S. Dividend 100 Index with a basket approach, while SPYD tracks S&P 500 High Dividend Index with a dividend approach. Beta is 0.59 for SCHD and 0.68 for SPYD, indicating SCHD is less volatile relative to the market.

SCHD beta0.59

SPYD beta0.68

Fund details

SCHD is managed by Schwab (launched 10/20/2011) with $95.2B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.51B in assets.

SCHD AUM$95.2B

SPYD AUM$7.51B

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Frequently asked questions

Is SCHD or SPYD better for dividend income?

It depends on your goals. SPYD 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.

What is the difference between SCHD and SPYD?

SCHD (Schwab U.S. Dividend Equity ETF) tracks Dow Jones U.S. Dividend 100 Index with a basket approach, while SPYD (SPDR Portfolio S&P 500 High Dividend ETF) tracks S&P 500 High Dividend Index with a dividend approach. They are issued by Schwab and State Street respectively.

Can I hold both SCHD and SPYD?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, SCHD or SPYD?

SCHD has an expense ratio of 0.06% while SPYD charges 0.07%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SCHD would generate roughly $26.00 per month ($312.00 annually). The same in SPYD would produce about $37.42 per month ($449.00 annually).

Which has performed better historically, SCHD or SPYD?

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SCHD vs SPYD — at a glance

Generated June 2026 from current fund data.

Overview

SCHD and SPYD are both broad-based U.S. large-cap dividend ETFs that track different high-yield stock indexes. SCHD follows the Dow Jones U.S. Dividend 100 Index and emphasizes dividend consistency and financial strength; SPYD follows the S&P 500 High Dividend Index and selects purely by yield rank within the S&P 500. The funds compete on yield, cost, and underlying index philosophy.

How they differ

The single biggest difference is index construction. SCHD's underlying index screens for both dividend yield and financial fundamentals—it favors companies with consistent payout histories and stronger balance sheets relative to peers. SPYD's S&P 500 High Dividend Index simply picks the top 80 highest-yielding stocks in the S&P 500 regardless of payout stability or balance sheet strength. That difference shows up in yield: SPYD distributes 4.51% versus SCHD's 3.16%, a meaningful gap over time.

SCHD is the larger fund by a factor of 12, with $95.2B in AUM versus SPYD's $7.51B. That scale translates to tighter tracking, lower trading costs, and easier entry and exit for large positions. Both charge minimal fees—0.06% for SCHD, 0.07% for SPYD—so cost is not a differentiator.

Beta reveals a structural tilt: SCHD's 0.59 beta suggests lower volatility and downside capture relative to the broad market, while SPYD's 0.68 beta sits closer to the S&P 500 average. This reflects SCHD's quality-and-consistency filter; dividend payers with stronger fundamentals tend to cushion declines better.

Who each is best for

SCHD: Fits investors seeking a stable, high-paced dividend stream from quality dividend payers with lower portfolio volatility. The fundamental screen appeals to those who view dividend strength as a proxy for business resilience.

SPYD: Fits income-focused investors willing to tolerate higher yield concentration and less selective underlying holdings in exchange for a larger current payout. Works for those who actively research individual holdings or rebalance frequently.

Key risks to know

Index concentration on yield: SPYD's mechanical selection of the top 80 highest-yielding stocks in the S&P 500 creates turnover and exposure to dividend cutters early in the decline cycle. Yield-chasing can mean buying stocks with deteriorating fundamentals.

NAV erosion potential at elevated yields: SPYD's 4.51% distribution rate relative to earnings growth suggests part of the payout may reflect return of capital over time, which erodes the NAV absent price appreciation. SCHD's lower yield is more aligned with sustainable earnings.

Lower volatility smoothing in SCHD: While SCHD's 0.59 beta offers downside cushion in bear markets, it may also lag in strong recovery rallies where cyclical dividend payers (overweight in SPYD) lead gains.

Tracking error and liquidity: SPYD's smaller AUM ($7.51B) means wider bid-ask spreads and slightly higher tracking error relative to its index, a meaningful cost for active traders.

Single-index dependency: Both funds are passive trackers, so they inherit the risks of their respective indexes. A structural shift away from dividend investing or rising rates crimping dividend multiples would pressure both, though the quality tilt in SCHD offers some insulation.

Bottom line

If you prioritize income stability and lower portfolio volatility, SCHD's quality-filtered approach and larger scale make it a steadier long-term holding. If you need maximum current yield and are comfortable with higher selection risk and potential NAV drift, SPYD offers a 135-basis-point yield advantage. Past performance does not guarantee future results, and both funds' yields depend on sustained corporate profitability and dividend policy.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.