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ETF Comparison

SCHD vs SPYD: Quality Screen or Highest S&P 500 Yields?

A head-to-head comparison of the Schwab U.S. Dividend Equity ETF and the SPDR Portfolio S&P 500 High Dividend ETF covering selection rules, payout, and drawdown.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.
  • SPYDInvestors who want higher current income (4.56% 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 SPYD over the trailing twelve months, posting a 23.02% total return against 7.45%. The lead holds up over 10 years too: SCHD has compounded at 12.55% a year, against 7.84% for SPYD. 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 2015Volatility Sharpe Sortino Max drawdown
SCHD20.89%23.02%15.99%9.29%12.55%12.51%13.2%0.791.15-16.1%
SPYD7.53%7.45%14.83%7.37%7.84%8.67%14.2%0.660.95-16.1%

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 Oct 2015” measures every fund from October 22, 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.
MetricSCHDSPYD
Full nameSchwab U.S. Dividend Equity ETFState Street® SPDR® Portfolio S&P 500® High Dividend ETF
IssuerSchwabState Street
Underlying indexDow Jones U.S. Dividend 100 IndexS&P 500 High Dividend Index
Last Close$32.72 as of October 2, 2026$45.39 as of October 2, 2026
Distribution rate3.26%4.56%
Trailing 12-month yield3.22%4.54%
Distribution Safety Score™ 10093
Safety-Adjusted Yield 3.26%4.24%
Expense ratio0.06%0.07%
AUM$110B$7.19B
Distribution frequencyQuarterlyQuarterly
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.Track the S&P 500 High Dividend Index, holding the highest-yielding stocks within the S&P 500.
Asset classEquityEquity
Inception date10/20/201110/21/2015
Beta0.560.59
Last dividend$0.2665$0.518
Ex-dividend date09/23/202609/21/2026

Bottom lineChoose SCHD if you want a quality-dividend tilt rather than the whole market. Choose SPYD if you want higher current income (4.56% vs 3.26% for SCHD).

SCHD vs SPYD: quality screen or highest yields?

SCHD filters US dividend payers for consistency and fundamentals. SPYD holds the richest S&P 500 yields. The extra cash on SPYD is usually extra concentration, not a free upgrade.

SCHDSPYD
IndexDow Jones U.S. Dividend 100 IndexS&P 500 High Dividend Index
ScreenQuality and consistency among US dividend payersHighest-yielding S&P 500 names
Expense ratio0.06%0.07%
Distribution rate3.26%4.56%
Typical roleQuality US dividend coreHigh-yield S&P 500 sleeve
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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
State Street
ETFs179
Total AUM$2146B

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

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Quick verdict

SCHD (Schwab U.S. Dividend Equity ETF) and SPYD (State Street® 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 4.56% 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 0.07%.

They have different reference exposures: SCHD is linked to Dow Jones U.S. Dividend 100 Index while SPYD is linked to S&P 500 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 0.07% for SPYD.

Choose SPYD

State Street® SPDR® Portfolio S&P 500® High Dividend ETF

  • Want higher current income — SPYD yields 4.56% 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 SPYD would produce $114.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SCHD yield3.26%
SPYD yield4.56%
Cash diff on $10K$32.50

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, while SPYD tracks S&P 500 High Dividend Index with a dividend approach. Beta is 0.56 for SCHD and 0.59 for SPYD — effectively similar market sensitivity.

SCHD beta0.56
SPYD beta0.59

Fund details

SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.19B in assets.

SCHD AUM$110B
SPYD AUM$7.19B
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Frequently asked questions

What is the difference between SCHD and SPYD?

SCHD (Schwab U.S. Dividend Equity ETF) screens US dividend payers for consistency and fundamental quality. SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) holds the highest-yielding names in the S&P 500. That screen is why SPYD usually prints a higher yield and a rougher ride. Cost is 0.06% versus 0.07%; distributions are 3.26% and 4.56% as of October 2026. The larger payout is not automatically more income over a full cycle. Compare total return and drawdown with the cash figure.

What is the current distribution rate for SCHD and SPYD?

SCHD currently distributes 3.26% and SPYD 4.56%, 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 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.

Can I hold both SCHD and SPYD?

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 SPYD 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, SPYD scores 93, 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 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 $81.50 cash per distribution ($326.00 annually). The same in SPYD would produce about $114.00 cash per distribution ($456.00 annually).

Which has performed better historically, SCHD or SPYD?

SCHD has outpaced SPYD over the trailing twelve months, posting a 23.02% total return against 7.45%. The lead holds up over 10 years too: SCHD has compounded at 12.55% a year, against 7.84% for SPYD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SCHD vs SPYD — at a glance

Generated October 3, 2026.

Overview

SCHD and SPYD are both large-cap dividend-focused ETFs, but they use different selection criteria and underlying indexes. SCHD targets the 100 highest-yielding U.S. stocks with a consistent dividend history and financial strength, while SPYD holds the highest-yielding stocks within the broader S&P 500. The key distinction is that SCHD weights dividend consistency and fundamental quality into its selection, whereas SPYD prioritizes yield alone within a defined universe.

How they differ

SCHD's underlying index (Dow Jones U.S. Dividend 100) emphasizes dividend sustainability and financial ratios alongside yield, whereas SPYD's index (S&P 500 High Dividend) simply picks the top yielders from the S&P 500 regardless of payout history or balance-sheet strength. This shows in their yields: SPYD offers 4.56% versus SCHD's 3.26%, a difference of 130 basis points. Expense ratios are nearly identical—SCHD at 0.06% and SPYD at 0.07%—so the cost difference is negligible. Beta figures are similar as well (SCHD 0.56, SPYD 0.59), though both suggest these dividend-focused portfolios carry somewhat lower systematic risk than the broad market.

Who each is best for

SCHD: Fits investors seeking a core large-cap dividend holding with an emphasis on payout stability and financial health. The lower yield and quality filter appeal to those prioritizing dividend durability over maximum current income.

SPYD: Designed for income-focused investors who prioritize current yield and can tolerate the possibility that higher payouts may come from stocks with less predictable dividend growth or greater cyclicality.

Key risks to know

  • Yield-driven selection bias in SPYD: Concentrating on the highest-yielding 500 stocks may overweight sectors or companies in mature or declining phases, where high yields reflect slower growth rather than strength. This can increase the likelihood that some dividends prove unsustainable when economic conditions tighten.
  • NAV erosion at elevated yields: SPYD's 4.56% yield is substantially higher than historical U.S. Monitoring NAV over multi-year periods can help clarify this.
  • Quality and dividend-consistency trade-off: SCHD's emphasis on financial ratios and payout history may cause it to underweight or exclude high-yielding stocks that lack a long dividend track record, potentially missing late-cycle opportunities but also avoiding value traps.
  • Sector concentration risk: Both funds are tilted toward dividend-heavy sectors (utilities, real estate, consumer staples, energy, financials). Their exposures may overlap significantly, amplifying downside if those sectors underperform together.

Bottom line

If you want lower current yield with a quality filter and dividend-sustainability focus, SCHD's larger asset base and stricter selection criteria offer a different profile than SPYD's higher yield. SPYD's 1.3% percentage point yield advantage raises questions about sustainability worth investigating against the fund's holdings and payout composition. Both carry sector concentration risk. Past performance does not guarantee 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.