SCHX vs SPY
Schwab US Large-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SCHX or SPY?
Nearly the same fund. SCHX costs less.
SCHX has a lower expense ratio. SCHX led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 1.00. SCHX is less concentrated, with 36.2% of the fund in its ten largest positions against 38.0%.
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 | SCHX | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $73.6B | $804.7B |
| Dividend Yield | 1.00% | 0.98% |
| Holdings | 752 | 505 |
| YTD Return | +12.26% | +12.47%Best |
| 1Y Return | +16.80% | +17.51%Best |
| 3Y Return (annualized) | +21.13% | +21.18%Best |
| 5Y Return (annualized) | +12.33% | +12.88%Best |
| Volatility (annualized) | 14.5% | 14.4%Best |
| Max Drawdown | -34.3% | -34.1%Best |
| $10,000 over 5 years | $17,885 | $18,327Best |
| Top 10 Weight | 36.2%Best | 38.0% |
| Fund Family | Charles Schwab Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 3, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 3, 2009 to Sep 11, 2026 (16.9 years).
SCHX 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 16.9 years both funds cover.
SCHX vs SPY Performance
Schwab US Large-Cap ETF (SCHX) 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 SCHX returned +16.80% while SPY returned +17.51%. Year to date, SCHX is up 12.26% versus a gain of 12.47% for SPY.
Over three years, SCHX compounded at +21.13% per year against +21.18% for SPY; over five years the annualized figures are +12.33% and +12.88% respectively. Across the full 17-year window we track, SCHX has the edge at +13.07% annualized vs +13.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHX has been the more volatile fund, with annualized monthly volatility of 14.5% compared with 14.4% for SPY. 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 -34.3% for SCHX 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SCHX charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SCHX currently yields 1.00% against 0.98% for SPY.
Holdings Overlap
94.0% of SCHX's money is in holdings SPY also owns. 99.0% of SPY's money is in holdings SCHX also owns.
Most of SPY is already inside SCHX. Owning both mostly buys the same companies twice.
491 positions in common, counted across the 750 positions we hold weights for in SCHX and 504 in SPY, against full books of 752 and 505.
What only one of them owns
Our book lists 7 positions for SPY that do not appear in our book for SCHX (0.6% of the fund), and 233 for SCHX that do not appear in SPY (5.1%).
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 SCHX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.59% | 7.71% | 0.12% |
| AAPLApple, Inc | 6.57% | 6.83% | 0.26% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.31% | 5.50% | 0.19% |
| AMZNAmazon.Com Inc | 3.82% | 4.08% | 0.26% |
| GOOGLAlphabet A Usd 0.001 | 3.00% | 3.33% | 0.33% |
| AVGOBroadcom Inc | 2.85% | 2.97% | 0.12% |
| GOOGAlphabet Inc | 2.41% | 2.67% | 0.26% |
| METAMeta Platforms, Inc. | 1.86% | 1.94% | 0.08% |
| MUMicron Technology, Inc. | 1.42% | 1.51% | 0.09% |
| JPMJpmorgan Chase & Co. | 1.37% | 1.44% | 0.07% |
99.0% of SPY is already inside SCHX.
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, SCHX or SPY?
SCHX has an expense ratio of 0.03% while SPY charges 0.09%. SCHX is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SCHX or SPY?
Over the past year SCHX returned +16.80% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SCHX annualized +13.07% vs +13.02% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SCHX or SPY?
SCHX has been the more volatile fund at 14.5% annualized versus 14.4% for SPY. Worst drawdown: SCHX -34.3% vs SPY -34.1%.
Should I hold both SCHX and SPY?
SCHX and SPY have a monthly-return correlation of 1.00, 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 SCHX and SPY?
99.0% of SPY's money is in holdings SCHX also owns. 99.0% of SPY's is in holdings SCHX also owns. They hold 491 positions in common, counted across the 750 positions we hold weights for in SCHX and 504 in SPY.
Which pays a higher dividend, SCHX or SPY?
SCHX yields 1.00% while SPY yields 0.98%, so SCHX currently pays the higher dividend yield.
Is SPY better than SCHX?
SCHX has a lower expense ratio. SCHX led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 1.00. SCHX is less concentrated, with 36.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.