SCHD vs SPXX
Schwab US Dividend Equity ETF vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, SCHD or SPXX?
Large Cap Value against Multi Alternative.
SCHD has a lower expense ratio. SCHD led over 1Y, 5Y and the full window, SPXX over 3Y. SPXX is less concentrated, with 38.7% 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 | SPXX |
|---|---|---|
| Expense Ratio | 0.06%Best | 0.91% |
| AUM | $112.1B | - |
| Dividend Yield | 3.00% | 6.85% |
| Holdings | 103 | 344 |
| YTD Return | +24.59%Best | +8.88% |
| 1Y Return | +28.14%Best | +11.58% |
| 3Y Return (annualized) | +15.58% | +15.94%Best |
| 5Y Return (annualized) | +9.90%Best | +8.47% |
| Volatility (annualized) | 13.6%Best | 15.3% |
| Max Drawdown | -33.4%Best | -51.1% |
| $10,000 over 5 years | $16,032Best | $15,016 |
| Top 10 Weight | 41.8% | 38.7%Best |
| Fund Family | Charles Schwab Asset Management | Nuveen |
| Category | Equity | Alternative |
| Style | Large Cap Value | Multi Alternative |
| Inception | Oct 20, 2011 | Nov 22, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Oct 20, 2011 to Sep 10, 2026 (14.9 years).
SCHD vs SPXX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 14.9 years both funds cover.
SCHD vs SPXX Performance
Schwab US Dividend Equity ETF (SCHD) is an ETF from Charles Schwab Asset Management and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year SCHD returned +28.14% while SPXX returned +11.58%. Year to date, SCHD is up 24.59% versus a gain of 8.88% for SPXX.
Over three years, SCHD compounded at +15.58% per year against +15.94% for SPXX; over five years the annualized figures are +9.90% and +8.47% respectively. Across the full 15-year window we track, SCHD has the edge at +11.34% annualized vs +5.89%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXX has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -51.1% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SCHD charges 0.06% per year while SPXX charges 0.91%. On a $10,000 position that is $6 vs $91 annually, a gap of $85 per year that compounds over a long holding period. On income, SCHD currently yields 3.00% against 6.85% for SPXX.
Holdings Overlap
50.0% of SCHD's money is in holdings SPXX also owns. 11.7% of SPXX's money is in holdings SCHD also owns.
The two portfolios partly overlap.
The two holdings books were reported 153 days apart, SCHD as of Aug 31, 2026 and SPXX as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
21 positions in common, counted across the 100 positions we hold weights for in SCHD and 469 in SPXX, against full books of 103 and 344.
What only one of them owns
Our book lists 316 positions for SPXX that do not appear in our book for SCHD (84.8% of the fund), and 78 for SCHD that do not appear in SPXX (49.9%).
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 SPXX | Difference |
|---|---|---|---|
| AMGNAmgen Inc. | 4.70% | 1.40% | 3.30% |
| MRKMerck & Co. Inc. | 4.77% | 0.97% | 3.80% |
| HDHome Depot Inc/The | 3.88% | 1.69% | 2.19% |
| CVXChevron Corp. | 4.02% | 1.50% | 2.52% |
| KOCoca Cola Co. | 4.17% | 0.98% | 3.19% |
| UNHUnitedhealth Group Inc. | 3.82% | 1.29% | 2.53% |
| ABTAbbott Laboratories | 4.69% | 0.41% | 4.28% |
| PGProcter & Gamble Company | 3.83% | 1.24% | 2.59% |
| VZVerizon Communications, Inc. | 3.97% | 0.54% | 3.43% |
| COPConocophillips Co | 3.94% | 0.33% | 3.61% |
50.0% of SCHD is already inside SPXX.
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 SPXX?
SCHD has an expense ratio of 0.06% while SPXX charges 0.91%. SCHD is the cheaper option, by $85 a year on a $10,000 investment.
Which performed better, SCHD or SPXX?
Over the past year SCHD returned +28.14% vs +11.58% for SPXX, so SCHD leads on 1-year performance. Over the longest common window we track (15 years), SCHD annualized +11.34% vs +5.89% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SCHD or SPXX?
SPXX has been the more volatile fund at 15.3% annualized versus 13.6% for SCHD. Worst drawdown: SCHD -33.4% vs SPXX -51.1%.
Should I hold both SCHD and SPXX?
SCHD and SPXX have a monthly-return correlation of 0.76, 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 SPXX?
50.0% of SCHD's money is in holdings SPXX also owns. 11.7% of SPXX's is in holdings SCHD also owns. They hold 21 positions in common, counted across the 100 positions we hold weights for in SCHD and 469 in SPXX.
Which pays a higher dividend, SCHD or SPXX?
SCHD yields 3.00% while SPXX yields 6.85%, so SPXX currently pays the higher dividend yield.
Is SPXX better than SCHD?
SCHD has a lower expense ratio. SCHD led over 1Y, 5Y and the full window, SPXX over 3Y. SPXX is less concentrated, with 38.7% 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.