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.
SCHD has outpaced SWVXX over the trailing twelve months, posting a 28.36% total return against 3.68%. The lead holds up over 10 years too: SCHD has compounded at 12.84% a year, against 2.28% for SWVXX. SWVXX has been the steadier holding, though — annualized volatility of 1.2% against 13.2% for SCHD. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 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 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.
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.
Seeks the highest current income consistent with stability of capital and liquidity. Invests in high-quality, short-term money market securities issued by U.S. and foreign entities — including commercial paper, certificates of deposit, and corporate debt obligations. Commonly used as a higher-yielding cash sweep alternative for Schwab brokerage accounts.
Bottom lineChoose SCHD if you want dividend-focused equities and can accept substantial stock losses. Choose SWVXX if you want a money fund and accept its credit, liquidity, and reinvestment risks. SCHD's dividend screen does not protect principal. SWVXX's payments can change as short-term rates change. A portfolio does not automatically need both; start with your allocation and cash needs.
Equity allocation versus short-term money market holdings
SCHD tracks the Dow Jones U.S. Dividend 100 Index, which uses dividend history and fundamental screens. SWVXX is a prime money market fund seeking a stable $1 share price. Choosing between them starts with the purpose and time horizon of the money, not whichever displayed yield is higher.
SCHD
SWVXX
Approach
Dividend-focused U.S. stock index
Prime money market mutual fund
Risk review
Equity losses, dividend cuts, and concentration
Credit and liquidity risks; stable NAV is not assured
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.
SCHD (Schwab U.S. Dividend Equity ETF) is an ETF, while SWVXX (Schwab Value Advantage Money Fund - Investor Shares) is a money market fund — their trading structures differ.
SWVXX offers the higher yield at 3.35% vs 2.99% 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 0.34%.
SWVXX is the larger fund by assets ($249B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, SCHD would generate roughly $74.75 cash per distribution, while SWVXX would produce $27.92 cash per distribution, at current distribution rates.
SCHD yield2.99%
SWVXX yield3.35%
Cash diff on $10K$46.83
Cost & efficiency
Over 10 years on $10,000, SCHD would cost approximately $60 in fees vs $340 for SWVXX (simplified, not compounded). The $280.00 difference may be offset by yield or performance.
SCHD ER0.06%
SWVXX ER0.34%
Strategy & risk
SCHD tracks the Dow Jones U.S. Dividend 100 Index, which uses dividend history and fundamental screens. SWVXX is a prime money market fund seeking a stable $1 share price. Choosing between them starts with the purpose and time horizon of the money, not whichever displayed yield is higher. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
SCHD beta0.56
SWVXX beta0.003
Fund details
SCHD is managed by Schwab (launched 10/20/2011) with $111B in assets. SWVXX is managed by Schwab (launched 04/20/1992) with $249B in assets.
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Frequently asked questions
Is SWVXX an insured substitute for SCHD?
No. SWVXX is not FDIC insured, and its $1 NAV objective does not eliminate the possibility of loss. It serves a different role from SCHD's stocks. Check broker redemption and cash-availability rules, and compare yield definitions carefully: a money fund's 7-day yield differs from an equity distribution rate.
What is the difference between SCHD and SWVXX?
SCHD (Schwab U.S. Dividend Equity ETF) is a quality US dividend-stock ETF. SWVXX (Schwab Value Advantage Money Fund - Investor Shares) is a prime money-market fund, not an ETF. One takes equity risk for dividends; the other parks cash. SCHD costs 0.06%. Distributions are 2.99% and 3.35% as of September 2026. Asset class, not a yield table, is the comparison.
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