Dividend comparison
SCHD vs VOO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Schwab U.S. Dividend Equity ETF and Vanguard S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. VOO is cheaper at 0.03% a year versus 0.06% for SCHD. On $10,000 that is $3 a year less in fees.
- Income. SCHD pays more income, yielding 3.04% over the last twelve months versus 1.05% for VOO. That is about $199 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, VOO returned 81.8% versus 57.9% for SCHD, with dividends reinvested. $10,000 would have grown to $18,178 in VOO and $15,790 in SCHD.
- Risk. VOO has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -24.5%, against -16.8% for SCHD.
- Diversification. VOO holds 505 positions and SCHD holds 102. The ten largest positions make up 41.7% of SCHD and 39.1% of VOO.
- Overlap. At least 6% of the two portfolios overlap by weight, across 16 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 4 years, versus 6.8% for VOO.
- Size. VOO is the larger fund with $1.7 trillion in assets, against $114.7 billion for SCHD.
Bottom line: SCHD fits better if you care most about more income today, smaller drawdowns and faster dividend growth. VOO fits better if you care most about lower fees, stronger 5-year returns and broader diversification.
| Metric | SCHD Schwab U.S. Dividend Equity ETF | VOO Vanguard S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 3.04% | 1.05% |
| Dividend / share (TTM) | $1.05 | $7.43 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.2665 on Sep 28, 2026 | $1.8226 on Sep 30, 2026 |
| Ex-dividend date | Sep 23, 2026 | Sep 28, 2026 |
| Dividend growth (CAGR) | 8.7% over 4 yrs | 6.8% over 4 yrs |
| Price | $34.69 | $706.80 |
| Dividend growth streak | 13 years | 5 years |
| Beta | 0.58 | 1.01 |
| Max drawdown (5Y) | -16.8% | -24.5% |
| Market cap | $98.31B | $1.70T |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.06% | 0.03% |
| Assets under management | $114.71B | $1.70T |
| Number of holdings | 102 | 505 |
| Top 10 concentration | 41.7% | 39.1% |
SCHD
$25.32/mo
$304 /yr at 3.04% yield
VOO
$8.76/mo
$105 /yr at 1.05% yield
| Year | SCHD | VOO |
|---|---|---|
| 2025 | $1.0476 | $7.0678 |
| 2024 | $0.9944 | $6.7035 |
| 2023 | $0.8862 | $6.3572 |
| 2022 | $0.8540 | $5.9467 |
| 2021 | $0.7499 | $5.4367 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What SCHD vs VOO actually do
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
It replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.
Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.
Core holding
| Period | SCHD | VOO |
|---|---|---|
| 1 month | 3.83% | 0.97% |
| 3 months | 6.77% | 3.87% |
| Year to date | 29.59% | 13.68% |
| 1 year | 33.01% | 15.84% |
| 3 years | 66.22% | 89.23% |
| 5 years | 57.90% | 81.78% |
- SCHD
- VOO
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- SCHD
- VOO
| Largest shared holdings | SCHD weight | VOO weight |
|---|---|---|
| CVXCHEVRON | 4.31% | 0.61% |
| MRKMERCK & CO INC | 3.85% | 0.54% |
| PGPROCTER & GAMBLE | 4.34% | 0.51% |
| KOCOCA-COLA | 4.30% | 0.51% |
| UNHUNITEDHEALTH GROUP | 4.14% | 0.50% |
| HDHOME DEPOT | 3.95% | 0.43% |
| TXNTEXAS INSTRUMENT | 4.40% | 0.39% |
| AMGNAMGEN INC | 3.90% | 0.35% |
| QCOMQUALCOMM | 4.15% | 0.30% |
| VZVERIZON COMMUNICATIONS INC | 3.57% | 0.29% |
SCHD102 holdings total
Quick verdict
SCHD fits better if you care most about more income today, smaller drawdowns and faster dividend growth. VOO fits better if you care most about lower fees, stronger 5-year returns and broader diversification. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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How much do SCHD and VOO overlap?
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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.