Fund comparison
SCHD vs SCHG
Schwab US Dividend Equity ETF against Schwab U.S. Large-Cap Growth ETF.
Verdict
These two hold almost nothing in common, which is unusual for two funds tracking the same US market. Holding both is the rare case where the second fund genuinely adds something.
Three companies. That is the entire intersection between SCHD and SCHG, out of 102 and 196 positions, and it comes to 1.4% of their combined weight. It is the lowest overlap you will find between two large US equity funds, and it is deliberate: one screens for dividend quality, the other for growth, and the screens are close to mutually exclusive.
SCHD's largest positions are Merck, Amgen, Abbott, Coca-Cola and Chevron. SCHG's are Nvidia, Apple, Microsoft, Amazon and Alphabet. Not one name appears on both lists.
The correlation figures show what that means in practice. Over five years their weekly returns correlated at 0.57, over three years at 0.38, and over the past year at -0.01, meaning that for twelve months they have moved with no relationship to each other at all. That is genuine diversification within US equities, which is hard to find.
It also cuts both ways. Over the past year SCHD returned 29.6% against 17.1% for SCHG; over three years SCHG returned 85.7% against 56.2%. SCHD fell 16.1% at its worst against 23.4% for SCHG, and carries 12.8% volatility against 19.0%. You are choosing between income and steadiness now, or growth and larger swings, and unlike most fund pairs the choice actually changes what you own.
Where they hold the same companies
| Measure | Value |
|---|---|
| Overlap by weight | 1.4% |
| Share of SCHD held in common with SCHG | 4.0% |
| Share of SCHG held in common with SCHD | 1.5% |
| Companies in both | 3 |
| Positions in SCHD / SCHG | 102 / 196 |
SCHD holdings as published 2026-09-01, SCHG 2026-09-01.
Largest positions held by both
| Company | In SCHD | In SCHG | Counted as overlap |
|---|---|---|---|
| UNH | 3.91% | 1.4% | 1.4% |
| GVMXX | 0.03% | 0.06% | 0.03% |
| USD | 0.02% | 0.01% | 0.01% |
Held by only one of them
| In SCHD only | Weight | In SCHG only | Weight |
|---|---|---|---|
| MRK | 4.86% | NVDA | 10.63% |
| AMGN | 4.82% | AAPL | 9.64% |
| ABT | 4.65% | MSFT | 7.51% |
| KO | 4.16% | AMZN | 5.03% |
| CVX | 4.14% | GOOGL | 3.96% |
| COP | 4.07% | AVGO | 3.54% |
| VZ | 4.01% | GOOG | 3.17% |
| PG | 3.88% | LLY | 2.97% |
| HD | 3.8% | META | 2.57% |
| PEP | 3.65% | V | 2.41% |
Cost, returns and risk
| SCHD | SCHG | |
|---|---|---|
| Expense ratio | 0.06% | 0.04% |
| Dividend yield | 3.13% | 0.39% |
| Total return, 1 year | 29.6% | 17.1% |
| Total return, 3 years cumulative | 56.2% | 85.7% |
| Total return, 5 years cumulative | 60.4% | 83.9% |
| Volatility, annualised on 3 years of weekly returns | 12.8% | 19.0% |
| Worst fall in 3 years, peak to trough | -16.1% | -23.4% |
| Beta against the S&P 500 | 0.52 | 1.26 |
| Positions held | 100 | 194 |
| Weight in the ten largest positions | 42.3% | 51.4% |
| Weight in the single largest position | 4.9% | 10.6% |
| Assets under management | $104.2B | $60.0B |
Prices through 2026-09-02.
Year by year
| Year | SCHD | SCHG |
|---|---|---|
| 2026 | 29.0% | 8.5% |
| 2025 | 4.3% | 17.5% |
| 2024 | 11.7% | 35.0% |
| 2023 | 4.5% | 50.1% |
| 2022 | -3.3% | -31.8% |
Do they move together
| Window | Correlation of weekly returns |
|---|---|
| 1 year | -0.01 |
| 3 years | 0.38 |
| 5 years | 0.57 |
How these numbers are produced · Portfolio x-ray · Overlap checker