How do the fees of SCHD and SPHD compare?

SCHD charges 0.06% and SPHD charges 0.30%. On $10,000 that is about $6 a year for SCHD and $30 for SPHD, a difference of roughly $24 every year. Over long holding periods the gap compounds, so SPHD's higher yield needs to cover that extra cost before it delivers more net income.

What index does each fund track?

SCHD tracks the Dow Jones U.S. Dividend 100, which screens US stocks for at least 10 years of dividend payments and ranks them on cash flow, return on equity, yield and dividend growth. SPHD tracks the S&P 500 Low Volatility High Dividend index, which picks the highest-yielding S&P 500 stocks and then keeps the least volatile ones.

How much do SCHD and SPHD overlap?

Very little at the top. Only VZ appears in both top 10 lists, at 3.95% in SCHD and 3.32% in SPHD. SCHD's largest positions are MRK, ABT, AMGN, KO and CVX, while SPHD leads with PFE, VZ, GIS, KHC and VICI. The two indexes use different screens, so they land on different companies.

Which fund pays a higher dividend yield?

SPHD yields 4.90% and SCHD yields 3.12%. SPHD is built to maximize yield among lower-volatility S&P 500 stocks, so a higher payout is by design. SCHD balances yield against financial quality and dividend growth, which typically produces a lower current yield but a different risk profile.

Which fund suits which goal?

SCHD suits investors who want a low-cost core dividend fund with a focus on companies that can sustain and grow payouts. SPHD suits investors who want the highest current income from large US companies and prefer a lower-volatility tilt. Some investors combine a growth-oriented dividend fund with a higher-yield one.

How do size and liquidity compare?

SCHD is far larger at about $112.77 billion in net assets, compared with roughly $3.32 billion for SPHD. Both are large enough for normal retail trading, but SCHD's scale generally means tighter bid-ask spreads and more trading volume. SPHD is a well-established fund that launched in 2012.

How concentrated is each fund?

SCHD holds 102 stocks with the top 10 making up about 42% of assets. SPHD holds 58 stocks with the top 10 near 28%, because its index equal-weights positions more evenly. So SPHD has fewer names but spreads them more evenly, while SCHD has more names but larger top weights.

Can I hold both SCHD and SPHD?

Yes. With only one shared top-10 holding, the two funds complement each other more than most dividend ETF pairs. Holding both blends a quality dividend-growth approach with a high-yield, low-volatility approach. Keep in mind that SPHD's 0.30% fee raises the blended cost of the combination.

Are there tax or account differences?

Both are US-listed ETFs that pay dividends, and the higher the yield, the more dividend income is exposed to tax. SPHD's 4.90% yield means more taxable distributions than SCHD's 3.12%. Non-US investors may face withholding on US dividends. Check how your account type and local rules treat dividend income.

Is a higher yield always better for income investors?

Not necessarily. A higher yield can reflect a lower share price rather than a bigger dividend, and it can come with higher fees, as with SPHD's 0.30%. SCHD's quality screens aim at dividends that grow over time. Investors weigh current income against fees, dividend growth and how the underlying companies are performing.

SCHD vs SPHD

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

SCHD tracks the Dow Jones US Dividend 100 with 102 holdings for a 0.06% expense ratio and yields 3.12%. SPHD tracks the S&P 500 Low Volatility High Dividend index with 58 holdings for 0.30% and yields 4.90%. SCHD suits investors who want quality dividend payers at a very low cost, while SPHD suits those who prioritize current income and lower volatility. Educational content, not financial advice.

SCHD tracks the Dow Jones US Dividend 100 with 102 holdings for a 0.06% expense ratio and yields 3.12%. SPHD tracks the S&P 500 Low Volatility High Dividend index with 58 holdings for 0.30% and yields...

Fund Snapshot

Key Fund Metrics

SCHD

Metric

SPHD

0.06%

Expense Ratio

0.30%

3.12%

Dividend Yield

4.90%

$112.77B

Net Assets

$3.32B

102

Holdings

58

Oct 20, 2011

Inception Date

Oct 18, 2012

Dow Jones U.S. Dividend 100

Index Tracked

S&P 500 Low Volatility High Dividend Index

Large Value

Fund Category

Large Value

SCHD costs about $24.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SCHD	SPHD
VZVerizon Communications Inc.	3.95%	3.32%

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Investment Analysis

SCHD

Pros

Very low 0.06% expense ratio, about $6 a year per $10,000 invested
Large fund at about $112.77 billion with deep liquidity
Screens for dividend quality and consistency, not just the highest yields

Considerations

Lower yield at 3.12% compared with 4.90% for SPHD
Top 10 holdings such as MRK, ABT and AMGN lean toward healthcare and energy
Only 102 holdings, so sector exposure can shift with index rebalances

SPHD

Pros

Higher dividend yield at 4.90%, the highest of the two funds
Selects lower-volatility stocks, which can smooth the ride in choppy markets
Holdings such as PFE, VZ and GIS come from defensive sectors

Considerations

Expense ratio of 0.30% is five times SCHD's, about $24 more per $10,000
Much smaller fund at about $3.32 billion in net assets
Only 58 holdings, with high-yield screens that can capture struggling companies

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About SCHD and SPHD

SCHD (SCHD)

SCHD (Schwab US Dividend Equity ETF) is an exchange‑traded fund that aims to provide exposure to high-quality U.S. companies that have a history of paying dividends. Managed by Charles Schwab, the ETF screens for firms with stable earnings, reasonable payout ratios and consistent dividend records, concentrating on large‑cap names across a range of sectors. Investors often use SCHD for income and as a core holding to capture dividend yield with the diversification and liquidity of an ETF. It is designed to be a low‑cost, transparent vehicle, though dividends and share prices can fall and past performance is not a guarantee of future results. Suitable for investors seeking income and long‑term total return, it may not fit those focused solely on capital growth or who require guarantees. As with any investment, consider costs, tax treatment and how it fits your wider portfolio before investing.

SPHD (SPHD)

PowerShares S&P 500 High Div Low Vol ETF (SPHD) is an exchange-traded fund that seeks to provide exposure to S&P 500 companies with relatively high dividend yields and lower historical price volatility. The fund typically holds a concentrated basket of large-cap US stocks selected for income and stability, and it rebalances periodically to maintain its target characteristics. Investors often consider SPHD for income generation within an equity sleeve, but dividend payments and share prices can fluctuate and are not guaranteed. The ETF may be overweight in income-sensitive sectors such as utilities, real estate and consumer staples, which can affect performance during different market cycles. This information is general and educational, not personalised financial advice; suitability depends on your goals, time horizon and risk tolerance.

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Which Baskets Do They Appear In?

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Following Charles Schwab's massive $20 billion stock buyback and dividend increase, this theme focuses on other financially robust companies that are similarly rewarding their investors. The strategy is to invest in firms with strong cash flows and a commitment to returning capital to shareholders.

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SCHD vs SPHD

Fund Snapshot