# HDV vs SCHD: fees, holdings and returns compared

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

HDV holds about 75 US companies that pay large dividends and pass a financial health screen. SCHD holds about 100 US companies picked for steady dividends and strong finances. Both are concentrated, and their top holdings differ. Over the same dates since October 2011, HDV returned about 11.2% a year and SCHD returned about 13.5% 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 0.08%.
- HDV started trading in March 2011. SCHD started in October 2011.
- Worst drops since 2011: HDV −37.0%, SCHD −33.4%.
- Daily correlation: 0.94 (1 means they always move together).

## What is the difference between HDV and SCHD?

HDV's Morningstar index picks high payers that it judges able to keep paying, then weights by the dividends they pay, so its top ten make up more than half the fund. SCHD's index ranks companies on cash flow, debt, profits, yield and dividend growth, and caps single holdings. That makes HDV lean harder into a few big payers in industries such as energy, health care and consumer staples. Both charge low fees.

| Fact | HDV | SCHD |
| --- | --- | --- |
| Full name | iShares Core High Dividend ETF | Schwab U.S. Dividend Equity ETF |
| Issuer | iShares (BlackRock) | Schwab |
| Expense ratio | 0.08% a year | 0.06% a year |
| Started trading | March 29, 2011 | October 20, 2011 |
| Tracks | Morningstar Dividend Yield Focus Index | Dow Jones U.S. Dividend 100 Index |
| Holdings | 74 holdings as of October 15, 2026 | 98 holdings as of February 28, 2026 |
| Type | US stocks, ETF | US stocks, ETF |

Fund facts checked on the [iShares (BlackRock) HDV page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) and the [Schwab SCHD page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm).

## Is HDV or SCHD cheaper?

SCHD costs less: 0.06% a year against 0.08%. On $10,000, that is about $8 a year for HDV and $6 for SCHD. The fund takes its fee out of its own value a little each day, so you never get a bill.

## HDV vs SCHD performance over the same dates

Both funds are measured from October 2011 to October 2026, the dates both traded. HDV returned about 11.2% a year and SCHD returned about 13.5% a year. SCHD came out ahead over this period, which does not mean it will again.

| Measure | HDV | SCHD |
| --- | --- | --- |
| $10,000 grew to | $49,247 | $66,979 |
| Total return | 392.5% | 569.8% |
| Return per year (CAGR) | 11.2% | 13.5% |
| Worst drop from a high | −37.0% | −33.4% |
| Volatility (how much it swings) | 14.4% | 15.3% |
| Last 12 months | 26.7% | 33.0% |
| Last 3 years, per year | 19.8% | 18.8% |
| Last 5 years, per year | 12.9% | 9.7% |
| Last 10 years, per year | 10.5% | 13.5% |

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.

## HDV and SCHD returns by year

| Year | HDV | SCHD |
| --- | --- | --- |
| 2026 (part of the year) | 26.5% | 29.6% |
| 2025 | 11.9% | 4.3% |
| 2024 | 14.2% | 11.7% |
| 2023 | 1.7% | 4.5% |
| 2022 | 7.0% | −3.3% |
| 2021 | 19.4% | 29.9% |
| 2020 | −6.5% | 15.0% |
| 2019 | 20.2% | 27.3% |
| 2018 | −3.0% | −5.6% |
| 2017 | 13.4% | 20.8% |
| 2016 | 15.8% | 16.4% |
| 2015 | −0.3% | −0.3% |
| 2014 | 12.6% | 11.7% |
| 2013 | 23.6% | 32.9% |
| 2012 | 9.7% | 11.4% |
| 2011 (part of the year) | 7.5% | 5.3% |

## Which fell further in bad times?

A drawdown is how far a fund falls from its last high point. HDV's worst fall was −37.0%, from December 23, 2019 to March 23, 2020. It got back to that high on March 8, 2021.

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 0.94. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

## Why people choose HDV or SCHD

**HDV.** People who want a short list of very high dividend payers tend to pick HDV.

**SCHD.** People who want a mix of high yield and dividend growth from strong companies tend to pick SCHD.

## Strategies that hold HDV or SCHD

No classic strategy holds HDV or SCHD yet.

## Other funds like HDV and SCHD

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

## Test a mix of HDV and SCHD

Open the [builder](https://tactfolio.com/builder), add HDV 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 [HDV](https://tactfolio.com/etf/HDV.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

- [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.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [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

### Is HDV more concentrated than SCHD?

Yes. HDV holds about 75 companies and its top ten make up more than half the fund. SCHD holds about 100 with limits on each.

### Do HDV and SCHD hold the same stocks?

Some overlap, because both buy large high-dividend companies. The weights differ a lot.

### Which is cheaper, HDV or SCHD?

SCHD costs less: 0.06% a year against 0.08%. Fees come from each issuer and were checked on October 17, 2026.

### Which did better, HDV or SCHD?

From October 2011 to October 2026, HDV returned about 11.2% a year and SCHD returned about 13.5% a year, with dividends reinvested. Their worst drops were −37.0% and −33.4%. Past returns do not tell you what comes next.

## Sources

- [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf)
- [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.