SCHD vs SPLG
Schwab US Dividend Equity ETF vs SPDR(R) Portfolio S&P 500 ETF
Which is better, SCHD or SPLG?
SPLG has been ahead.
SPLG has a lower expense ratio. SPLG led over the full window. SPLG is less concentrated, with 36.5% of the fund in its ten largest positions against 41.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SCHD | SPLG |
|---|---|---|
| Expense Ratio | 0.06% | 0.02%Best |
| AUM | $112.1B | - |
| Dividend Yield | 3.00% | - |
| Holdings | 103 | 506 |
| Volatility (annualized) | 13.6%Best | 14.6% |
| Max Drawdown | -33.4%Best | -33.9% |
| $10,000 over 14 years | $37,734 | $56,246Best |
| Top 10 Weight | 41.8% | 36.5%Best |
| Fund Family | Charles Schwab Asset Management | - |
| Category | Equity | - |
| Style | Large Cap Value | - |
| Inception | Oct 20, 2011 | - |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 322 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SCHD has data through Sep 17, 2026 and SPLG through Oct 30, 2025.
Volatility and max drawdown, and the $10,000 over 14 years row, are measured over the window both funds cover: Oct 20, 2011 to Oct 30, 2025 (14 years).
Risk: Volatility and Drawdowns
SPLG has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 13.6% for SCHD. 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 -33.9% for SPLG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SCHD charges 0.06% per year while SPLG charges 0.02%. On a $10,000 position that is $6 vs $2 annually, a gap of $4 per year that compounds over a long holding period.
Holdings Overlap
91.3% of SCHD's money is in holdings SPLG also owns. 8.6% of SPLG's money is in holdings SCHD also owns.
Most of SCHD is already inside SPLG. Owning both mostly buys the same companies twice.
The two holdings books were reported 427 days apart, SCHD as of Aug 31, 2026 and SPLG as of Jun 30, 2025, so some of the difference between them is the time between the two reports rather than the funds.
45 positions in common, counted across the 100 positions we hold weights for in SCHD and 506 in SPLG, against full books of 103 and 506.
What only one of them owns
Our book lists 459 positions for SPLG that do not appear in our book for SCHD (91.5% of the fund), and 53 for SCHD that do not appear in SPLG (5.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SCHD | Weight in SPLG | Difference |
|---|---|---|---|
| MRKMerck & Company Inc | 4.77% | 0.38% | 4.39% |
| ABTAbbott Laboratories | 4.69% | 0.45% | 4.24% |
| AMGNAmgen Inc. | 4.70% | 0.29% | 4.41% |
| KOCoca Cola Co. | 4.17% | 0.52% | 3.65% |
| HDHome Depot Inc/The | 3.88% | 0.69% | 3.19% |
| PGProcter & Gamble Company | 3.83% | 0.71% | 3.12% |
| CVXChevron Corp | 4.02% | 0.44% | 3.58% |
| UNHUnitedhealth Group Incorporated | 3.82% | 0.54% | 3.28% |
| VZVerizon Communic | 3.97% | 0.35% | 3.62% |
| COPConocophillips Common Stock USD 0.01 | 3.94% | 0.22% | 3.72% |
91.3% of SCHD is already inside SPLG.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SCHD or SPLG?
SCHD has an expense ratio of 0.06% while SPLG charges 0.02%. SPLG is the cheaper option, by $4 a year on a $10,000 investment.
Which is riskier, SCHD or SPLG?
SPLG has been the more volatile fund at 14.6% annualized versus 13.6% for SCHD. Worst drawdown: SCHD -33.4% vs SPLG -33.9%.
Should I hold both SCHD and SPLG?
SCHD and SPLG have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SCHD and SPLG?
91.3% of SCHD's money is in holdings SPLG also owns. 8.6% of SPLG's is in holdings SCHD also owns. They hold 45 positions in common, counted across the 100 positions we hold weights for in SCHD and 506 in SPLG.
Is SPLG better than SCHD?
SPLG has a lower expense ratio. SPLG led over the full window. SPLG is less concentrated, with 36.5% of the fund in its ten largest positions against 41.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.