ETF comparison · Dividend and income
SCHD vs VOO: overlap by weight, TER & holdings
Schwab U.S. Dividend Equity ETF vs Vanguard S&P 500 ETF
Not substitutes so much as different jobs: VOO owns the market, SCHD owns 100 dividend payers screened for quality and yield. Their overlap is modest, which is exactly why people hold both.
SCHD vs VOO at a glance
| SCHD | VOO | |
|---|---|---|
| Fund | Schwab U.S. Dividend Equity ETF | Vanguard S&P 500 ETF |
| ISIN | US8085247976 | US9229083632 |
| Index | Dow Jones US Dividend 100 | S&P 500 |
| Market exposure | US dividend | US large cap |
| TER | 0.06% | 0.03% |
| Holdings in fund | 97 | 503 |
| Fund size | ≈ 104 bn USD | ≈ 1.7 tn USD |
| Domicile | the United States | the United States |
| Replication | Physical (full) | Physical (full) |
| Use of income | Distributing | Distributing |
| Launched | Oct 20, 2011 | Sep 7, 2010 |
Top shared holdings
| SCHD | VOO | |
|---|---|---|
| CVXChevron Corp | 4.01% | 0.58% |
| MRKMerck & Co Inc | 4.04% | 0.55% |
| UNHUnitedHealth Group Inc | 5.33% | 0.53% |
| KOCoca-Cola Co/The | 4.14% | 0.52% |
| PGProcter & Gamble Co/The | 3.71% | 0.51% |
| HDHome Depot Inc/The | 3.52% | 0.49% |
| TXNTexas Instruments Inc | 6.18% | 0.36% |
| AMGNAmgen Inc | 3.63% | 0.35% |
| VZVerizon Communications Inc | 3.82% | 0.32% |
| PEPPepsiCo Inc | 3.6% | 0.29% |
| ABTAbbott Laboratories | 3.1% | 0.29% |
| QCOMQUALCOMM Inc | 7.05% | 0.27% |
| COPConocoPhillips | 3.68% | 0.24% |
| BMYBristol-Myers Squibb Co | 3.07% | 0.21% |
| MOAltria Group Inc | 3.08% | 0.17% |
Weights per fund, normalized. 44 companies appear in both funds.
What the fee gap costs
Growth of 10,000 invested at 7% annual return, after each fund’s TER: 0.06% for SCHD, 0.03% for VOO.
| SCHD | VOO | Difference | |
|---|---|---|---|
| After 10 years | 19,561 | 19,616 | 55 |
| After 20 years | 38,265 | 38,480 | 215 |
| After 30 years | 74,852 | 75,485 | 633 |
VOO comes out ahead by about 633 per 10,000 invested over 30 years. TER only. Trading spreads, taxes and broker fees are not included.
Domicile and withholding tax
Both funds are domiciled in the United States, so fund-level dividend withholding works the same way for both. Domicile does not separate this pair.
Frequently asked questions
Do SCHD and VOO overlap?+
Yes: 7.75% by weight, with 44 holdings appearing in both funds. 94.93% of SCHD’s weight is also inside VOO.
Do SCHD and VOO track the same index?+
No. SCHD tracks the Dow Jones US Dividend 100 while VOO tracks the S&P 500. The 7.75% overlap comes from companies that both indices include.
Which is cheaper, SCHD or VOO?+
VOO: 0.03% per year against 0.06% for SCHD. At 7% growth that gap is worth about 633 per 10,000 invested over 30 years.
Is it worth holding both SCHD and VOO?+
They overlap less than similar-looking funds (7.75% by weight), so holding both can make sense when you want each fund’s distinct exposure. Check the shared-holdings table for what you would be doubling up on.
Why does SCHD hold the same companies at higher weights?+
Same companies, smaller universe: SCHD spreads its weight across 97 holdings while VOO holds 503, so each shared position takes a larger slice of SCHD.
More comparisons
Methodology
Overlap is the sum of min(weight A, weight B) across holdings that appear in both funds, with each fund’s stored weights normalized to 100%. Holdings come from issuer feeds and regulatory filings in our ETF holdings database; TER and fund size come from fund profile data and are refreshed regularly. Figures update when the underlying holdings data updates.
Holdings data as of Aug 31, 2026, from our ETF holdings database.