SCHD vs SPAQ
Schwab US Dividend Equity ETF vs Horizon Kinetics SPAC Active ETF
Quick Verdict
SCHD has a lower expense ratio. SCHD delivered stronger 1-year returns. SCHD offers more diversification with 100 holdings.
Side-by-Side Comparison
| Metric | SCHD | SPAQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.06% | 0.85% | |
| AUM | $103.7B | $10M | |
| Dividend Yield | 3.31% | 16.12% | |
| Holdings | 104 | 51 | |
| YTD Return | +25.62% | +3.71% | |
| 1Y Return | +32.62% | +5.19% | |
| 3Y Return (annualized) | +15.58% | +6.85% | |
| 5Y Return (annualized) | +9.63% | - | |
| Volatility (annualized) | 13.6% | 2.9% | |
| Max Drawdown | -33.4% | -5.3% | |
| Fund Family | Charles Schwab Asset Management | Horizon Kinetics LLC | |
| Category | Equity | Equity | |
| Inception | Oct 20, 2011 | Jan 27, 2023 |
SCHD vs SPAQ Performance
Schwab US Dividend Equity ETF (SCHD) is a ETF from Charles Schwab Asset Management and Horizon Kinetics SPAC Active ETF (SPAQ) is a ETF from Horizon Kinetics LLC. Over the past year SCHD returned +32.62% while SPAQ returned +5.19%. Year to date, SCHD is up 25.62% versus a gain of 3.71% for SPAQ.
Over three years, SCHD compounded at +15.58% per year against +6.85% for SPAQ. Across the full 4-year window we track, SCHD has the edge at +11.47% annualized vs +6.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHD has been the more volatile fund, with annualized monthly volatility of 13.6% compared with 2.9% for SPAQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.4% for SCHD and -5.3% for SPAQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SCHD charges 0.06% per year while SPAQ charges 0.85%. On a $10,000 position that is $6 vs $85 annually, a gap of $79 per year that compounds over a long holding period. On income, SCHD currently yields 3.31% against 16.12% for SPAQ.
Holdings Overlap
SCHD and SPAQ share 0 holdings out of 143 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SCHD or SPAQ?
SCHD has an expense ratio of 0.06% while SPAQ charges 0.85%. SCHD is the cheaper option. On a $10,000 investment, that is $79 per year of difference.
Which performed better, SCHD or SPAQ?
Over the past year SCHD returned +32.62% vs +5.19% for SPAQ, so SCHD leads on 1-year performance. Over the longest common window we track (4 years), SCHD annualized +11.47% vs +6.82% for SPAQ. Past performance does not guarantee future results.
Which is riskier, SCHD or SPAQ?
SCHD has been the more volatile fund at 13.6% annualized versus 2.9% for SPAQ. Worst drawdown: SCHD -33.4% vs SPAQ -5.3%.
Should I hold both SCHD and SPAQ?
SCHD and SPAQ have a monthly-return correlation of -0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SCHD and SPAQ?
SCHD and SPAQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 143 unique securities.
Which pays a higher dividend, SCHD or SPAQ?
SCHD yields 3.31% while SPAQ yields 16.12%, so SPAQ currently pays the higher dividend yield.
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