Dividend comparison

SCHD vs SPYI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Schwab U.S. Dividend Equity ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 21, 2026.

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SCHD vs SPYI: key differences
The short answer, from the latest data on this page.
  • Fees. SCHD is cheaper at 0.06% a year versus 0.68% for SPYI. On $10,000 that is $62 a year less in fees.
  • Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 3.04% for SCHD. That is about $877 more a year on $10,000. SCHD pays quarterly, SPYI pays monthly.
  • Performance. Over the last 3 years, SCHD returned 66.2% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $16,622 in SCHD and $14,983 in SPYI.
  • Risk. Their worst declines over the last 3 years were similar: -16.8% for SCHD and -16.5% for SPYI from peak to trough.
  • Diversification. SCHD holds 102 positions and SPYI holds 10. The ten largest positions make up 41.7% of SCHD and 38.5% of SPYI.
  • Overlap. At least 6% of the two portfolios overlap by weight, across 17 shared holdings. They mostly own different companies, so they can complement each other.
  • Dividend growth. SCHD grew its yearly payout 8.7% a year over the last 2 years, versus 3.1% for SPYI.
  • Size. SCHD is the larger fund with $114.7 billion in assets, against $12.6 billion for SPYI.

Bottom line: SCHD fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI 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
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)3.04%11.81%
Dividend / share (TTM)$1.05$6.34
Payout frequencyQuarterlyMonthly
Last dividend$0.2665 on Sep 28, 2026$0.5338 on Sep 18, 2026
Ex-dividend dateSep 23, 2026Sep 16, 2026
Dividend growth (CAGR)8.7% over 4 yrs3.1% over 2 yrs
Price$34.69$53.70
Dividend growth streak13 years2 years
Beta0.580.70
Max drawdown (5Y)-16.8%-16.5%
Market cap$98.31B$10.50B
ExchangeAMEXCBOE
Expense ratio0.06%0.68%
Assets under management$114.71B$12.56B
Number of holdings10210
Top 10 concentration41.7%38.5%
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

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

Dividend history
Total dividends paid per share in each calendar year. SCHD pays quarterly; SPYI pays monthly.
YearSCHDSPYI
2025$1.0476$6.1458
2024$0.9944$6.1182
2023$0.8862$5.7873
2022$0.8540—
2021$0.7499—
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 SPYI 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

SPYI
A NEOS ETF that holds the S&P 500 and runs a call-writing program on SPX index options for monthly income.

It owns the index constituents, then layers on a data-driven call strategy that can include both sold and purchased SPX options, so the manager can dial how much upside is given away instead of overwriting the whole book every month. SPX options are section 1256 contracts, which are marked to market and taxed 60% long-term and 40% short-term regardless of holding period, and NEOS also harvests losses inside the options sleeve. Together those choices change the tax character of what lands in your account, which is the main thing separating this from an ordinary buy-write fund.

Suits a taxable-account holder who wants S&P 500 exposure with a much larger monthly payout and cares about how that income is taxed. Not for someone who wants uncapped participation in a strong bull market or the lowest possible expense ratio.

Tax-aware equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Aug 30, 2022 would now be worth $16,495 in SCHD and $16,209 in SPYI.
PeriodSCHDSPYI
1 month3.83%1.15%
3 months6.77%1.19%
Year to date29.59%2.23%
1 year33.01%3.99%
3 years66.22%49.83%
5 years57.90%—
  • SCHD
  • SPYI
8712917120222023202420252026165162

Both series indexed to 100 on 2022-08-30 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
  • SPYI
0%10%20%29%39%Technology16.0%39.1%Healthcare19.3%9.6%Consumer Defensive20.1%4.7%Financial Services9.2%11.5%Energy15.3%3.7%Consumer Cyclical6.7%9.2%Communication Services6.0%9.7%Industrials7.3%7.4%Utilities0.1%1.9%Real Estate1.7%Other0.0%1.5%
SCHD vs SPYI holdings overlap
At least 6% 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 weightSPYI weight
CVXCHEVRON4.31%0.64%
UNHUNITEDHEALTH GROUP4.14%0.57%
PGPROCTER & GAMBLE4.34%0.56%
KOCOCA-COLA4.30%0.55%
MRKMERCK & CO INC3.85%0.55%
HDHOME DEPOT3.95%0.47%
TXNTEXAS INSTRUMENT4.40%0.38%
AMGNAMGEN INC3.90%0.36%
QCOMQUALCOMM4.15%0.28%
VZVERIZON COMMUNICATIONS INC3.57%0.28%
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%

SPYI10 holdings total

NameWeight
NVDANVIDIA Corp7.94%
AAPLApple Inc7.49%
MSFTMicrosoft Corp5.97%
AMZNAmazon.com Inc3.90%
GOOGLAlphabet Inc3.00%
GOOGAlphabet Inc2.41%
AVGOBroadcom Inc2.40%
METAMeta Platforms Inc2.29%
TSLATesla Inc1.59%
LLYEli Lilly & Co1.55%

Quick verdict

SCHD fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI 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 SPYI better for dividend income?
It depends on your goals. SCHD currently yields 3.04% Trailing Twelve Months (TTM) while SPYI yields 11.81%. 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 SPYI?
Schwab U.S. Dividend Equity ETF (SCHD) is an ETF listed on AMEX. Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SCHD or SPYI?
SCHD has the lower expense ratio. SCHD charges 0.06% a year and SPYI charges 0.68%, a difference of $62 a year on a $10,000 investment.
Which has performed better, SCHD or SPYI?
Over the last 3 years, SCHD has the higher total return with dividends reinvested: SCHD returned 66.2% and SPYI returned 49.8%. Past performance does not predict future returns.
Which is riskier, SCHD or SPYI?
Measured by the worst peak-to-trough decline over the last five years, SCHD has been riskier: SCHD fell as much as 16.8% and SPYI as much as 16.5%. Their betas are 0.58 and 0.70.
How much do SCHD and SPYI overlap?
At least 6% of the two portfolios overlap by weight, across 17 shared holdings. The largest shared positions are CVX, UNH, PG. Holding both still adds meaningful diversification.
How often do SCHD and SPYI pay dividends?
SCHD pays quarterly and SPYI pays monthly.
How much income does $10,000 in SCHD vs SPYI generate?
At current TTM yields, $10,000 in SCHD would generate roughly $25.32 per month ($304 annually). The same amount in SPYI would produce about $98.39 per month ($1181 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SCHD and SPYI?
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 SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SCHD and SPYI 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.