DV
Dividend Vision

ETF Comparison

SCHG vs SPY: Which Is the Better Pick in 2026?

A head-to-head comparison of Schwab U.S. Large-Cap Growth ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Data updated August 14, 2026

Best for

  • SCHGInvestors who want a growth tilt and can accept bigger swings for higher upside.
  • SPYInvestors who want higher current income (0.98% vs 0.38% for SCHG).

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSCHGSPY
Full nameSchwab U.S. Large-Cap Growth ETFSPDR S&P 500 ETF Trust
IssuerSchwabState Street
Last Close$35.79 as of August 14, 2026$776.34 as of August 14, 2026
Distribution yield0.38%0.98%
Distribution Safety Score™ 100100
Expense ratio0.04%0.10%
AUM$62.4B$812B
Distribution frequencyQuarterlyQuarterly
Underlying indexDow Jones U.S. Large-Cap Growth Total Stock Market IndexS&P 500 Index
ObjectiveSeeks to track the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, holding the components ranked 1-750 by full market capitalization that are classified as growth.Track the S&P 500 Index before expenses.
Asset classEquityEquity
Inception date12/11/200901/22/1993
Beta1.211.0
Last dividend$0.0340$1.9035
Ex-dividend date06/24/202606/18/2026

Bottom lineChoose SCHG if you want a growth tilt and can accept bigger swings for higher upside. Choose SPY if you want higher current income (0.98% vs 0.38% for SCHG).

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

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

Schwab
ETFs34
Total AUM$605B

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 SCHG.

See all Schwab ETFs
State Street
ETFs180
Total AUM$2127B

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 SPY.

See all State Street ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SCHG has lagged SPY over the trailing twelve months, posting a 16.99% total return against 21.72%. The picture flips over 10 years, though — SCHG has compounded at 18.57% a year, ahead of SPY at 15.33%. SPY has been the steadier holding, though — annualized volatility of 15.3% against 19.5% for SCHG. 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.
SymbolYTD1Y3Y5Y10YSince Dec 2009Volatility Sharpe Sortino Max drawdown
SCHG10.37%16.99%24.45%13.97%18.57%16.64%19.5%0.901.28-23.4%
SPY14.24%21.72%21.60%13.24%15.33%14.39%15.3%0.991.43-18.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Dec 2009” measures every fund from December 11, 2009 — 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

SCHG (Schwab U.S. Large-Cap Growth ETF) and SPY (SPDR S&P 500 ETF Trust) are both quarterly-pay dividend ETFs, but they take different approaches.

SPY offers the higher yield at 0.98% vs 0.38% for SCHG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHG is cheaper with an expense ratio of 0.04% compared to 0.10%.

They track different benchmarks: SCHG is linked to Dow Jones U.S. Large-Cap Growth Total Stock Market Index while SPY tracks S&P 500 Index, which means their performance drivers differ.

SPY is the larger fund by assets ($812B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose SCHG

Schwab U.S. Large-Cap Growth ETF

  • Want a growth tilt and can accept larger swings for more upside.
  • Want to keep costs low — a 0.04% expense ratio vs 0.10% for SPY.

Choose SPY

SPDR S&P 500 ETF Trust

  • Want higher current income — SPY yields 0.98% vs 0.38% for SCHG.
  • Want simple, diversified core exposure as a portfolio building block.
  • Prefer lower volatility — a beta of 1.0 vs 1.2 for SCHG.

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, SCHG would generate roughly $3.17/month, while SPY would produce $8.17/month, at current distribution rates. Both pay quarterly distributions.

SCHG yield0.38%
SPY yield0.98%
Monthly diff on $10K$5.00

Cost & efficiency

Over 10 years on $10,000, SCHG would cost approximately $40 in fees vs $100 for SPY (simplified, not compounded). The $60.00 difference may be offset by yield or performance.

SCHG ER0.04%
SPY ER0.10%

Strategy & risk

SCHG tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while SPY tracks S&P 500 Index with a large cap approach. Beta is 1.21 for SCHG and 1.0 for SPY, indicating SPY is less volatile relative to the market.

SCHG beta1.21
SPY beta1.0

Fund details

SCHG is managed by Schwab (launched 12/11/2009) with $62.4B in assets. SPY is managed by State Street (launched 01/22/1993) with $812B in assets.

SCHG AUM$62.4B
SPY AUM$812B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution yield for SCHG and SPY?

SCHG currently distributes 0.38% and SPY 0.98%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SCHG or SPY better for dividend income?

It depends on your goals. SPY 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 SCHG and SPY?

SCHG (Schwab U.S. Large-Cap Growth ETF) tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by Schwab and State Street respectively.

Can I hold both SCHG and SPY?

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 SCHG or SPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: SCHG scores 100, SPY scores 100. Neither has a clear safety edge on that measure. SPY has also shown lower price volatility (beta 1.00 vs 1.21 for SCHG). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, SCHG or SPY?

SCHG has an expense ratio of 0.04% while SPY charges 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SCHG vs SPY generate?

At current rates, $10,000 in SCHG would generate roughly $3.17 per month ($38.00 annually). The same in SPY would produce about $8.17 per month ($98.00 annually).

Which has performed better historically, SCHG or SPY?

SCHG has lagged SPY over the trailing twelve months, posting a 16.99% total return against 21.72%. The picture flips over 10 years, though — SCHG has compounded at 18.57% a year, ahead of SPY at 15.33%. SPY has been the steadier holding, though — annualized volatility of 15.3% against 19.5% for SCHG. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SCHG vs SPY — at a glance

Generated August 15, 2026.

Overview

SCHG and SPY are both large-cap equity ETFs that track broad U.S. market indexes, but they diverge in scope and style tilt. SPY holds the 500 largest companies across all growth and value styles, while SCHG focuses specifically on growth-classified stocks within the top 750 large-caps. That style split explains their different volatility and yield profiles.

How they differ

The biggest difference is their index universe: SPY tracks the S&P 500 (500 companies, all styles), while SCHG tracks the Dow Jones U.S. Large-Cap Growth index (up to 750 growth-focused names). SCHG carries a beta of 1.21 against SPY's 1.0, meaning it amplifies market moves—typical for growth-heavy portfolios. On yield, SPY distributes at 0.98% versus SCHG's 0.38%, reflecting SPY's larger exposure to dividend-paying value stocks. SCHG's expense ratio is notably cheaper at 0.04% compared to SPY's 0.10%, though SPY's $812B in assets dwarfs SCHG's $62.4B.

Who each is best for

SCHG: Fits investors seeking concentrated large-cap growth exposure with lower fees and higher return volatility; appeals to those willing to accept style tilt in exchange for stronger long-term growth potential and minimal drag from expenses.

SPY: Designed for investors who want market-weight broad exposure to the 500 largest U.S. companies across all styles; suits those comfortable with moderate yield and seeking a stable, widely-traded core holding with minimal style bias.

Key risks to know

  • Growth volatility premium: SCHG's 1.21 beta means sharper drawdowns during market corrections and underperformance during value rallies; investors must tolerate larger intra-year declines than the broader market.
  • Style concentration risk: SCHG holds only growth-classified large-caps, so prolonged periods of value outperformance (as happened in 2022 and 2024) can cause meaningful lag relative to SPY's balanced approach.
  • Lower yield cushion: SCHG's 0.38% distribution rate offers less downside protection from price declines; in flat or falling markets, total return depends almost entirely on capital appreciation.
  • Index methodology differences: SPY and SCHG track different indexes with different reconstitution rules and constituent counts; holdings overlap substantially but are not identical, so performance can diverge even during normal market periods.

Bottom line

If you want the broadest possible large-cap exposure with minimal fees and steady dividend income, SPY's index-weight approach and higher yield make it a natural core choice. If you're comfortable taking on growth-stock volatility and have a longer time horizon, SCHG's lower expense ratio and concentrated growth tilt offer the potential for higher returns—but with meaningfully sharper downside risk. Neither choice is automatically "better"; the fit depends on your tolerance for style-specific drawdowns and need for current income.

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.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener