ICAP vs. SCHD

Last updated Aug 2, 2026

ICAP (Infrastructure Capital Equity Income ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - ICAP is a Derivative Income fund actively managed by InfraCap, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. ICAP is actively managed, while SCHD is passively managed. Over the past 3 years, ICAP returned 15.47%/yr vs 14.19%/yr for SCHD. Their 0.74 correlation means they have sometimes moved together and sometimes differently. ICAP charges 2.47%/yr vs 0.06%/yr for SCHD.

Performance

ICAP vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Infrastructure Capital Equity Income ETF (ICAP) 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, ICAP achieves a 8.65% return, which is significantly lower than SCHD's 24.03% return.

ICAP

• 1D: 1.10%
• 1M: 1.12%
• 6M: 4.76%
• YTD: 8.65%
• 1Y: 18.28%
• 3Y*: 15.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.08%

SCHD

• 1D: 0.18%
• 1M: 3.33%
• 6M: 14.09%
• YTD: 24.03%
• 1Y: 31.54%
• 3Y*: 14.19%
• 5Y*: 9.54%
• 10Y*: 12.76%
• ALL TIME*: 13.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICAP Infrastructure Capital Equity Income ETF	$705.93K	$687.44K	$943.59K
SCHD Schwab U.S. Dividend Equity ETF	$786.88M	$715.86M	$685.58M

ICAP vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP Infrastructure Capital Equity Income ETF	8.65%	15.77%	14.83%	8.82%	-10.10%	1.08%
SCHD Schwab U.S. Dividend Equity ETF	24.03%	4.34%	11.66%	4.54%	-3.26%	0.16%

Correlation

The correlation between ICAP and SCHD is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.74

Over the past year, the correlation between ICAP and SCHD has dropped to 0.46 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

ICAP vs. SCHD - Sectors Allocation Comparison

Sectors	ICAP	SCHD
Financial Services	24.8%	9.9%
Consumer Cyclical	19.4%	7.7%
Technology	11.3%	12.7%
Utilities	8.7%	0.1%
Industrials	7.8%	7.8%
Energy	7.8%	14.1%
Consumer Defensive	6.6%	20.6%
Real Estate	4.4%	-
Healthcare	3.8%	20.8%
Communication Services	3.0%	6.2%
Basic Materials	2.6%	1.2%

Return for Risk

ICAP vs. SCHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICAP

ICAP Risk / Return Rank: 50
ICAP Sharpe Ratio Rank: 53
ICAP Sortino Ratio Rank: 51
ICAP Omega Ratio Rank: 50
ICAP Calmar Ratio Rank: 45
ICAP Martin Ratio Rank: 52

SCHD

SCHD Risk / Return Rank: 95
SCHD Sharpe Ratio Rank: 96
SCHD Sortino Ratio Rank: 96
SCHD Omega Ratio Rank: 94
SCHD Calmar Ratio Rank: 96
SCHD Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICAP vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Infrastructure Capital Equity Income ETF (ICAP) 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.

	ICAP	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.81	-1.53
Sortino ratio: Return per unit of downside risk	1.81	4.37	-2.56
Omega ratio: Gain probability vs. loss probability	1.23	1.51	-0.28
Calmar ratio: Return relative to maximum drawdown	1.63	6.74	-5.11
Martin ratio: Return relative to average drawdown	6.14	17.01	-10.87

ICAP vs. SCHD - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.28, which is lower than the SCHD Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of ICAP 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

ICAP vs. SCHD - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for ICAP and SCHD.

Drawdown Indicators

	ICAP	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-33.37%	+9.17%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-4.61%	-6.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-16.13%	-4.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-0.34%	-1.24%	+0.90%
Average Drawdown Average peak-to-trough decline	-7.59%	-3.30%	-4.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	1.82%	+1.00%

Volatility

ICAP vs. SCHD - Volatility Comparison

Infrastructure Capital Equity Income ETF (ICAP) and Schwab U.S. Dividend Equity ETF (SCHD) have volatilities of 4.04% and 4.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.11%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	8.11%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	11.13%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	14.39%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	16.72%	+1.34%

ICAP vs. SCHD - Expense Ratio Comparison

ICAP has a 2.47% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

ICAP vs. SCHD - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.93%, more than SCHD's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAP Infrastructure Capital Equity Income ETF	9.93%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.13%	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 ICAP and SCHD in my portfolio?

ICAP and SCHD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or SCHD?

SCHD has higher volatility (4.11%) compared to ICAP (4.04%). In terms of maximum drawdown, ICAP dropped -24.20% vs SCHD's -33.37%.

Which ETF is better, ICAP or SCHD?

On 3-year performance, ICAP leads with 15.47% vs 14.19% for SCHD. On fees, SCHD is cheaper at 0.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or SCHD?

Over the 3-year period, ICAP has performed better with a 15.47% return vs 14.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 2.47% for ICAP.

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

ICAP has the higher dividend yield at 9.93%, compared with 3.13% for SCHD.

What is the main difference between ICAP and SCHD?

ICAP is categorized as Derivative Income, while SCHD is Dividend. They also come from different issuers: InfraCap and Charles Schwab. Their fees differ too: 2.47% for ICAP and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.81 vs 1.28), 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.