SPYD vs. SCHD

Last updated Jun 9, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend 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, SPYD returned 8.65%/yr vs 12.65%/yr for SCHD. Their correlation of 0.87 suggests significant overlap in exposure. SPYD charges 0.07%/yr vs 0.06%/yr for SCHD.

Performance

SPYD vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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, SPYD achieves a 11.34% return, which is significantly lower than SCHD's 18.71% return. Over the past 10 years, SPYD has underperformed SCHD with an annualized return of 8.65%, while SCHD has yielded a comparatively higher 12.65% annualized return.

SPYD

• 1D: -0.48%
• 1M: 2.10%
• YTD: 11.34%
• 6M: 13.02%
• 1Y: 17.47%
• 3Y*: 13.94%
• 5Y*: 7.02%
• 10Y*: 8.65%

SCHD

• 1D: -0.03%
• 1M: 2.12%
• YTD: 18.71%
• 6M: 19.28%
• 1Y: 26.37%
• 3Y*: 14.73%
• 5Y*: 8.49%
• 10Y*: 12.65%

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

SPYD vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	11.34%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%
SCHD Schwab U.S. Dividend Equity ETF	18.71%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between SPYD and SCHD is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 23, 2015	0.87

The correlation between SPYD and SCHD has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

SPYD vs. SCHD - Sectors Allocation Comparison

Sectors	SPYD	SCHD
Real Estate	25.8%	-
Consumer Defensive	16.3%	19.2%
Financial Services	12.1%	9.3%
Utilities	11.4%	0.0%
Energy	9.2%	16.2%
Consumer Cyclical	6.5%	6.3%
Healthcare	5.2%	18.8%
Communication Services	5.1%	6.3%
Basic Materials	3.4%	1.2%
Technology	2.7%	16.4%
Industrials	2.3%	7.5%

Return for Risk

SPYD vs. SCHD — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 49
SPYD Sharpe Ratio Rank: 48
SPYD Sortino Ratio Rank: 52
SPYD Omega Ratio Rank: 45
SPYD Calmar Ratio Rank: 55
SPYD Martin Ratio Rank: 47

SCHD

SCHD Risk / Return Rank: 85
SCHD Sharpe Ratio Rank: 83
SCHD Sortino Ratio Rank: 89
SCHD Omega Ratio Rank: 81
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 80

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.

SPYD vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.

	SPYD	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.43	-0.92
Sortino ratio: Return per unit of downside risk	2.28	3.75	-1.47
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	2.49	5.74	-3.25
Martin ratio: Return relative to average drawdown	7.22	14.06	-6.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYD vs. SCHD - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.51, which is lower than the SCHD Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of SPYD 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.

Sharpe Ratios by Period

	SPYD	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.43	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.59	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.76	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.86	-0.39

Drawdowns

SPYD vs. SCHD - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for SPYD and SCHD.

Drawdown Indicators

	SPYD	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-33.37%	-13.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-4.61%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-16.13%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-16.85%	-5.40%
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	-33.37%	-13.05%
Current Drawdown Current decline from peak	-0.48%	-1.64%	+1.16%
Average Drawdown Average peak-to-trough decline	-6.16%	-3.32%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	1.88%	+0.54%

Volatility

SPYD vs. SCHD - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 2.68%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 2.83%. This indicates that SPYD experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.83%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	7.60%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	10.94%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	14.38%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	16.72%	+3.06%

SPYD vs. SCHD - Expense Ratio Comparison

SPYD has a 0.07% 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

SPYD vs. SCHD - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.17%, more than SCHD's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.27%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.17%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and SCHD in my portfolio?

SPYD and SCHD have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYD or SCHD?

SCHD has higher volatility (2.83%) compared to SPYD (2.68%). In terms of maximum drawdown, SPYD dropped -46.42% vs SCHD's -33.37%.

Which ETF is better, SPYD or SCHD?

On 10-year performance, SCHD leads with 12.65% vs 8.65% for SPYD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SPYD has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or SCHD?

Over the 10-year period, SCHD has performed better with a 12.65% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.07% for SPYD.

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

SPYD has the higher dividend yield at 4.17%, compared with 3.27% for SCHD.

What is the main difference between SPYD and SCHD?

SPYD is categorized as S&P 500, while SCHD is Dividend. SPYD tracks S&P 500 High Dividend Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.07% for SPYD and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.43 vs 1.51), 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.