EQWL vs. SCHD

Last updated Jun 24, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - EQWL is a Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, EQWL returned 14.81%/yr vs 12.72%/yr for SCHD. Their correlation of 0.83 suggests significant overlap in exposure. EQWL charges 0.25%/yr vs 0.06%/yr for SCHD.

Performance

EQWL vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQWL achieves a 8.85% return, which is significantly lower than SCHD's 17.72% return. Over the past 10 years, EQWL has outperformed SCHD with an annualized return of 14.81%, while SCHD has yielded a comparatively lower 12.72% annualized return.

EQWL

• 1D: -0.64%
• 1M: 1.01%
• YTD: 8.85%
• 6M: 8.38%
• 1Y: 20.95%
• 3Y*: 19.23%
• 5Y*: 11.94%
• 10Y*: 14.81%

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQWL vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	8.85%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between EQWL and SCHD is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.83

The correlation between EQWL and SCHD shifts across timeframes, from 0.66 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

EQWL vs. SCHD - Sectors Allocation Comparison

Sectors	EQWL	SCHD
Technology	26.7%	19.4%
Financial Services	14.9%	9.1%
Healthcare	13.5%	18.4%
Industrials	13.2%	7.4%
Consumer Defensive	8.3%	18.5%
Consumer Cyclical	8.2%	6.7%
Communication Services	7.1%	6.0%
Energy	2.7%	14.6%
Utilities	2.6%	0.0%
Real Estate	1.9%	-
Basic Materials	1.0%	1.2%

Return for Risk

EQWL vs. SCHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQWL

EQWL Risk / Return Rank: 61
EQWL Sharpe Ratio Rank: 62
EQWL Sortino Ratio Rank: 62
EQWL Omega Ratio Rank: 59
EQWL Calmar Ratio Rank: 57
EQWL Martin Ratio Rank: 65

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQWL vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) and Schwab U.S. Dividend Equity ETF (SCHD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EQWL	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.23	-0.26
Sortino ratio: Return per unit of downside risk	2.77	3.40	-0.63
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.71	5.35	-2.64
Martin ratio: Return relative to average drawdown	11.33	12.94	-1.61

EQWL vs. SCHD - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 1.97, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of EQWL and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQWL vs. SCHD - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for EQWL and SCHD.

Drawdown Indicators

	EQWL	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-33.37%	-15.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-4.61%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-16.13%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-16.85%	-6.14%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-33.37%	-0.93%
Current Drawdown Current decline from peak	-1.52%	-2.47%	+0.95%
Average Drawdown Average peak-to-trough decline	-6.68%	-3.31%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.90%	-0.05%

Volatility

EQWL vs. SCHD - Volatility Comparison

Invesco S&P 100 Equal Weight ETF (EQWL) has a higher volatility of 3.88% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.58%. This indicates that EQWL's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQWL	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	3.58%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	7.73%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	11.07%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	14.36%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	16.71%	+0.07%

EQWL vs. SCHD - Expense Ratio Comparison

EQWL has a 0.25% expense ratio, which is higher than SCHD's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EQWL vs. SCHD - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.60%, less than SCHD's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.60%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both EQWL and SCHD in my portfolio?

EQWL and SCHD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQWL or SCHD?

EQWL has higher volatility (3.88%) compared to SCHD (3.58%). In terms of maximum drawdown, EQWL dropped -49.36% vs SCHD's -33.37%.

Which ETF is better, EQWL or SCHD?

On 10-year performance, EQWL leads with 14.81% vs 12.72% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQWL or SCHD?

Over the 10-year period, EQWL has performed better with a 14.81% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQWL or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.25% for EQWL.

Which ETF pays a higher dividend yield, EQWL or SCHD?

SCHD has the higher dividend yield at 3.30%, compared with 1.60% for EQWL.

What is the main difference between EQWL and SCHD?

EQWL is categorized as Large Cap Blend Equities, while SCHD is Dividend. EQWL tracks S&P 100 Equal Weight Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.25% for EQWL and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.23 vs 1.97), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.