Relative Intelligence · Dividend Stocks
How Schwab U.S. Dividend Equity ETF (SCHD) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SCHD alone. It places SCHD (Schwab U.S. Dividend Equity ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SCHD stands in the market, and of the alternatives worth a closer look.
Period covered: SCHD's full trading record, from October 2011 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, SCHD rose 13.6%, ahead of 93% of the ETFs with at least $100 million in assets. Both SCHD and the S&P 500 are within a few percent of a record high. Market rank ↓
- Fund or market?SCHD rose 6.8% over the past 3 months, 5.1 points ahead of the US dividend equity ETF VYM (Vanguard High Dividend Yield ETF), which rose 1.7%. The S&P 500 rose 3.9%. Last month cut against the tape: SCHD rose 3.7% while the S&P 500 fell 0.6%.
- Long termSCHD turned $10,000 into $35,200 over the past decade, against $42,100 in the S&P 500. On the flip side, its 10-year return of 252% puts it ahead of 83% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashSCHD has tended to fall less than the S&P 500 in crashes, about 84% of the index's decline. In the 2022 bear market, SCHD fell 16.9%, against 24.5% for the S&P 500. That was more than SDY (State Street SPDR S&P Dividend ETF, 15.2%) but less than VIG (Vanguard Dividend Appreciation ETF, 20.4%). Crash tests ↓
- DiversificationSCHD fell in 19 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. Against the S&P 500, SCHD has a correlation of 0.71 over 5 years, less closely than 56% of ETFs with at least $100 million in assets. Next to an index fund it is some diversification, but not a hedge. By year ↓
- Better options
- Popular alternatives
- HDV (iShares Core High Dividend ETF) and DLN (WisdomTree U.S. LargeCap Dividend Fund) earned more than SCHD with less volatility over the past 5 years. HDV returned 12.9% a year at 13.0% volatility, against 9.7% a year at 14.3%.
- Nearby categories and themes
- MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) and DIVO (Amplify CWP Enhanced Dividend Income ETF, equity income) earned more than SCHD with less volatility over the past 5 years. MGV returned 12.6% a year at 13.4% volatility, against 9.7% a year at 14.3%.
- Whole market
- Few investments have done better on both counts: only 14 of the 3,633 stocks and funds worth at least $500 million earned more than SCHD with less volatility over the past 5 years, among them HDV (iShares Core High Dividend ETF), MGV (Vanguard Morningstar Mega Cap Value ETF) and DIVO (Amplify CWP Enhanced Dividend Income ETF).
How much would $10,000 in SCHD have grown?
This chart tracks a hypothetical $10,000 investment in SCHD over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SCHD over the same span and SCHD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: SCHD began trading on October 20, 2011, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 14 years of SCHD's record, starting at the end of September 2012.
- $10,000 invested in SCHD at the end of September 2012 would have grown to $52,723 by September 2026, less than the $67,346 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of SCHD, and NVDA finished highest, at $7,517,992.
Choose a period
From the end of September 2012 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 729 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of SCHD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$8M+75,080% total · +60.5% a year
- GOOG$183,095+1,731% total · +23.1% a year
- AAPL$166,180+1,562% total · +22.2% a year
- SPY (S&P 500)$67,346+573% total · +14.6% a year
- BRK-B$56,455+465% total · +13.2% a year
- MGV$53,341+433% total · +12.7% a year
- SCHD$52,723+427% total · +12.6% a year
- VTV$52,207+422% total · +12.5% a year
- DLN$49,539+395% total · +12.1% a year
- HDV$37,833+278% total · +10.0% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,428 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SCHD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- FDL$18,794+87.9% total · +13.4% a year
- MGV$18,512+85.1% total · +13.1% a year
- DLN$18,175+81.7% total · +12.7% a year
- RDVY$17,940+79.4% total · +12.4% a year
- QUAL$17,879+78.8% total · +12.3% a year
- HDV$17,707+77.1% total · +12.1% a year
- DIVO$17,237+72.4% total · +11.5% a year
- DGRO$16,817+68.2% total · +11.0% a year
- SCHD$15,708+57.1% total · +9.5% a year
SCHD at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: SCHD began trading on October 20, 2011, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.
- SCHD is trading within 1% of its all-time high.
- SCHD's deepest decline since it began trading in 2011 was 33.4%, from January to March 2020. It took six months from the low to climb back to its old high.
- Over 14 full calendar years, SCHD's best was 2013, when it returned 32.8%, and its worst was 2018, when it lost 5.6%. It lost money in three of those years.
The fund
- Issuer
- Schwab
- Began trading
- October 2011
- Expense ratio
- 0.06%per year
- Assets
- $115B
- Category
- Dividend & Income
Returns
- Past 1 year
- +33.0%total return
- Past 3 years
- +67.5%+18.8% a year
- Past 5 years
- +59.1%+9.7% a year
- Past 10 years
- +252%+13.4% a year
- Best calendar year
- +32.8%2013
- Worst calendar year
- −5.6%2018
- Losing years
- 3 of 14full calendar years
Risk
- Volatility
- 14.3%typical yearly swing, 5 years
- Sharpe ratio
- 0.72return per unit of risk, 5 years
- Worst decline ever
- −33.4%Jan 2020 to Mar 2020
- From its all-time high
- At its highwithin 1%
SCHD against the whole market
Where SCHD ranks among every stock and fund, and what across the market has done better.
How does SCHD rank among all ETFs?
This section ranks SCHD on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how SCHD stacks up against its peers, these rankings show where it stands in the market as a whole.
- SCHD's 1-year return ranks in the top 6% of the 2,485 ETFs with at least $100 million in assets with 1 year of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | SCHD | Rank | Standing |
|---|---|---|---|
| 1-year return | +33.0% | 140 of 2,485 | top 6% |
| 3-year return | +67.5% | 828 of 1,949 | top 42% |
| 5-year return | +59.1% | 530 of 1,560 | top 34% |
| 10-year return | +252% | 161 of 958 | top 17% |
| Volatility, 5 years | 14.3% | 569 of 1,560 | top 36% |
| Sharpe ratio, 5 years | 0.72 | 481 of 1,560 | top 31% |
| Worst decline, past 10 years | −33.4% | 267 of 951 | top 28% |
What has beaten SCHD on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SCHD sits where the dashed lines cross. Anything in the green box above and to the left earned more than SCHD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 14 ETFs worth at least $500 million sit in the green region: each earned more than SCHD over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half SCHD's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 23% less than SCHD's 14.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.72 for SCHD.
- Among SCHD's popular alternatives, HDV, DLN and DTD are in the region. HDV earned 12.9% a year against 9.7% a year for SCHD, at 13.0% volatility, 10% less than SCHD's 14.3%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SCHD; faint dots are 4 more of the 14 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than SCHD?
Investments that beat SCHD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among SCHD's popular alternatives, HDV and DLN earned more than SCHD with less volatility over the past 5 years. HDV returned 12.9% a year at 13.0% volatility, against 9.7% a year at 14.3%.
- Looking beyond its popular alternatives, MGV (US large-cap value) and DIVO (equity income) earned more than SCHD with less volatility over the past 5 years. MGV returned 12.6% a year at 13.4% volatility, against 9.7% a year at 14.3%.
- Few investments have done better on both counts: only 14 of the 3,633 stocks and funds worth at least $500 million earned more than SCHD with less volatility over the past 5 years, among them HDV, MGV and DIVO.
How this works
The table below lists investments that beat SCHD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks SCHD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SCHD follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SCHD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SCHD's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than SCHD's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with SCHD?lower diversifies more | Expenseper year | |||
| SCHDSchwab U.S. Dividend Equity ETF · this page | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 1.00 | 0.06% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.71 | 0.09% | ||
| Popular alternativesbest 3 shownThe investments people most often weigh against SCHD. 4 of 23 passed at least one test. | |||||||||
HDViShares Core High Dividend ETF · US Dividend Equity | Higher return, lower volatilityHigher return in most periods | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.93 | 0.08% | |
DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Higher return, lower volatility | +12.2% | 13.2% | 0.95 | −35.8% | +231% | 0.92 | 0.28% | |
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Higher return, similar volatility | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.94 | 0.43% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Dividend Equity and the categories next to it (Equity Income, US Large-Cap Value, US Low-Volatility Equity, US Quality Equity), plus SCHD's specific themes. 10 of 24 passed at least one test. | |||||||||
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Higher return, lower volatility | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.91 | 0.05% | |
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Higher return, lower volatility | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.87 | 0.56% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.76 | 0.15% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher Sharpe, smaller worst decline | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.88 | 0.15% | |
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatility | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | 0.56% | |
FDVVFidelity High Dividend ETF · US Dividend Equity | Higher return, similar volatility | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.87 | 0.15% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 85 of 3,586 passed at least one test. | |||||||||
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.66 | 0.85% | |
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.90 | 0.31% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatility | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.79 | 0.40% | |
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.67 | 0.79% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.61 | — | |
 KOThe Coca-Cola Company · Food & Beverages | Higher return in most periods | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.56 | — | |
BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.72 | 0.10% | |
DIVBiShares Core Dividend ETF · Dividend & Income | Higher return, similar volatilityHigher return in most periods | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.92 | 0.05% | |
What these numbers mean for SCHD
- Annual return
- SCHD returned 9.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- SCHD's volatility over the past 5 years was 14.3%, 84% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SCHD's return lands within 14.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- SCHD's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so SCHD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- SCHD's worst fall from a peak to a low over the past 10 years was 33.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 33.4% fall takes a 50.1% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, SCHD's monthly returns had a correlation of 0.71 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SCHD instead: the lower it is, the more that option would diversify a SCHD holding. Guide: Correlation and diversification →
Show all 14 stocks and funds worth at least $500 million that earned more than SCHD with less volatility
Out of 3,633 tested over 5 years. The strongest 11 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with SCHD | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.66 | 0.85% |
| 2 | HDViShares Core High Dividend ETF · US Dividend Equity | Popular alternative | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.93 | 0.08% |
| 3 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.90 | 0.31% |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.79 | 0.40% |
| 5 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.82 | 0.60% |
| 6 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Same or nearby category | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.91 | 0.05% |
| 7 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Same or nearby category | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.87 | 0.56% |
| 8 | DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Popular alternative | +12.2% | 13.2% | 0.95 | −35.8% | +231% | 0.92 | 0.28% |
| 9 | DDWMWisdomTree Dynamic International Equity Fund · International | Whole market | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.75 | 0.40% |
| 10 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.91 | 0.27% |
| 11 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.92 | 0.07% |
See everything that outperformed SCHD →
SCHD against its popular alternatives
The investments people most often weigh against SCHD, compared period by period and year by year.
How do SCHD's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SCHD, which divides the map into what did better or worse on each measure.
- Nine of the 23 popular alternatives, led by HDV, DLN and VTV, were both more rewarding and calmer than SCHD over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, SCHD returned 9.7% a year, less than the S&P 500's 12.7%, with lower volatility (14.3% against 17.1%).
Green points earned more than SCHD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| FDL First Trust Morningstar Dividend Leaders Index Fund | +13.9% | 14.4% |
| HDV iShares Core High Dividend ETF | +12.9% | 13.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | +12.2% | 13.2% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| DHS WisdomTree U.S. High Dividend Fund | +12.0% | 13.9% |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | +11.8% | 14.0% |
| DTD WisdomTree U.S. Total Dividend Fund | +11.8% | 13.5% |
| QUAL iShares MSCI USA Quality Factor ETF | +11.4% | 17.3% |
| VYM Vanguard High Dividend Yield ETF | +11.3% | 13.8% |
| RDVY First Trust Rising Dividend Achievers ETF | +11.3% | 18.8% |
| DGRO iShares Core Dividend Growth ETF | +10.9% | 13.7% |
| VIG Vanguard Dividend Appreciation ETF | +10.4% | 14.1% |
| SCHD This pageSchwab U.S. Dividend Equity ETF | +9.7% | 14.3% |
| DVY iShares Select Dividend ETF | +9.6% | 15.0% |
| SCHY Schwab International Dividend Equity ETF | +9.5% | 13.3% |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | +7.6% | 15.9% |
| SDY State Street SPDR S&P Dividend ETF | +7.6% | 14.0% |
| DON WisdomTree U.S. MidCap Dividend Fund | +7.5% | 17.4% |
| JEPI JPMorgan Equity Premium Income ETF | +7.5% | 11.0% |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | +7.3% | 14.2% |
| DES WisdomTree U.S. SmallCap Dividend Fund | +6.7% | 19.2% |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | +6.6% | 14.5% |
| FVD First Trust Value Line Dividend Index Fund | +6.1% | 12.8% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
Has SCHD consistently beaten its popular alternatives?
This section compares SCHD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SCHD helps separate lasting outperformance from a single strong stretch.
- Only one of the 23 popular alternatives, HDV, outperformed SCHD in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- DGRW, VIG and SCHY earned more for the risk they took than SCHD (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- QUAL outperformed SCHD over all three long-term periods but in none of the five short-term ones, so SCHD has had the better of it lately.
A green cell means the alternative earned more than SCHD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| SCHD Schwab U.S. Dividend Equity ETF (this page) | — | +3.7% | +6.8% | +13.6% | +28.2% | +33.0% | +67.5% | +59.1% | +252% | 14.3% | 0.72 | −33.4% | 0.06% | $115B | — |
| HDV QualifiediShares Core High Dividend ETF | 3/5 short2/3 long | +5.7% | +7.5% | +14.6% | +25.9% | +26.8% | +71.8% | +83.3% | +172% | 13.0% | 1.00 | −37.0% | 0.08% | $16B | 69% |
| RDVY Dividend & IncomeFirst Trust Rising Dividend Achievers ETF | 0/5 short3/3 long | −0.4% | 0.0% | +7.3% | +14.2% | +20.0% | +87.7% | +71.0% | +322% | 18.8% | 0.67 | −40.6% | 0.47% | $25B | 52% |
| QUAL Broad MarketiShares MSCI USA Quality Factor ETF | 0/5 short3/3 long | +1.2% | +4.3% | +9.7% | +14.0% | +16.4% | +76.9% | +71.5% | +293% | 17.3% | 0.71 | −34.1% | 0.15% | $48B | 63% |
| DGRO Dividend & IncomeiShares Core Dividend Growth ETF | 0/5 short3/3 long | +2.8% | +3.9% | +9.4% | +15.1% | +18.1% | +74.2% | +68.0% | +267% | 13.7% | 0.83 | −35.1% | 0.08% | $44B | 74% |
| DGRW Dividend & IncomeWisdomTree U.S. Quality Dividend Growth Fund | 0/5 short2/3 long | +0.6% | +4.3% | +6.5% | +11.7% | +12.8% | +65.2% | +74.6% | +276% | 14.0% | 0.87 | −32.0% | 0.28% | $17B | 69% |
| VTV Broad MarketVanguard Morningstar Value ETF | 0/5 short2/3 long | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 71% |
| DLN Dividend & IncomeWisdomTree U.S. LargeCap Dividend Fund | 0/5 short2/3 long | +0.9% | +3.3% | +7.9% | +14.5% | +16.9% | +75.2% | +78.2% | +231% | 13.2% | 0.95 | −35.8% | 0.28% | $6.3B | 74% |
| DTD Dividend & IncomeWisdomTree U.S. Total Dividend Fund | 0/5 short2/3 long | +0.9% | +2.6% | +7.3% | +14.2% | +16.6% | +73.0% | +74.7% | +217% | 13.5% | 0.90 | −37.3% | 0.28% | $1.7B | 73% |
| VYM Dividend & IncomeVanguard High Dividend Yield ETF | 0/5 short2/3 long | +1.1% | +1.7% | +5.1% | +13.3% | +16.9% | +72.8% | +71.1% | +208% | 13.8% | 0.85 | −35.2% | 0.04% | $96B | 74% |
| FDL Dividend & IncomeFirst Trust Morningstar Dividend Leaders Index Fund | 0/5 short2/3 long | +3.4% | +3.4% | +6.7% | +19.6% | +25.9% | +82.9% | +91.8% | +199% | 14.4% | 0.98 | −41.4% | 0.43% | $8.0B | 73% |
| DHS Dividend & IncomeWisdomTree U.S. High Dividend Fund | 0/5 short2/3 long | +1.9% | +1.8% | +7.5% | +16.9% | +19.9% | +70.3% | +76.2% | +156% | 13.9% | 0.89 | −37.4% | 0.38% | $1.6B | 72% |
| VIG Dividend & IncomeVanguard Dividend Appreciation ETF | 0/5 short1/3 long | +2.4% | +3.4% | +7.8% | +11.5% | +13.7% | +67.0% | +64.0% | +258% | 14.1% | 0.78 | −31.7% | 0.04% | $128B | 68% |
| DVY Dividend & IncomeiShares Select Dividend ETF | 0/5 short1/3 long | +1.5% | 0.0% | +5.7% | +14.5% | +16.9% | +69.9% | +58.4% | +172% | 15.0% | 0.69 | −41.6% | 0.38% | $23B | 57% |
| SCHY InternationalSchwab International Dividend Equity ETF | 0/5 short1/3 long | +1.6% | +2.9% | +2.3% | +12.5% | +20.2% | +69.8% | +57.3% | — | 13.3% | 0.75 | −24.0% | 0.08% | $2.7B | 65% |
| SDY Dividend & IncomeState Street SPDR S&P Dividend ETF | 1/5 short0/3 long | +4.2% | +2.0% | +6.0% | +13.6% | +14.3% | +51.0% | +44.0% | +157% | 14.0% | 0.59 | −36.7% | 0.35% | $21B | 62% |
| NOBL Dividend & IncomeProShares - S&P 500 Dividend Aristocrats ETF | 0/5 short0/3 long | +4.1% | +2.2% | +6.6% | +11.8% | +14.1% | +43.3% | +37.3% | +172% | 14.5% | 0.51 | −35.4% | 0.35% | $12B | 62% |
| DON Dividend & IncomeWisdomTree U.S. MidCap Dividend Fund | 0/5 short0/3 long | +1.4% | −0.7% | +2.6% | +9.7% | +11.6% | +51.5% | +43.7% | +139% | 17.4% | 0.51 | −46.8% | 0.38% | $3.8B | 48% |
| FVD Dividend & IncomeFirst Trust Value Line Dividend Index Fund | 0/5 short0/3 long | +2.9% | +1.0% | +3.7% | +9.2% | +10.2% | +45.3% | +34.3% | +134% | 12.8% | 0.53 | −35.3% | 0.62% | $7.9B | 53% |
| SPYD Dividend & IncomeState Street SPDR Portfolio S&P 500 High Dividend ETF | 0/5 short0/3 long | +1.3% | −2.2% | +4.6% | +12.8% | +14.1% | +61.6% | +44.4% | +125% | 15.9% | 0.54 | −46.4% | 0.07% | $7.3B | 55% |
| DES Dividend & IncomeWisdomTree U.S. SmallCap Dividend Fund | 0/5 short0/3 long | 0.0% | −4.4% | +1.7% | +16.9% | +18.1% | +54.4% | +38.2% | +105% | 19.2% | 0.43 | −45.6% | 0.38% | $2.0B | 49% |
| SPHD Dividend & IncomeInvesco S&P 500 High Dividend Low Volatility ETF | 0/5 short0/3 long | +2.0% | −2.2% | +4.1% | +9.4% | +9.2% | +51.0% | +42.3% | +103% | 14.2% | 0.57 | −41.4% | 0.30% | $3.2B | — |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 0/5 short0/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
| JEPI Dividend & IncomeJPMorgan Equity Premium Income ETF | 0/5 short0/3 long | +1.9% | +3.7% | +3.4% | +6.2% | +8.7% | +38.1% | +43.3% | — | 11.0% | 0.71 | −13.7% | 0.35% | $46B | 68% |
How did SCHD do year by year?
This table shows each investment's total return in every full calendar year since 2012, along with where SCHD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SCHD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: SCHD began trading on October 20, 2011, so the table starts with 2012, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.
- SCHD finished ahead of the S&P 500 in three of its 14 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, RDVY came out ahead of SCHD most often, in seven of the 11 years both traded.
- Ranked against its popular alternatives each year, SCHD finished in the top quarter in three of 14 years and in the bottom quarter in two. In 2025, it ranked 21 of 24.
Newest year first. Green marks a year in which the fund came out ahead of SCHD; gray means the two finished within a fraction of a point. The rank row places SCHD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of SCHD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SCHD This pageSchwab U.S. Dividend Equity ETF | — | +4.3% | +11.7% | +4.5% | −3.3% | +29.8% | +15.0% | +27.3% | −5.6% | +20.8% | +16.2% | −0.4% | +11.4% | +32.8% | +11.1% |
| Rank among alternatives | Top quarter in 3 of 14 | 21 of 24 | 18 of 24 | 16 of 24 | 10 of 24 | 5 of 23 | 3 of 22 | 9 of 22 | 11 of 22 | 7 of 22 | 14 of 22 | 10 of 21 | 16 of 19 | 4 of 16 | 11 of 15 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 10 of 14 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% |
| HDV iShares Core High Dividend ETF | 5 of 14 | +11.9% | +14.1% | +1.8% | +7.1% | +19.6% | −6.5% | +20.1% | −3.0% | +13.5% | +15.9% | −0.3% | +12.6% | +23.8% | +9.6% |
| RDVY First Trust Rising Dividend Achievers ETF | 7 of 11 | +18.9% | +16.4% | +20.4% | −13.3% | +31.2% | +13.5% | +37.7% | −10.0% | +22.8% | +21.9% | −3.0% | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 7 of 12 | +12.7% | +22.3% | +30.9% | −20.5% | +26.9% | +17.0% | +33.9% | −5.7% | +22.3% | +9.2% | +5.4% | +11.7% | — | — |
| DGRO iShares Core Dividend Growth ETF | 6 of 11 | +15.7% | +16.6% | +10.5% | −7.9% | +26.6% | +9.5% | +29.9% | −2.4% | +23.0% | +15.2% | −1.2% | — | — | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 6 of 12 | +12.2% | +16.8% | +18.7% | −6.3% | +24.5% | +13.8% | +29.5% | −5.4% | +25.7% | +12.2% | −0.3% | +13.8% | — | — |
| VTV Vanguard Morningstar Value ETF | 7 of 14 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 6 of 14 | +15.5% | +19.4% | +9.9% | −3.8% | +25.6% | +4.6% | +28.5% | −5.8% | +16.7% | +15.5% | −1.2% | +14.3% | +27.4% | +12.1% |
| DTD WisdomTree U.S. Total Dividend Fund | 7 of 14 | +14.2% | +18.3% | +10.6% | −3.8% | +26.2% | +2.4% | +28.2% | −6.5% | +15.9% | +16.7% | −1.5% | +14.3% | +28.1% | +12.4% |
| VYM Vanguard High Dividend Yield ETF | 8 of 14 | +15.4% | +17.6% | +6.6% | −0.4% | +26.2% | +1.1% | +24.1% | −5.9% | +16.4% | +17.0% | +0.3% | +13.6% | +30.1% | +12.7% |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 6 of 14 | +14.8% | +18.0% | +3.0% | +6.7% | +26.1% | −4.3% | +24.4% | −6.0% | +12.0% | +20.7% | +2.6% | +13.2% | +22.6% | +9.1% |
| DHS WisdomTree U.S. High Dividend Fund | 5 of 14 | +12.9% | +17.5% | −0.2% | +8.0% | +23.2% | −5.7% | +22.6% | −7.4% | +10.0% | +17.8% | −0.6% | +15.2% | +24.5% | +11.1% |
| VIG Vanguard Dividend Appreciation ETF | 7 of 14 | +14.2% | +17.0% | +14.5% | −9.8% | +23.8% | +15.4% | +29.6% | −2.1% | +22.2% | +12.0% | −1.9% | +10.1% | +28.9% | +11.6% |
| DVY iShares Select Dividend ETF | 6 of 14 | +11.6% | +16.2% | +1.1% | +1.8% | +31.7% | −4.9% | +22.6% | −6.3% | +14.8% | +21.6% | −2.1% | +14.8% | +28.9% | +10.5% |
| SCHY Schwab International Dividend Equity ETF | 2 of 4 | +34.0% | −1.8% | +14.2% | −9.4% | — | — | — | — | — | — | — | — | — | — |
| SDY State Street SPDR S&P Dividend ETF | 6 of 14 | +8.2% | +8.4% | +2.6% | −0.5% | +25.3% | +1.7% | +23.3% | −2.8% | +15.8% | +20.3% | −0.8% | +13.8% | +30.1% | +11.6% |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 5 of 12 | +6.8% | +6.7% | +8.1% | −6.5% | +25.4% | +8.3% | +27.4% | −3.2% | +21.0% | +11.7% | +0.4% | +15.5% | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 5 of 14 | +3.4% | +13.9% | +13.7% | −4.8% | +30.3% | −5.5% | +23.3% | −8.2% | +13.5% | +20.4% | −1.1% | +15.3% | +33.4% | +13.6% |
| FVD First Trust Value Line Dividend Index Fund | 5 of 14 | +8.2% | +10.0% | +4.1% | −5.3% | +25.1% | 0.0% | +26.5% | −3.5% | +12.4% | +20.0% | +1.2% | +15.9% | +26.8% | +11.2% |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 5 of 10 | +4.7% | +15.3% | +3.9% | −1.2% | +32.7% | −11.6% | +21.2% | −4.9% | +12.7% | +24.6% | — | — | — | — |
| DES WisdomTree U.S. SmallCap Dividend Fund | 4 of 14 | +0.2% | +9.8% | +16.0% | −10.9% | +26.5% | −4.3% | +20.3% | −12.8% | +7.0% | +31.5% | −5.3% | +7.7% | +36.6% | +17.6% |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 5 of 13 | +3.4% | +18.1% | +1.3% | +0.6% | +25.0% | −10.0% | +20.3% | −6.2% | +11.9% | +22.4% | +5.1% | +20.0% | +20.8% | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 4 of 14 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% |
| JEPI JPMorgan Equity Premium Income ETF | 3 of 5 | +8.1% | +12.6% | +9.8% | −3.5% | +21.5% | — | — | — | — | — | — | — | — | — |
Risk and diversification
How SCHD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were SCHD's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents SCHD's five deepest drawdowns since it began trading in 2011, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: SCHD began trading on October 20, 2011, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In three of SCHD's five worst declines, it fell less than the S&P 500 did over the same dates.
- The longest climb back to a previous high took 15 months, after SCHD fell 16.9% from January to September 2022.
Green means SCHD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | SCHD fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Covid crash | −33.4% | −32.4% | Jan 2020 | Mar 2020 | 2 months | Sep 2020 | 6 months |
| Late-2018 sell-off | −17.1% | −19.3% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
| 2022 bear market | −16.9% | −23.1% | Jan 2022 | Sep 2022 | 8 months | Dec 2023 | 15 months |
| No named crash | −16.1% | −17.1% | Nov 2024 | Apr 2025 | 5 months | Jan 2026 | 9 months |
| 2015 China and oil sell-off | −14.1% | −10.8% | Mar 2015 | Aug 2015 | 5 months | Mar 2016 | 7 months |
How did SCHD do in stock market crashes?
This section measures how far SCHD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: SCHD began trading on October 20, 2011, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- SCHD fell less than the S&P 500 in four of the six crashes it has traded through. The clearest case was the 2022 bear market, when SCHD fell 16.9% and the S&P 500 fell 24.5%.
- Among its popular alternatives, AGG held up best, falling less than SCHD in all six crashes they both traded through.
- SCHD began trading after the 2008 financial crisis, but 13 of its popular alternatives lived through it. The mildest fall among them was AGG's 12.8%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SCHD.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SCHD This pageSchwab U.S. Dividend Equity ETF | — | −4.5% | −16.9% | −32.8% | −17.1% | −6.5% | −10.5% | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 6 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| HDV iShares Core High Dividend ETF | 4 of 6 | −2.2% | −15.4% | −35.3% | −12.9% | −6.8% | −9.8% | −10.9% | — | — | — |
| RDVY First Trust Rising Dividend Achievers ETF | 1 of 6 | −6.8% | −25.3% | −40.4% | −21.9% | −5.8% | −18.6% | — | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 1 of 6 | −3.3% | −27.5% | −34.1% | −20.5% | −6.1% | −11.2% | — | — | — | — |
| DGRO iShares Core Dividend Growth ETF | 1 of 6 | −3.4% | −19.3% | −34.8% | −16.7% | −6.3% | −10.6% | — | — | — | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 2 of 6 | −3.2% | −17.3% | −31.9% | −18.6% | −6.6% | −11.8% | — | — | — | — |
| VTV Vanguard Morningstar Value ETF | 1 of 6 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 2 of 6 | −3.4% | −16.3% | −35.5% | −16.8% | −6.3% | −10.9% | −14.2% | −1.2% | −57.9% | — |
| DTD WisdomTree U.S. Total Dividend Fund | 3 of 6 | −3.9% | −16.1% | −37.0% | −17.6% | −5.8% | −11.0% | −14.6% | −1.6% | −58.2% | — |
| VYM Vanguard High Dividend Yield ETF | 3 of 6 | −3.9% | −15.8% | −34.6% | −16.1% | −6.3% | −10.9% | −14.3% | −1.1% | −57.0% | — |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 2 of 6 | −4.8% | −16.4% | −39.7% | −12.9% | −6.2% | −9.1% | −11.5% | −1.0% | −64.7% | — |
| DHS WisdomTree U.S. High Dividend Fund | 2 of 6 | −5.0% | −15.3% | −37.0% | −14.2% | −6.1% | −10.3% | −12.8% | −1.2% | −67.2% | — |
| VIG Vanguard Dividend Appreciation ETF | 2 of 6 | −3.1% | −20.4% | −31.6% | −17.3% | −6.3% | −10.1% | −15.6% | −1.4% | −46.8% | — |
| DVY iShares Select Dividend ETF | 3 of 6 | −5.4% | −17.3% | −41.0% | −15.3% | −5.7% | −9.1% | −14.5% | −1.4% | −61.1% | — |
| SCHY Schwab International Dividend Equity ETF | 1 of 2 | −1.0% | −24.0% | — | — | — | — | — | — | — | — |
| SDY State Street SPDR S&P Dividend ETF | 4 of 6 | −3.7% | −15.2% | −36.6% | −14.2% | −5.3% | −10.0% | −14.8% | −1.6% | −52.8% | — |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 4 of 6 | −3.0% | −17.9% | −35.1% | −15.3% | −5.8% | −9.8% | — | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 2 of 6 | −7.6% | −15.8% | −46.6% | −18.9% | −5.1% | −12.0% | −20.2% | −3.0% | −60.2% | — |
| FVD First Trust Value Line Dividend Index Fund | 4 of 6 | −2.7% | −16.4% | −35.1% | −12.9% | −5.2% | −9.1% | −14.2% | −1.4% | −49.9% | — |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 2 of 5 | −6.6% | −20.3% | −46.1% | −13.4% | −5.4% | — | — | — | — | — |
| DES WisdomTree U.S. SmallCap Dividend Fund | 1 of 6 | −7.7% | −21.6% | −42.8% | −21.8% | −5.0% | −15.8% | −21.3% | −2.9% | −64.1% | — |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 3 of 6 | −4.7% | −19.5% | −40.3% | −12.5% | −5.4% | −8.8% | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 6 of 6 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
| JEPI JPMorgan Equity Premium Income ETF | 2 of 2 | −2.6% | −13.7% | — | — | — | — | — | — | — | — |
How closely does SCHD move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SCHD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- HDV took just 80% of the S&P 500's losses, against 91% for SCHD, while still keeping 71% of its gains.
- Over the past 10 years, SCHD captured 86% of the S&P 500's gains in rising months and 91% of its losses in falling months, with a beta of 0.82. Its share of the market's losses was slightly larger than its share of the gains.
- Four of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than SCHD's 0.95, led by DGRW, VIG and DGRO.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SCHD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| SCHD This pageSchwab U.S. Dividend Equity ETF | 86% | 91% | 0.95 | 0.82 |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 91% | 93% | 0.99 | 0.88 |
| VIG Vanguard Dividend Appreciation ETF | 85% | 86% | 0.99 | 0.84 |
| DGRO iShares Core Dividend Growth ETF | 88% | 90% | 0.98 | 0.86 |
| QUAL iShares MSCI USA Quality Factor ETF | 98% | 102% | 0.96 | 1.00 |
| RDVY First Trust Rising Dividend Achievers ETF | 107% | 112% | 0.95 | 1.10 |
| VTV Vanguard Morningstar Value ETF | 86% | 91% | 0.95 | 0.86 |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 85% | 89% | 0.95 | 0.85 |
| VYM Vanguard High Dividend Yield ETF | 81% | 88% | 0.93 | 0.82 |
| DTD WisdomTree U.S. Total Dividend Fund | 85% | 92% | 0.92 | 0.87 |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 79% | 86% | 0.91 | 0.77 |
| HDV iShares Core High Dividend ETF | 71% | 80% | 0.89 | 0.71 |
| DHS WisdomTree U.S. High Dividend Fund | 71% | 81% | 0.87 | 0.74 |
| DVY iShares Select Dividend ETF | 76% | 88% | 0.87 | 0.81 |
| SDY State Street SPDR S&P Dividend ETF | 75% | 91% | 0.83 | 0.80 |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 80% | 97% | 0.83 | 0.84 |
| FVD First Trust Value Line Dividend Index Fund | 68% | 82% | 0.83 | 0.72 |
| DON WisdomTree U.S. MidCap Dividend Fund | 84% | 110% | 0.76 | 1.01 |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 78% | 103% | 0.76 | 0.91 |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 67% | 90% | 0.75 | 0.78 |
| DES WisdomTree U.S. SmallCap Dividend Fund | 84% | 119% | 0.71 | 1.05 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
What diversifies SCHD?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SCHD's. Because such investments tend not to fall at the same time, pairing SCHD with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in SCHD into DBMF would have cut the portfolio's volatility by 21% over the past 5 years and raised its annual return (+9.4% for SCHD alone, +10.0% for the mix).
- FIX made money in three of the three calendar years in which SCHD lost money.
- Among large ETFs, DXJ, SMH and GLD have moved largely independently of SCHD over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SCHD lost money. The last two columns show a portfolio that is 80% SCHD and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| SCHD Schwab U.S. Dividend Equity ETF (this page) | 1.00 | +59.1% | 0.72 | −3.3% | −5.6% | −0.4% | 15.1% | +9.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.45 | +225% | 1.34 | +6.0% | −19.8% | +7.7% | 13.4% | +13.0% |
| SMH TechnologyVanEck Semiconductor ETF | 0.36 | +323% | 0.97 | −33.5% | −9.1% | −0.3% | 16.0% | +15.5% |
| GLD CommoditiesSPDR Gold Shares | 0.31 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | 13.6% | +11.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.49 | +136% | 0.93 | −10.4% | −0.9% | — | 14.6% | +12.1% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.42 | +153% | 0.89 | −28.9% | −9.9% | −12.9% | 15.0% | +12.3% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.18 | +59.7% | 0.82 | +21.6% | — | — | 11.9% | +10.0% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.29 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | 12.9% | +9.9% |
| GDX MaterialsVanEck Gold Miners ETF | 0.42 | +181% | 0.73 | −9.0% | −8.8% | −24.7% | 16.8% | +13.6% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| SCHD Schwab U.S. Dividend Equity ETF (this page) | 1.00 | +59.1% | 0.72 | −3.3% | −5.6% | −0.4% | 15.1% | +9.4% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.28 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | 14.5% | +15.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.19 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | 18.4% | +27.9% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.34 | +1,636% | 1.46 | +17.0% | +0.8% | +67.7% | 17.3% | +23.7% |
| MCK Medical - DistributionMcKesson Corporation | 0.34 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | 14.6% | +14.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.47 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | 16.2% | +17.1% |
Common questions
What was SCHD's worst drawdown?
SCHD's deepest decline since it began trading in 2011 was 33.4%, from January to March 2020. It took six months from the low to climb back to its old high. Because SCHD launched in October 2011, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.
What were SCHD's best and worst years?
Over 14 full calendar years, SCHD's best year was 2013, when it returned 32.8%. Its worst was 2018, with a return of -5.6%.
Is there a better investment than SCHD?
Among SCHD's popular alternatives, HDV and DLN earned more than SCHD with less volatility over the past 5 years. HDV returned 12.9% a year at 13.0% volatility, against 9.7% a year at 14.3%. Looking beyond its popular alternatives, MGV (US large-cap value) and DIVO (equity income) earned more than SCHD with less volatility over the past 5 years. MGV returned 12.6% a year at 13.4% volatility, against 9.7% a year at 14.3%.
Is SCHD more volatile than the S&P 500?
No. SCHD's volatility over the past 5 years was 14.3%, 84% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SCHD's return lands within 14.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is SCHD's Sharpe ratio?
SCHD's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so SCHD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is SCHD with the S&P 500?
Over the past 5 years, SCHD's monthly returns had a correlation of 0.71 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SCHD instead: the lower it is, the more that option would diversify a SCHD holding.
What are the best alternatives to SCHD?
Of the 23 popular alternatives we compared, one outperformed SCHD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: HDV.
Did SCHD outperform the S&P 500?
SCHD finished ahead of the S&P 500 (SPY) in three of 14 full calendar years. In 2025, it returned +4.3%, against +17.7% for the index.
How did SCHD do in stock market crashes?
SCHD fell less than the S&P 500 (SPY) in four of the six major crashes it has traded through, and further in one. The clearest case was the 2022 bear market, when SCHD fell 16.9% and the S&P 500 fell 24.5%.
What diversifies SCHD?
These had a low correlation with SCHD over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.45), SMH (correlation 0.36) and GLD (correlation 0.31); among large stocks, CAH (correlation 0.28), CLS (correlation 0.19) and FIX (correlation 0.34). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than SCHD's. Returns within 0.5 points or 3% of SCHD's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to SCHD
QUALiShares MSCI USA Quality Factor ETF
DGROiShares Core Dividend Growth ETF
VTVVanguard Morningstar Value ETF
VYMVanguard High Dividend Yield ETF
VIGVanguard Dividend Appreciation ETF
AGGiShares Core U.S. Aggregate Bond ETF
JEPIJPMorgan Equity Premium Income ETF
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