VHYAX vs. SCHD

Last updated Jun 23, 2026

VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) and SCHD (Schwab U.S. Dividend Equity ETF) are both funds - VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, VHYAX returned 12.39%/yr vs 8.77%/yr for SCHD. Their correlation of 0.94 suggests significant overlap in exposure. VHYAX charges 0.08%/yr vs 0.06%/yr for SCHD.

Performance

VHYAX vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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, VHYAX achieves a 11.58% return, which is significantly lower than SCHD's 17.24% return.

VHYAX

• 1D: 0.06%
• 1M: 0.34%
• YTD: 11.58%
• 6M: 10.99%
• 1Y: 25.03%
• 3Y*: 17.41%
• 5Y*: 12.39%
• 10Y*: —

SCHD

• 1D: 0.09%
• 1M: -2.86%
• YTD: 17.24%
• 6M: 16.44%
• 1Y: 24.06%
• 3Y*: 14.45%
• 5Y*: 8.77%
• 10Y*: 12.68%

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

VHYAX vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	11.58%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%
SCHD Schwab U.S. Dividend Equity ETF	17.24%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	18.32%

Correlation

The correlation between VHYAX and SCHD is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.94

The correlation between VHYAX and SCHD shifts across timeframes, from 0.77 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

VHYAX vs. SCHD - Sectors Allocation Comparison

Sectors	VHYAX	SCHD
Technology	20.3%	19.4%
Financial Services	19.9%	9.1%
Healthcare	12.2%	18.4%
Industrials	11.8%	7.4%
Energy	9.1%	14.6%
Consumer Defensive	8.0%	18.5%
Consumer Cyclical	6.6%	6.7%
Utilities	5.4%	0.0%
Basic Materials	3.4%	1.2%
Communication Services	3.4%	6.0%
Real Estate	0.0%	-

Return for Risk

VHYAX vs. SCHD — Risk / Return Rank

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

VHYAX

VHYAX Risk / Return Rank: 80
VHYAX Sharpe Ratio Rank: 80
VHYAX Sortino Ratio Rank: 79
VHYAX Omega Ratio Rank: 74
VHYAX Calmar Ratio Rank: 84
VHYAX Martin Ratio Rank: 82

SCHD

SCHD Risk / Return Rank: 76
SCHD Sharpe Ratio Rank: 70
SCHD Sortino Ratio Rank: 79
SCHD Omega Ratio Rank: 68
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.

VHYAX vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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.

	VHYAX	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.18	+0.24
Sortino ratio: Return per unit of downside risk	3.45	3.34	+0.11
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	3.76	5.24	-1.48
Martin ratio: Return relative to average drawdown	14.10	12.71	+1.39

VHYAX vs. SCHD - Sharpe Ratio Comparison

The current VHYAX Sharpe Ratio is 2.42, which is comparable to the SCHD Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of VHYAX 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

VHYAX vs. SCHD - Drawdown Comparison

The maximum VHYAX drawdown since its inception was -35.14%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for VHYAX and SCHD.

Drawdown Indicators

	VHYAX	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-35.14%	-33.37%	-1.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-4.61%	-2.14%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-16.13%	+1.71%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-16.85%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-1.19%	-2.86%	+1.67%
Average Drawdown Average peak-to-trough decline	-3.76%	-3.31%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.90%	-0.11%

Volatility

VHYAX vs. SCHD - Volatility Comparison

The current volatility for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) is 3.09%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.58%. This indicates that VHYAX 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

	VHYAX	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	3.58%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	7.74%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	11.09%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	14.36%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	16.73%	+1.20%

VHYAX vs. SCHD - Expense Ratio Comparison

VHYAX has a 0.08% 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

VHYAX vs. SCHD - Dividend Comparison

VHYAX's dividend yield for the trailing twelve months is around 2.27%, less than SCHD's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.31%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.27%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHYAX and SCHD in my portfolio?

VHYAX and SCHD have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHYAX or SCHD?

SCHD has higher volatility (3.58%) compared to VHYAX (3.09%). In terms of maximum drawdown, VHYAX dropped -35.14% vs SCHD's -33.37%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.42 vs 2.18), 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.