# DIVO vs SCHD: fees, holdings and returns compared

> DIVO vs SCHD: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

DIVO holds about 30 large US dividend-paying companies picked by its managers, and sometimes sells options on them for extra income. SCHD holds about 100 US companies picked by an index for steady dividends and strong finances. DIVO charges a much higher fee. Over the same dates since December 2016, DIVO returned about 12.7% a year and SCHD returned about 12.9% a year.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## Key points

- SCHD costs less: 0.06% a year against 0.56%.
- DIVO started trading in December 2016. SCHD started in October 2011.
- Worst drops since 2016: DIVO −30.0%, SCHD −33.4%.
- Daily correlation: 0.85 (1 means they always move together).

## What is the difference between DIVO and SCHD?

SCHD follows set rules and holds its companies until the index changes. DIVO's managers pick a short list and sell call options on some holdings when they choose, which brings in cash but gives away some of the gain if a stock jumps. DIVO pays monthly and SCHD every three months. With only about 30 stocks, DIVO's results depend more on a few companies and on its managers.

| Fact | DIVO | SCHD |
| --- | --- | --- |
| Full name | Amplify CWP Enhanced Dividend Income ETF | Schwab U.S. Dividend Equity ETF |
| Issuer | Amplify ETFs | Schwab |
| Expense ratio | 0.56% a year | 0.06% a year |
| Started trading | December 13, 2016 | October 20, 2011 |
| Tracks | No index (actively managed) | Dow Jones U.S. Dividend 100 Index |
| Holdings | 30 holdings as of October 16, 2026 | 98 holdings as of February 28, 2026 |
| Type | US stocks, ETF | US stocks, ETF |

Fund facts checked on the [Amplify ETFs DIVO page](https://amplifyetfs.com/divo/) and the [Schwab SCHD page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm).

## Is DIVO or SCHD cheaper?

SCHD costs less: 0.06% a year against 0.56%. On $10,000, that is about $56 a year for DIVO and $6 for SCHD. The fund takes its fee out of its own value a little each day, so you never get a bill.

## DIVO vs SCHD performance over the same dates

Both funds are measured from December 2016 to October 2026, the dates both traded. DIVO returned about 12.7% a year and SCHD returned about 12.9% a year. SCHD came out ahead over this period, which does not mean it will again.

| Measure | DIVO | SCHD |
| --- | --- | --- |
| $10,000 grew to | $32,468 | $32,957 |
| Total return | 224.7% | 229.6% |
| Return per year (CAGR) | 12.7% | 12.9% |
| Worst drop from a high | −30.0% | −33.4% |
| Volatility (how much it swings) | 14.6% | 16.8% |
| Last 12 months | 14.6% | 33.0% |
| Last 3 years, per year | 17.8% | 18.8% |
| Last 5 years, per year | 11.1% | 9.7% |

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## DIVO and SCHD returns by year

| Year | DIVO | SCHD |
| --- | --- | --- |
| 2026 (part of the year) | 11.9% | 29.6% |
| 2025 | 17.4% | 4.3% |
| 2024 | 16.2% | 11.7% |
| 2023 | 7.0% | 4.5% |
| 2022 | −1.5% | −3.3% |
| 2021 | 22.9% | 29.9% |
| 2020 | 12.4% | 15.0% |
| 2019 | 24.9% | 27.3% |
| 2018 | −3.2% | −5.6% |
| 2017 | 21.4% | 20.8% |
| 2016 (part of the year) | −0.5% | −0.5% |

## Which fell further in bad times?

A drawdown is how far a fund falls from its last high point. DIVO's worst fall was −30.0%, from January 17, 2020 to March 23, 2020. It got back to that high on August 12, 2020.

SCHD's worst fall was −33.4%, from January 23, 2020 to March 23, 2020. It got back to that high on September 2, 2020.

Their daily moves had a correlation of 0.85. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always.

## Why people choose DIVO or SCHD

**DIVO.** People who want monthly income from dividends and options, picked by managers, tend to pick DIVO.

**SCHD.** People who want dividends from a rules-based index at a very low fee tend to pick SCHD.

## Strategies that hold DIVO or SCHD

No classic strategy holds DIVO or SCHD yet.

## Other funds like DIVO and SCHD

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [DIVO alternatives](https://tactfolio.com/alternatives/DIVO.md) and [SCHD alternatives](https://tactfolio.com/alternatives/SCHD.md).

## Test a mix of DIVO and SCHD

Open the [builder](https://tactfolio.com/builder), add DIVO and SCHD, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [DIVO](https://tactfolio.com/etf/DIVO.md) and [SCHD](https://tactfolio.com/etf/SCHD.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## The details

Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Covered calls](https://tactfolio.com/learn/covered-call): A covered call means owning 100 shares and selling a call option on them for income.
- [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example.
- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.

## Common questions

### What is a covered call?

A covered call means selling someone the right to buy a stock you own at a set price. You get cash now, but if the stock rises past that price, you give up the gain above it.

### How often do DIVO and SCHD pay?

DIVO pays every month. SCHD pays every three months.

### Which is cheaper, DIVO or SCHD?

SCHD costs less: 0.06% a year against 0.56%. Fees come from each issuer and were checked on October 17, 2026.

### Which did better, DIVO or SCHD?

From December 2016 to October 2026, DIVO returned about 12.7% a year and SCHD returned about 12.9% a year, with dividends reinvested. Their worst drops were −30.0% and −33.4%. Past returns do not tell you what comes next.

## Sources

- [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/)
- [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.