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Security Comparison

SCHD vs SWPPX: 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.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

  • SCHDInvestors who want higher current income (3.10% vs 0.97% 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

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 SWPPX over the trailing twelve months, posting a 33.81% total return against 16.86%. The picture flips over 10 years, though — SWPPX has compounded at 15.49% a year, ahead of SCHD at 13.25%. 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 2011Volatility Sharpe Sortino Max drawdown
SCHD28.30%33.81%17.34%9.85%13.25%13.45%13.2%0.901.32-16.1%
SWPPX12.88%16.86%22.08%12.93%15.49%15.07%15.0%1.061.53-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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 2011” measures every fund from October 20, 2011 — 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.
MetricSCHDSWPPX
Full nameSchwab U.S. Dividend Equity ETFSchwab S&P 500 Index Fund
IssuerSchwabSchwab
Last Close$34.35 as of October 16, 2026$19.80 as of October 16, 2026
Distribution rate3.10%0.97%
Trailing 12-month yield3.07%0.98%
Distribution Safety Score™ 9779
Safety-Adjusted Yield 3.01%0.77%
Expense ratio0.06%0.02%
AUM$115B$149B
Distribution frequencyQuarterlyAnnual
Underlying indexDow Jones U.S. Dividend 100 Index—
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.—
Asset classEquityEquity
Inception date10/20/201105/19/1997
Beta0.561.0
Last dividend$0.2665$0.1946
Ex-dividend date09/23/202612/12/2025

Bottom lineChoose SCHD if you want higher current income (3.10% vs 0.97% 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.

SCHDSWPPX
VehicleETFIndex mutual fund
What it ownsQuality US dividend payersS&P 500
TradingIntraday at a market priceEnd-of-day net asset value
Expense ratio0.06%0.02%
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Income calculator

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

Schwab
ETFs33
Total AUM$616B

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

Schwab offers ETFs across U.S. and international equities, fixed income, and other investment categories. Its dividend-focused lineup includes SCHD, which seeks to track the Dow Jones U.S. Dividend 100 Index and selects dividend-paying U.S. companies for fundamental strength. Fund objectives and tracked indexes differ across the lineup.

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 — their trading structures differ.

SCHD offers the higher yield at 3.10% vs 0.97% for SWPPX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SWPPX is cheaper with an expense ratio of 0.02% compared to 0.06%.

SWPPX is the larger fund by assets ($149B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose SCHD

Schwab U.S. Dividend Equity ETF

  • Want higher current income — SCHD yields 3.10% vs 0.97% for SWPPX.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.6 vs 1.0 for SWPPX.

Choose SWPPX

Schwab S&P 500 Index Fund

  • Want broad equity exposure.
  • Want to keep costs low — a 0.02% expense ratio vs 0.06% for SCHD.

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 $77.50 cash per distribution, while SWPPX would produce $97.00 cash per distribution, at current distribution rates.

SCHD yield3.10%
SWPPX yield0.97%
Cash diff on $10K$19.50

Cost & efficiency

Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $20 for SWPPX (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

SCHD ER0.06%
SWPPX ER0.02%

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 $115B in assets. SWPPX is managed by Schwab (launched 05/19/1997) with $149B in assets.

SCHD AUM$115B
SWPPX AUM$149B
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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 0.02% versus 0.06%; distributions are 0.97% and 3.10% as of October 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 rate for SCHD and SWPPX?

SCHD currently distributes 3.10% and SWPPX 0.97%, 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 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 97, SWPPX scores 79, 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 0.02%. 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 $77.50 cash per distribution ($310.00 annually). The same in SWPPX would produce about $97.00 cash per distribution ($97.00 annually).

Which has performed better historically, SCHD or SWPPX?

SCHD has outpaced SWPPX over the trailing twelve months, posting a 33.81% total return against 16.86%. The picture flips over 10 years, though — SWPPX has compounded at 15.49% a year, ahead of SCHD at 13.25%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SCHD vs SWPPX — at a glance

Generated October 17, 2026.

Overview

SCHD is an ETF tracking the Dow Jones U.S. Dividend 100 Index, focusing on high-yielding U.S. large-cap stocks with consistent dividend histories and financial strength. SWPPX is a mutual fund tracking the S&P 500 Index, offering broad market exposure to 500 large U.S. companies. The core distinction: SCHD screens for dividend yield and quality, while SWPPX holds the full S&P 500 composition and returns income mainly through capital appreciation. SWPPX tracks the full S&P 500 with a 0.97% yield, accepting whatever income the broad index generates. On scale, SWPPX manages $149B versus SCHD's $115B.

Beta reveals the deepest difference. SCHD's 0.56 beta suggests it moves less than half as much as the broad market—a result of its dividend focus and sector tilt away from growth. SWPPX's 1.0 beta tracks the S&P 500 by design. SCHD's 100-stock concentration and dividend screening make it fundamentally narrower than SWPPX's diversification across 500 companies.

Who each is best for

SCHD: Fits income-focused investors who want quarterly payouts and are comfortable accepting a narrower stock universe—primarily established dividend-payers—in exchange for higher current yield and lower market-swing exposure.

Key risks to know

  • Sector and style concentration: SCHD's dividend screen naturally overweights sectors like utilities and REITs while underrepresenting growth stocks and technology. The 100-stock limit versus SWPPX's 500 means less diversification; sector rotations away from dividend-payers can drive meaningful underperformance.
  • Lower market participation in rallies: SCHD's 0.56 beta means it typically trails broad market gains in bull markets, especially when growth stocks and low-yielders lead. Investors chasing total return should expect that tradeoff over full economic cycles.
  • Dividend sustainability in downturns: Companies in the dividend universe may cut or suspend payouts during recessions or crises, particularly if they've expanded payouts aggressively. A high current yield is not a guarantee of future distributions. Investors requiring quick liquidity face closing-price settlement delays. SCHD's lower beta suggests less volatility but also suggests lagging in growth markets; SWPPX moves with the market by definition. 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.

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.