SCHD vs SPYD: fees, holdings and returns
SCHD holds about 100 US companies picked for steady dividends and strong finances. SPYD holds the about 80 S&P 500 companies with the highest dividend yields, each at about the same weight. SPYD pays more now, with no quality screen. Over the same dates since October 2015, SCHD returned about 13.1% a year and SPYD returned about 9.0% a year.
Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.
Key points
- SCHD costs less: 0.06% a year against 0.07%.
- SCHD started trading in October 2011. SPYD started in October 2015.
- Worst drops since 2015: SCHD −33.4%, SPYD −46.4%.
- Daily correlation: 0.91 (1 means they always move together).
What is the difference between SCHD and SPYD?#
SPYD picks on yield alone. A very high yield can mean a company’s price has fallen because the market expects trouble, so SPYD holds many real estate trusts, utilities and banks and can be hit when those struggle. SCHD screens for cash flow, debt and profits before yield. That made SCHD fall less than SPYD in some downturns, such as 2020.
| Fact | SCHD | SPYD |
|---|---|---|
| Full name | Schwab U.S. Dividend Equity ETF | State Street SPDR Portfolio S&P 500 High Dividend ETF |
| Issuer | Schwab | SPDR (State Street) |
| Expense ratio | 0.06% a year | 0.07% a year |
| Started trading | October 20, 2011 | October 21, 2015 |
| Tracks | Dow Jones U.S. Dividend 100 Index | S&P 500 High Dividend Index |
| Holdings | 98 holdings as of February 28, 2026 | 78 holdings as of October 15, 2026 |
| Type | US stocks, ETF | US stocks, ETF |
Fund facts checked on the Schwab SCHD page and the SPDR (State Street) SPYD page.
Is SCHD or SPYD cheaper?#
SCHD costs less: 0.06% a year against 0.07%. On $10,000, that is about $6 a year for SCHD and $7 for SPYD. The fund takes its fee out of its own value a little each day, so you never get a bill.
SCHD vs SPYD performance over the same dates#
Both funds are measured from October 2015 to October 2026, the dates both traded. SCHD returned about 13.1% a year and SPYD returned about 9.0% a year. SCHD came out ahead over this period, which does not mean it will again.
| Measure | SCHD | SPYD |
|---|---|---|
| $10,000 grew to | $38,528 | $25,796 |
| Total return | 285.3% | 158.0% |
| Return per year (CAGR) | 13.1% | 9.0% |
| Worst drop from a high | −33.4% | −46.4% |
| Volatility (how much it swings) | 16.4% | 19.4% |
| Last 12 months | 33.0% | 14.1% |
| Last 3 years, per year | 18.8% | 17.3% |
| Last 5 years, per year | 9.7% | 7.6% |
| Last 10 years, per year | 13.5% | 8.3% |
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.
SCHD and SPYD returns by year#
| Year | SCHD | SPYD |
|---|---|---|
| 2026 (part of the year) | 29.6% | 13.7% |
| 2025 | 4.3% | 4.7% |
| 2024 | 11.7% | 15.3% |
| 2023 | 4.5% | 3.9% |
| 2022 | −3.3% | −1.2% |
| 2021 | 29.9% | 31.4% |
| 2020 | 15.0% | −11.6% |
| 2019 | 27.3% | 21.2% |
| 2018 | −5.6% | −4.9% |
| 2017 | 20.8% | 12.7% |
| 2016 | 16.4% | 24.6% |
| 2015 (part of the year) | −0.2% | −2.6% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. 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.
SPYD’s worst fall was −46.4%, from January 16, 2020 to March 23, 2020. It got back to that high on February 24, 2021.
Their daily moves had a correlation of 0.91. 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 SCHD or SPYD#
SCHD. People who want dividends from financially strong companies tend to pick SCHD.
SPYD. People who want the highest dividend income from S&P 500 companies, spread evenly, tend to pick SPYD.
Strategies that hold SCHD or SPYD#
No classic strategy holds SCHD or SPYD yet.
Other funds like SCHD and SPYD#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: SCHD alternatives and SPYD alternatives.
Test a mix of SCHD and SPYD#
Open the builder, add SCHD and SPYD, 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 SCHD and SPYD, or see more ETF comparisons.
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 for more on these measures.
Common questions#
Why does SPYD pay more than SCHD?#
SPYD buys the highest-yielding S&P 500 stocks, with no quality screen. Higher yields can come with a higher chance of dividend cuts.
Does SPYD hold real estate trusts?#
Yes. REITs pay out most of their income, so many rank among the highest yielders and land in SPYD. SCHD leaves REITs out.
Which is cheaper, SCHD or SPYD?#
SCHD costs less: 0.06% a year against 0.07%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, SCHD or SPYD?#
From October 2015 to October 2026, SCHD returned about 13.1% a year and SPYD returned about 9.0% a year, with dividends reinvested. Their worst drops were −33.4% and −46.4%. Past returns do not tell you what comes next.