Dividend comparison

SCHD vs SPHD: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Schwab U.S. Dividend Equity ETF and Invesco S&P 500 High Dividend Low Volatility ETF, side by side. Updated October 21, 2026.

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SCHD vs SPHD: key differences
The short answer, from the latest data on this page.
  • Fees. SCHD is cheaper at 0.06% a year versus 0.30% for SPHD. On $10,000 that is $24 a year less in fees.
  • Income. SPHD pays more income, yielding 4.87% over the last twelve months versus 3.04% for SCHD. That is about $183 more a year on $10,000. SCHD pays quarterly, SPHD pays monthly.
  • Performance. Over the last 5 years, SCHD returned 57.9% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $15,790 in SCHD and $13,591 in SPHD.
  • Risk. SPHD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -19.5%, against -16.8% for SCHD.
  • Diversification. SCHD holds 102 positions and SPHD holds 54. The ten largest positions make up 41.7% of SCHD and 28.8% of SPHD.
  • Overlap. 24% of the two portfolios overlap by weight, across 17 shared holdings.
  • Dividend growth. SCHD grew its yearly payout 8.7% a year over the last 4 years, versus 5.4% for SPHD.
  • Size. SCHD is the larger fund with $114.7 billion in assets, against $3.3 billion for SPHD.

Bottom line: SCHD fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. SPHD fits better if you care most about more income today.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSCHD
Schwab U.S. Dividend Equity ETF
SPHD
Invesco S&P 500 High Dividend Low Volatility ETF
Dividend yield (TTM)3.04%4.87%
Dividend / share (TTM)$1.05$2.47
Payout frequencyQuarterlyMonthly
Last dividend$0.2665 on Sep 28, 2026$0.2016 on Sep 25, 2026
Ex-dividend dateSep 23, 2026Oct 19, 2026
Next payment—$0.2010 on Oct 23, 2026
Dividend growth (CAGR)8.7% over 4 yrs5.4% over 4 yrs
Price$34.69$50.64
Dividend growth streak13 years1 year
Beta0.580.47
Max drawdown (5Y)-16.8%-19.5%
Market cap$98.31B$3.29B
ExchangeAMEXAMEX
Expense ratio0.06%0.30%
Assets under management$114.71B$3.26B
Number of holdings10254
Top 10 concentration41.7%28.8%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SCHD

$25.32/mo

$304 /yr at 3.04% yield

SPHD

$40.59/mo

$487 /yr at 4.87% yield

Dividend history
Total dividends paid per share in each calendar year. SCHD pays quarterly; SPHD pays monthly.
YearSCHDSPHD
2025$1.0476$1.9308
2024$0.9944$1.6464
2023$0.8862$1.9010
2022$0.8540$1.7038
2021$0.7499$1.5643
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.

Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.

What SCHD vs SPHD actually do

SCHD
An index ETF holding about 100 US dividend payers screened for balance-sheet strength and a long payment record.

It tracks the Dow Jones U.S. Dividend 100 Index, which first requires at least ten consecutive years of dividends, then ranks the survivors on a composite of cash flow to total debt, return on equity, dividend yield and five-year dividend growth. The top 100 are held at market-cap weights with a 4% cap per stock and 25% per sector, reconstituted annually and rebalanced quarterly. Those quality screens push the portfolio toward mature value sectors and largely out of high-growth technology, which is the single biggest reason its return diverges from the S&P 500 in either direction.

Suits an investor who wants a growing dividend stream plus share-price participation and can sit out technology-led rallies without changing course. Not a match for someone who needs the highest available current yield or wants full market exposure.

Core dividend holding

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $15,790 in SCHD and $13,591 in SPHD.
PeriodSCHDSPHD
1 month3.83%1.22%
3 months6.77%-4.22%
Year to date29.59%5.50%
1 year33.01%4.33%
3 years66.22%44.23%
5 years57.90%35.91%
  • SCHD
  • SPHD
84124164202120222023202420252026158136

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SCHD
  • SPHD
0%5%10%15%20%Consumer Defensive20.1%17.8%Energy15.3%14.1%Financial Services9.2%15.6%Healthcare19.3%5.1%Real Estate20.1%Technology16.0%1.5%Communication Services6.0%8.6%Utilities0.1%13.7%Consumer Cyclical6.7%3.4%Industrials7.3%0.0%Other0.0%0.0%
SCHD vs SPHD holdings overlap
24% overlap by weight, with 17 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSCHD weightSPHD weight
VZVERIZON COMMUNICATIONS INC3.57%3.18%
MOALTRIA GROUP INC3.05%2.88%
CVXCHEVRON4.31%2.33%
BMYBRISTOL MYERS SQUIBB2.96%2.03%
PEPPEPSICO3.86%1.99%
CMCSACOMCAST CLASS A1.91%2.42%
COPCONOCOPHILLIPS4.30%1.85%
EOGEOG RESOURCES2.04%1.65%
OKEONEOK1.47%2.24%
OKEONEOK1.43%2.24%
Top 10 holdings
Largest positions by portfolio weight.

SCHD102 holdings total

NameWeight
TXNTEXAS INSTRUMENT4.40%
PGPROCTER & GAMBLE4.34%
CVXCHEVRON4.31%
KOCOCA-COLA4.30%
COPCONOCOPHILLIPS4.30%
QCOMQUALCOMM4.15%
UNHUNITEDHEALTH GROUP4.14%
HDHOME DEPOT3.95%
AMGNAMGEN INC3.90%
PEPPEPSICO3.86%

SPHD54 holdings total

NameWeight
PFEPfizer Inc3.77%
VZVerizon Communications Inc3.18%
MOAltria Group Inc2.88%
GISGeneral Mills Inc2.86%
KHCKraft Heinz Co/The2.84%
CCICrown Castle Inc2.79%
VICIVICI Properties Inc2.76%
AMCRAmcor PLC2.75%
TAT&T Inc2.60%
CMCSAComcast Corp2.42%

Quick verdict

SCHD fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. SPHD fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SCHD or SPHD better for dividend income?
It depends on your goals. SCHD currently yields 3.04% Trailing Twelve Months (TTM) while SPHD yields 4.87%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SCHD and SPHD?
Schwab U.S. Dividend Equity ETF (SCHD) is an ETF listed on AMEX. Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SCHD or SPHD?
SCHD has the lower expense ratio. SCHD charges 0.06% a year and SPHD charges 0.30%, a difference of $24 a year on a $10,000 investment.
Which has performed better, SCHD or SPHD?
Over the last 5 years, SCHD has the higher total return with dividends reinvested: SCHD returned 57.9% and SPHD returned 35.9%. Past performance does not predict future returns.
Which is riskier, SCHD or SPHD?
Measured by the worst peak-to-trough decline over the last five years, SPHD has been riskier: SCHD fell as much as 16.8% and SPHD as much as 19.5%. Their betas are 0.58 and 0.47.
How much do SCHD and SPHD overlap?
About 24% of the two portfolios overlap by weight, across 17 shared holdings. The largest shared positions are VZ, MO, CVX. Holding both still adds meaningful diversification.
How often do SCHD and SPHD pay dividends?
SCHD pays quarterly and SPHD pays monthly.
How much income does $10,000 in SCHD vs SPHD generate?
At current TTM yields, $10,000 in SCHD would generate roughly $25.32 per month ($304 annually). The same amount in SPHD would produce about $40.59 per month ($487 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SCHD and SPHD?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SCHD vs SPHD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SCHD and SPHD fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.