SCHD vs ZMAY
Schwab US Dividend Equity ETF vs Innovator Equity Defined Protection ETF - 1 Yr May
Quick Verdict
SCHD has a lower expense ratio. SCHD delivered stronger 1-year returns. SCHD offers more diversification with 104 holdings.
Side-by-Side Comparison
| Metric | SCHD | ZMAY | Winner |
|---|---|---|---|
| Expense Ratio | 0.06% | 0.79% | |
| AUM | $108.7B | $83M | |
| Dividend Yield | 3.13% | 0.00% | |
| Holdings | 104 | 7 | |
| YTD Return | +28.63% | +3.22% | |
| 1Y Return | +32.53% | +5.44% | |
| 3Y Return (annualized) | +16.97% | - | |
| 5Y Return (annualized) | +10.47% | - | |
| Volatility (annualized) | 13.7% | 0.9% | |
| Max Drawdown | -33.4% | -0.7% | |
| Fund Family | Charles Schwab Asset Management | Innovator ETFs Trust | |
| Category | Equity | Alternative | |
| Inception | Oct 20, 2011 | May 1, 2025 |
SCHD vs ZMAY Performance
Schwab US Dividend Equity ETF (SCHD) is a ETF from Charles Schwab Asset Management and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) is a ETF from Innovator ETFs Trust. Over the past year SCHD returned +32.53% while ZMAY returned +5.44%. Year to date, SCHD is up 28.63% versus a gain of 3.22% for ZMAY.
Risk: Volatility and Drawdowns
SCHD has been the more volatile fund, with annualized monthly volatility of 13.7% compared with 0.9% for ZMAY. 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 -0.7% for ZMAY. 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 0.24. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SCHD charges 0.06% per year while ZMAY charges 0.79%. On a $10,000 position that is $6 vs $79 annually, a gap of $73 per year that compounds over a long holding period. On income, SCHD currently yields 3.13% against 0.00% for ZMAY.
Holdings Overlap
SCHD and ZMAY share 0 holdings out of 101 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 ZMAY?
SCHD has an expense ratio of 0.06% while ZMAY charges 0.79%. SCHD is the cheaper option. On a $10,000 investment, that is $73 per year of difference.
Which performed better, SCHD or ZMAY?
Over the past year SCHD returned +32.53% vs +5.44% for ZMAY, so SCHD leads on 1-year performance. Over the longest common window we track (1 years), SCHD annualized +11.63% vs +6.15% for ZMAY. Past performance does not guarantee future results.
Which is riskier, SCHD or ZMAY?
SCHD has been the more volatile fund at 13.7% annualized versus 0.9% for ZMAY. Worst drawdown: SCHD -33.4% vs ZMAY -0.7%.
Should I hold both SCHD and ZMAY?
SCHD and ZMAY have a monthly-return correlation of 0.24, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SCHD and ZMAY?
SCHD and ZMAY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 101 unique securities.
Which pays a higher dividend, SCHD or ZMAY?
SCHD yields 3.13% while ZMAY yields 0.00%, so SCHD currently pays the higher dividend yield.
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