Dividend comparison

SPY vs SCHB: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and Schwab U.S. Broad Market ETF, side by side. Updated October 21, 2026.

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SPY vs SCHB: key differences
The short answer, from the latest data on this page.
  • Fees. SCHB is cheaper at 0.03% a year versus 0.09% for SPY. On $10,000 that is $6 a year less in fees.
  • Income. Their trailing yields are almost the same: 0.98% for SPY and 1.04% for SCHB. Both pay quarterly.
  • Performance. Over the last 5 years, SPY returned 81.3% versus 72.5% for SCHB, with dividends reinvested. $10,000 would have grown to $18,129 in SPY and $17,247 in SCHB.
  • Risk. Their worst declines over the last 5 years were similar: -24.5% for SPY and -25.4% for SCHB from peak to trough.
  • Diversification. SCHB holds 2,394 positions and SPY holds 504. The ten largest positions make up 38.7% of SPY and 34.3% of SCHB.
  • Overlap. At least 67% of the two portfolios overlap by weight, across 98 shared holdings.
  • Dividend growth. SCHB grew its yearly payout 6.9% a year over the last 4 years, versus 6.4% for SPY.
  • Size. SPY is the larger fund with $816.6 billion in assets, against $44.6 billion for SCHB.

Bottom line: SPY fits better if you care most about stronger 5-year returns. SCHB fits better if you care most about lower fees and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
SCHB
Schwab U.S. Broad Market ETF
Dividend yield (TTM)0.98%1.04%
Dividend / share (TTM)$7.53$0.31
Payout frequencyQuarterlyQuarterly
Last dividend$1.9035 on Jul 31, 2026$0.0809 on Sep 28, 2026
Ex-dividend dateSep 18, 2026Sep 23, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs6.9% over 4 yrs
Price$769.05$29.51
Dividend growth streak16 years7 years
Beta1.011.03
Max drawdown (5Y)-24.5%-25.4%
Market cap$813.99B$44.45B
ExchangeAMEXAMEX
Expense ratio0.09%0.03%
Assets under management$816.57B$44.62B
Number of holdings5042394
Top 10 concentration38.7%34.3%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

SCHB

$8.68/mo

$104 /yr at 1.04% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; SCHB pays quarterly.
YearSPYSCHB
2025$7.2533$0.2916
2024$7.0056$0.2812
2023$6.5091$0.2579
2022$6.1723$0.2425
2021$5.6618$0.2230
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs SCHB actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,129 in SPY and $17,247 in SCHB.
PeriodSPYSCHB
1 month0.97%0.61%
3 months3.63%3.18%
Year to date13.37%13.41%
1 year15.51%15.18%
3 years88.86%87.37%
5 years81.29%72.47%
  • SPY
  • SCHB
71131191202120222023202420252026181172

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.
  • SPY
  • SCHB
0%10%19%29%38%Technology38.4%38.1%Financial Services11.7%11.6%Healthcare9.6%10.0%Communication Services9.8%9.2%Consumer Cyclical8.8%8.7%Industrials8.0%8.8%Consumer Defensive4.7%4.2%Energy3.6%3.5%Real Estate1.7%2.1%Utilities2.0%1.9%Other1.9%1.8%
SPY vs SCHB holdings overlap
At least 67% overlap by weight, with 98 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 holdingsSPY weightSCHB weight
NVDANVIDIA CORP7.93%7.03%
AAPLAPPLE INC7.55%6.80%
MSFTMICROSOFT CORP5.98%5.33%
AMZNAMAZON.COM INC3.89%3.33%
GOOGLALPHABET INC CL A3.05%2.71%
GOOGALPHABET INC CL C2.44%2.17%
METAMETA PLATFORMS INC CLASS A2.35%2.12%
AVGOBROADCOM INC2.40%2.12%
LLYELI LILLY + CO1.50%1.36%
TSLATESLA INC1.57%1.36%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

SCHB2394 holdings total

NameWeight
NVDANVIDIA7.03%
AAPLAPPLE6.80%
MSFTMICROSOFT5.33%
AMZNAMAZON COM INC3.33%
GOOGLALPHABET CLASS A2.71%
GOOGALPHABET CLASS C2.17%
METAMETA PLATFORMS CLASS A2.12%
AVGOBROADCOM INC2.12%
LLYELI LILLY1.36%
TSLATESLA INC1.36%

Quick verdict

SPY fits better if you care most about stronger 5-year returns. SCHB fits better if you care most about lower fees and broader diversification. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
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Frequently asked questions

Is SPY or SCHB better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while SCHB yields 1.04%. 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 SPY and SCHB?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. Schwab U.S. Broad Market ETF (SCHB) 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, SPY or SCHB?
SCHB has the lower expense ratio. SPY charges 0.09% a year and SCHB charges 0.03%, a difference of $6 a year on a $10,000 investment.
Which has performed better, SPY or SCHB?
Over the last 5 years, SPY has the higher total return with dividends reinvested: SPY returned 81.3% and SCHB returned 72.5%. Past performance does not predict future returns.
Which is riskier, SPY or SCHB?
Measured by the worst peak-to-trough decline over the last five years, SCHB has been riskier: SPY fell as much as 24.5% and SCHB as much as 25.4%. Their betas are 1.01 and 1.03.
How much do SPY and SCHB overlap?
At least 67% of the two portfolios overlap by weight, across 98 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do SPY and SCHB pay dividends?
Both pay quarterly. The most recent payments were $1.9035 for SPY and $0.0809 for SCHB.
How much income does $10,000 in SPY vs SCHB generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in SCHB would produce about $8.68 per month ($104 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and SCHB?
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 SPY vs SCHB with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and SCHB 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.