SPXN vs. SCHD

Last updated Aug 2, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate 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, SPXN returned 15.36%/yr vs 12.76%/yr for SCHD. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SPXN charges 0.09%/yr vs 0.06%/yr for SCHD.

Performance

SPXN vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) 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, SPXN achieves a 10.87% return, which is significantly lower than SCHD's 24.03% return. Over the past 10 years, SPXN has outperformed SCHD with an annualized return of 15.36%, while SCHD has yielded a comparatively lower 12.76% annualized return.

SPXN

• 1D: 1.03%
• 1M: 0.11%
• 6M: 8.86%
• YTD: 10.87%
• 1Y: 23.16%
• 3Y*: 19.63%
• 5Y*: 13.24%
• 10Y*: 15.36%
• ALL TIME*: 15.61%

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)
SCHD Schwab U.S. Dividend Equity ETF	$786.88M	$715.86M	$685.58M
SPXN ProShares S&P 500 Ex-Financials ETF	$140.29K	$126.21K	$146.15K

SPXN vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXN ProShares S&P 500 Ex-Financials ETF	10.87%	18.74%	24.35%	28.57%	-18.87%	27.04%	22.15%	31.50%	-3.85%	20.84%
SCHD Schwab U.S. Dividend Equity ETF	24.03%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between SPXN and SCHD is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.57

Over the past year, the correlation between SPXN and SCHD has dropped to 0.20 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

SPXN vs. SCHD - Sectors Allocation Comparison

Sectors	SPXN	SCHD
Technology	44.4%	12.7%
Communication Services	11.4%	6.2%
Consumer Cyclical	11.0%	7.7%
Healthcare	10.3%	20.8%
Industrials	9.8%	7.8%
Consumer Defensive	5.2%	20.6%
Energy	3.5%	14.1%
Utilities	2.5%	0.1%
Basic Materials	1.9%	1.2%
Financial Services	-	9.9%
Real Estate	-	-

Return for Risk

SPXN vs. SCHD — Risk / Return Rank

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

SPXN

SPXN Risk / Return Rank: 67
SPXN Sharpe Ratio Rank: 67
SPXN Sortino Ratio Rank: 64
SPXN Omega Ratio Rank: 64
SPXN Calmar Ratio Rank: 67
SPXN Martin Ratio Rank: 72

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.

SPXN vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.

	SPXN	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.81	-1.28
Sortino ratio: Return per unit of downside risk	2.12	4.37	-2.25
Omega ratio: Gain probability vs. loss probability	1.27	1.51	-0.23
Calmar ratio: Return relative to maximum drawdown	2.31	6.74	-4.42
Martin ratio: Return relative to average drawdown	8.92	17.01	-8.09

SPXN vs. SCHD - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 1.54, which is lower than the SCHD Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of SPXN 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

SPXN vs. SCHD - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, roughly equal to the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for SPXN and SCHD.

Drawdown Indicators

	SPXN	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-33.37%	+1.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-4.61%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-16.13%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	-16.85%	-7.62%
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	-33.37%	+1.27%
Current Drawdown Current decline from peak	-2.96%	-1.24%	-1.72%
Average Drawdown Average peak-to-trough decline	-3.99%	-3.30%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.82%	+0.58%

Volatility

SPXN vs. SCHD - Volatility Comparison

ProShares S&P 500 Ex-Financials ETF (SPXN) and Schwab U.S. Dividend Equity ETF (SCHD) have volatilities of 3.93% 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

	SPXN	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.11%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	8.11%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.95%	11.13%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.33%	14.39%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	16.72%	+0.97%

SPXN vs. SCHD - Expense Ratio Comparison

SPXN has a 0.09% 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

SPXN vs. SCHD - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.91%, less than SCHD's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPXN ProShares S&P 500 Ex-Financials ETF	0.91%	0.98%	1.12%	1.19%	1.35%	0.94%	1.09%	1.41%	1.76%	1.54%	2.60%	0.52%

Frequently Asked Questions

Can I hold both SPXN and SCHD in my portfolio?

SPXN and SCHD have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXN or SCHD?

SCHD has higher volatility (4.11%) compared to SPXN (3.93%). In terms of maximum drawdown, SPXN dropped -32.10% vs SCHD's -33.37%.

Which ETF is better, SPXN or SCHD?

On 10-year performance, SPXN leads with 15.36% vs 12.76% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SPXN has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or SCHD?

Over the 10-year period, SPXN has performed better with a 15.36% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.09% for SPXN.

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

SCHD has the higher dividend yield at 3.13%, compared with 0.91% for SPXN.

What is the main difference between SPXN and SCHD?

SPXN is categorized as S&P 500, while SCHD is Dividend. SPXN tracks S&P 500 Ex-Financials and Real Estate Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.09% for SPXN and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.81 vs 1.54), 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.