SCHV vs SPY
Schwab US Large-Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SCHV or SPY?
Large Cap Value against Large Cap Blend.
SCHV has a lower expense ratio. SCHV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. SCHV is less concentrated, with 20.4% of the fund in its ten largest positions against 37.8%.
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 | SCHV | SPY |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.09% |
| AUM | $15.6B | $804.7B |
| Dividend Yield | 1.77% | 0.98% |
| Holdings | 560 | 505 |
| YTD Return | +15.47%Best | +13.82% |
| 1Y Return | +19.96%Best | +16.96% |
| 3Y Return (annualized) | +18.68% | +22.97%Best |
| 5Y Return (annualized) | +11.14% | +13.73%Best |
| Volatility (annualized) | 14.1%Best | 14.4% |
| Max Drawdown | -37.1% | -34.1%Best |
| $10,000 over 5 years | $16,957 | $19,027Best |
| Top 10 Weight | 20.4%Best | 37.8% |
| Fund Family | Charles Schwab Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 11, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 11, 2009 to Sep 21, 2026 (16.8 years).
SCHV vs SPY 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 16.8 years both funds cover.
SCHV vs SPY Performance
Schwab US Large-Cap Value ETF (SCHV) is an ETF from Charles Schwab Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SCHV returned +19.96% while SPY returned +16.96%. Year to date, SCHV is up 15.47% versus a gain of 13.82% for SPY.
Over three years, SCHV compounded at +18.68% per year against +22.97% for SPY; over five years the annualized figures are +11.14% and +13.73% respectively. Across the full 17-year window we track, SPY has the edge at +12.76% annualized vs +9.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 14.1% for SCHV. 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 -37.1% for SCHV and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SCHV charges 0.04% per year while SPY charges 0.09%. On a $10,000 position that is $4 vs $9 annually, a gap of $5 per year that compounds over a long holding period. On income, SCHV currently yields 1.77% against 0.98% for SPY.
Holdings Overlap
91.5% of SCHV's money is in holdings SPY also owns. 43.9% of SPY's money is in holdings SCHV also owns.
Most of SCHV is already inside SPY. Owning both mostly buys the same companies twice.
369 positions in common, counted across the 555 positions we hold weights for in SCHV and 504 in SPY, against full books of 560 and 505.
What only one of them owns
Our book lists 129 positions for SPY that do not appear in our book for SCHV (55.5% of the fund), and 170 for SCHV that do not appear in SPY (7.3%).
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 SCHV | Weight in SPY | Difference |
|---|---|---|---|
| MUMicron Technology, Inc. | 3.41% | 1.60% | 1.81% |
| JPMJpmorgan Chase | 3.01% | 1.45% | 1.56% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 2.91% | 1.40% | 1.51% |
| XOMExxon Mobil Corp. | 2.10% | 1.04% | 1.06% |
| JNJJohnson & Johnson - Common | 2.02% | 0.99% | 1.03% |
| WMTWalmart, Inc. | 1.45% | 0.71% | 0.74% |
| ABBVAbbvie Inc. | 1.43% | 0.70% | 0.73% |
| INTCIntel Corporation | 1.39% | 0.67% | 0.72% |
| CSCOCisco Systems Inc. - Ordinary Shares | 1.38% | 0.66% | 0.72% |
| BACBank Of America Corp. | 1.27% | 0.62% | 0.65% |
91.5% of SCHV is already inside SPY.
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, SCHV or SPY?
SCHV has an expense ratio of 0.04% while SPY charges 0.09%. SCHV is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, SCHV or SPY?
Over the past year SCHV returned +19.96% vs +16.96% for SPY, so SCHV leads on 1-year performance. Over the longest common window we track (17 years), SCHV annualized +9.50% vs +12.76% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SCHV or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 14.1% for SCHV. Worst drawdown: SCHV -37.1% vs SPY -34.1%.
Should I hold both SCHV and SPY?
SCHV and SPY have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SCHV and SPY?
91.5% of SCHV's money is in holdings SPY also owns. 43.9% of SPY's is in holdings SCHV also owns. They hold 369 positions in common, counted across the 555 positions we hold weights for in SCHV and 504 in SPY.
Which pays a higher dividend, SCHV or SPY?
SCHV yields 1.77% while SPY yields 0.98%, so SCHV currently pays the higher dividend yield.
Is SPY better than SCHV?
SCHV has a lower expense ratio. SCHV led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. SCHV is less concentrated, with 20.4% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.