Security Comparison

SWPPX vs SCHD: The Index, or a Dividend Screen?

A head-to-head of Schwab's S&P 500 Index Fund and U.S. Dividend Equity ETF covering trading, payout, cost, and what each is for.

Data updated September 4, 2026

Best for

SCHDInvestors who want higher current income (2.90% vs 1.01% for SWPPX).
SWPPXInvestors 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

SCHD has outpaced SWPPX over the trailing twelve months, posting a 30.72% total return against 20.89%. The picture flips over 10 years, though — SWPPX has compounded at 15.30% a year, ahead of SCHD at 13.04%. 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	1Y	3Y	5Y	10Y	Since Oct 2011	Volatility	Sharpe	Sortino	Max drawdown
SCHD	27.56%	30.72%	16.37%	9.91%	13.04%	13.60%	13.2%	0.81	1.19	-16.1%
SWPPX	12.64%	20.89%	21.06%	12.69%	15.30%	15.20%	15.1%	0.98	1.41	-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 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 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	SCHD	SWPPX
Full name	Schwab U.S. Dividend Equity ETF	Schwab S&P 500 Index Fund
Issuer	Schwab	Schwab
Last Close	$34.80 as of September 4, 2026	$19.79 as of September 2, 2026
Distribution yield	2.90%	1.01%
Distribution Safety Score™	100	96
Safety-Adjusted Yield	2.90%	0.97%
Expense ratio	0.06%	0.59%
AUM	$112B	$144B
Distribution frequency	Quarterly	Annual
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 class	Equity	Equity
Inception date	10/20/2011	05/19/1997
Beta	0.56	1.0
Last dividend	$0.2525	$0.1946
Ex-dividend date	06/24/2026	12/12/2025

Bottom lineChoose SCHD if you want higher current income (2.90% vs 1.01% for SWPPX). Choose SWPPX if you want broad equity exposure.

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

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

	SCHD	SWPPX
Vehicle	ETF	Index mutual fund
What it owns	Quality US dividend payers	S&P 500
Trading	Intraday at a market price	End-of-day net asset value
Expense ratio	0.06%	0.59%

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Schwab

ETFs33

Total AUM$616B

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

SCHD (Schwab U.S. Dividend Equity ETF) is an ETF, while SWPPX (Schwab S&P 500 Index Fund) is a mutual fund — they take fundamentally different approaches.

SCHD offers the higher yield at 2.90% vs 1.01% for SWPPX. 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 0.59%.

SWPPX is the larger fund by assets ($144B), which generally means tighter spreads and better liquidity.

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Deep dive

Yield & income

On a $10,000 investment, SCHD would generate roughly $24.17/month, while SWPPX would produce $8.42/month, at current distribution rates.

SCHD yield2.90%

SWPPX yield1.01%

Monthly diff on $10K$15.75

Cost & efficiency

Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $590 for SWPPX (simplified, not compounded). The $530.00 difference may be offset by yield or performance.

SCHD ER0.06%

SWPPX ER0.59%

Strategy & risk

SCHD tracks Dow Jones U.S. Dividend 100 Index. SWPPX 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 0.56 for SCHD and 1.0 for SWPPX, making SCHD the less volatile of the two by this measure.

SCHD beta0.56

SWPPX beta1.0

Fund details

SCHD is managed by Schwab (launched 10/20/2011) with $112B in assets. SWPPX is managed by Schwab (launched 05/19/1997) with $144B in assets.

SCHD AUM$112B

SWPPX AUM$144B

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Frequently asked questions

What is the difference between SWPPX and SCHD?

SWPPX (Schwab S&P 500 Index Fund) is a Schwab 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 0.59% versus 0.06%; distributions are 1.01% and 2.90% as of September 2026. SWPPX is a mutual fund, not an exchange-traded fund. The live decision is the index versus the dividend screen.

What is the current distribution yield for SCHD and SWPPX?

SCHD currently distributes 2.90% and SWPPX 1.01%, based on fund data updated September 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SCHD or SWPPX 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 SWPPX?

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 SWPPX 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, SWPPX scores 96, so SCHD's payout currently looks the more resilient of the two. SCHD has also shown lower price volatility (beta 0.56 vs 1.00 for SWPPX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SCHD or SWPPX?

SCHD has an expense ratio of 0.06% while SWPPX charges 0.59%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SCHD would generate roughly $24.17 per month ($290.00 annually). The same in SWPPX would produce about $8.42 per month ($101.00 annually).

Which has performed better historically, SCHD or SWPPX?

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SCHD vs SWPPX — at a glance

Generated August 29, 2026.

Overview

SCHD is an ETF tracking the Dow Jones U.S. Dividend 100 Index, focusing on 100 large-cap U.S. stocks with consistent dividend histories and relative financial strength. SWPPX is a mutual fund tracking the S&P 500 Index, providing broad exposure to 500 large-cap U.S. companies across all sectors. The key distinction: SCHD screens for dividend payers and quality metrics, while SWPPX offers cap-weighted market-wide exposure regardless of dividend yield or financial ratios.

How they differ

SCHD targets dividend-paying stocks specifically, whereas SWPPX holds the entire S&P 500. SCHD's beta of 0.56 signals lower volatility relative to the market; SWPPX's beta of 1.0 means it moves in line with the broader index. SWPPX is substantially larger at $144B in assets versus SCHD's $112B.

Who each is best for

SCHD: Fits investors seeking above-market dividend income from a diversified basket of quality dividend stocks, with a preference for lower portfolio volatility and lower expenses.

SWPPX: Fits investors who want core large-cap equity exposure tracking the S&P 500 without a dividend-yield or quality screen, willing to accept market-level volatility for simplicity and broad diversification.

Key risks to know

Dividend concentration and sector tilt. By screening for high-dividend yielders and financial strength, SCHD excludes or underweights many technology and growth-oriented names that dominate the S&P 500. This creates the risk of underperformance if those sectors outpace dividends-paying value stocks over a multi-year period.

Lower equity exposure to total market. SCHD's 100-stock portfolio is narrower than SWPPX's 500-stock universe. Holdings overlap exists but is not complete; SCHD's quality and yield filters exclude many S&P constituents, potentially concentrating gains or losses within its selected subset.

Yield sustainability and dividend cuts. SCHD's 2.90% distribution rate depends on member companies maintaining or growing their dividends. Economic downturns or earnings pressure can force dividend cuts, reducing future distributions and potentially triggering NAV losses if yields fall.

Expense ratio difference and fee drag. SWPPX's 0.59% expense ratio is ten times higher than SCHD's 0.06%, a material drag over decades; however, SWPPX's larger asset base and longer history reflect operational stability for core-portfolio use.

Bottom line

If you want higher current income with lower volatility from a diversified dividend-focused portfolio, SCHD's tighter expenses and 2.90% yield stand out. If you prioritize simplicity, full market participation, and willingness to accept market-level volatility, SWPPX's broad S&P 500 tracking offers that at the cost of lower yield and higher fees. Neither choice predicts future performance; both reflect different portfolio roles.

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

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