SCHD vs DGRO
Two U.S. dividend ETFs, two screens. SCHD holds about 100 stocks picked for dividend quality. DGRO holds about 390 stocks with a record of growing dividends, after excluding the highest yielders.
SCHD vs DGRO: the short answer
SCHD and DGRO are two of the largest U.S. dividend ETFs, with $119.9B and $44.7B in assets. SCHD offers a higher yield, a lower fee and a tighter list of about 100 stocks. DGRO offers a wider list of 391 stocks, more financials and technology, and led over 3, 5 and 10 years to Sep 30, 2026. Neither is better for everyone: the choice turns on income today, breadth and sector mix.
SCHD vs DGRO overlap, if you own both
The twist
Most of SCHD sits in stocks DGRO also owns, but those names are only a fifth of DGRO. Different portfolios, yet they tend to move together.
SCHD vs DGRO, one goal, which fund?
SCHD vs DGRO, where the money goes
SCHD · Schwab, Nov 5
DGRO · ETF Central, Aug 31
SCHD vs DGRO returns, different periods, different winners
SCHD: TotalRealReturns (dividends reinvested). DGRO: iShares NAV total return. SCHD led 2021 and 2022; DGRO led 2023 to 2025.
SCHD vs DGRO, what each fund costs a year
The data room
Every figure behind the cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
SCHD vs DGRO key facts
Evidence grade: Issuer Schwab or iShares · Mixed issuer plus provider · 3rd party| Metric | SCHD | DGRO | Grade and source |
|---|
Portfolio characteristics
| Metric | SCHD | DGRO | Grade and source |
|---|
Beta is not comparable: Schwab measures SCHD against its benchmark (1.00), while iShares reports 0.67 for DGRO. Provider sites differ on holdings counts (SCHD 100 to 103, DGRO 390 to 403) because of dates and cash lines; issuer figures are used.
SCHD vs DGRO holdings and top ten
Click a tile · SCHD: Schwab, Nov 5, 2026 · DGRO: ETF Central, Aug 31, 2026Tile area is proportional to weight.
| # | Holding | Weight |
|---|
| # | Holding | Weight |
|---|
SCHD vs DGRO sector exposure
SCHD: Schwab, Sep 30, 2026 · DGRO: iShares, Nov 5, 2026Company size
SCHD (Schwab, Sep 30): 79.2% above $70B, 16.2% from $15B to $70B, 3.7% from $3B to $15B and 0.9% below $3B. DGRO (Pineify, Jul 2026): 92.6% large-cap and 2.5% mid-cap. Both are large-company funds; both hold only a sliver of small caps.
The sector mirror
Same funds, different lenses
What you actually own
SCHD vs DGRO performance
Both funds from issuers, matched at Sep 30, 2026Average annual: Schwab and iShares, Sep 30, 2026. “Since inception” starts in different years (SCHD 2011, DGRO 2014), so do not compare those two columns. After-tax returns use the highest historical federal rates. Calendar years: DGRO from iShares, SCHD from TotalRealReturns. Past performance does not guarantee future results.
Growth of a hypothetical $10,000 · NAV total return to Sep 30, 2026
DGRO from iShares cumulative returns. SCHD derived from Schwab’s annualized returns (compounded). Distributions reinvested, fund expenses deducted. Illustration, not a forecast.
SCHD vs DGRO dividends and distributions
Latest eight payouts each · all ordinary income| SCHD ex-date | Payable | $ / share | DGRO ex-date | Payable | $ / share |
|---|
Quarterly payouts per share, newest first
| Quarter | SCHD vs same quarter a year earlier | DGRO vs same quarter a year earlier |
|---|
Single payouts are noisy; a four-quarter comparison is steadier. Computed from the distribution tables above.
| Measure | SCHD | DGRO |
|---|---|---|
| 30-day SEC yield | 3.12% (Nov 5) | 2.07% (Sep 30) |
| Trailing 12-month | 3.24% (Sep 30) | 1.98% (Sep 30) |
| Last four payouts | $1.054 per share | $1.494 per share |
| Frequency | Quarterly | Quarterly |
| Capital gains paid | None in the latest eight | None in the latest eight |
DGRO pays more dollars per share because its share price is about 2.3 times higher; compare yields, not dollars. Schwab split SCHD 3-for-1 on Oct 10, 2024; earlier payouts are shown split-adjusted in the annual totals (SCHD 2023 $0.89, 2024 $0.99). Yields on different dates are not strictly comparable. See what is dividend yield and yield vs total return.
SCHD vs DGRO concentration and overlap
Ten largest positions · shared holdingsTop five: SCHD 21.4%, DGRO 15.7%. Top ten: SCHD 41.2%, DGRO 27.4%. Weights from the Schwab and ETF Central lists named above.
| Shared stock | SCHD | DGRO |
|---|---|---|
| Procter & Gamble | 4.45% (Nov 5) | 2.15% (Aug 31) |
| Home Depot | 4.32% (Nov 5) | 2.09% (Aug 31) |
| Coca-Cola | 4.27% (Nov 5) | ~1.75% (Jun 2026) |
| PepsiCo | 3.99% (Nov 5) | ~1.49% (Jun 2026) |
| UnitedHealth | 3.89% (Nov 5) | ~2.31% (Jun 2026) |
| Chevron | 3.95% (Nov 5) | ~2.67% (undated) |
| Merck | ~3.83% (undated) | 2.15% (Aug 31) |
SCHD vs DGRO trading and liquidity
Issuer pages, Nov 6, 2026 · one day, not a trendBoth trade on NYSE Arca with a tight spread. SCHD has 3.41 billion shares outstanding and DGRO 560 million. A spread of 0.03% is about $30 between the buy and sell price on $100,000; 0.01% is about $10. For large orders use limit orders and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.
SCHD vs DGRO fees in dollars
As stated by each issuer| Balance | SCHD (0.06%) | DGRO (0.08%) | Gap per year |
|---|---|---|---|
| $10,000 | $6 | $8 | $2 |
| $50,000 | $30 | $40 | $10 |
| $100,000 | $60 | $80 | $20 |
| $100,000 over 10 years, flat balance | $600 | $800 | $200 |
Expense ratio is taken from fund assets, not billed. It excludes the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes. Flat-balance arithmetic; use the fee calculator for compounding.
Tools
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
How each fund picks its stocks
Index approach, in plain languageSCHD · Dow Jones U.S. Dividend 100
SCHD tracks the Dow Jones U.S. Dividend 100 Index. Schwab describes it as focused on the quality and sustainability of dividends, with stocks chosen for fundamental strength relative to peers using financial ratios. The result is a short list of about 100 large U.S. companies, reviewed through an annual reconstitution. Portfolio turnover was 40.61% at Sep 30, 2026.
DGRO · Morningstar US Dividend Growth
DGRO tracks the Morningstar US Dividend Growth Index, built from U.S. stocks with a history of growing dividends. The index drops the highest-yielding decile first, then applies dividend growth and payout ratio screens, and weights companies by dividends paid. The result is 391 holdings and a lower yield than SCHD.
Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.
Why yield and returns differ
Sector mix explains much of the gapSCHD’s 3.12% yield reflects a portfolio built around mature, cash-rich sectors: 20.0% consumer staples, 19.2% health care and 15.4% energy. DGRO excludes the top yield decile and weights by dividends, which lets in more growth-oriented dividend payers such as Microsoft, Apple and Broadcom, so its yield is 2.07%.
The same mix shows up in returns. SCHD led in 2021 and 2022, years when those sectors did well relative to the market, while DGRO led in 2023, 2024 and 2025. Sector tilt is the simplest explanation, not proof: future leadership can reverse, and a high yield is not a promise of higher total return. Read yield vs total return before choosing on yield alone.
Risks of SCHD and DGRO
What can go wrongShared risks
- Both hold U.S. stocks and can fall with the market; both fell sharply in March 2020 (SCHD −33.4%, DGRO −35.1%, Mezzi).
- Dividends can be cut, and there is no guarantee any dividend is paid.
- Interest-rate changes can move dividend stocks.
- Both hold large U.S. companies almost entirely, so neither diversifies across countries.
Fund-specific risks
- SCHD: ten largest positions about 41%; 54.6% in staples, health care and energy; 13.75% three-year volatility.
- DGRO: 36.2% in financials and technology; P/E 25.4 against 18.2 for SCHD (different dates); lower yield.
- Both: annual or periodic index changes can alter holdings and sector weights.
SCHD vs DGRO taxes and account placement
General education, not tax adviceBoth funds paid only ordinary income in their latest eight distributions, with no capital gains distributions. U.S. taxpayers may see some dividends taxed at lower qualified rates if holding-period rules are met. Schwab’s after-tax return (Sep 30, 2026) for SCHD was 21.86% over one year before selling shares; iShares’ for DGRO was 12.40%.
Canadian investors hold both funds in U.S. dollars, so currency conversion costs apply. U.S. withholding tax on dividends can apply, and its treatment differs between TFSA, RRSP and taxable accounts. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.
Other dividend ETFs people compare
For context, not recommendationsInvestors comparing SCHD and DGRO often also look at Vanguard Dividend Appreciation (VIG), Vanguard High Dividend Yield (VYM) and iShares Core High Dividend (HDV). Broad funds such as VTI and VOO already hold many of the same companies, so check overlap with the Diversification Calculator before adding a dividend fund to a core portfolio. See every dividend fund side by side on the Dividend ETFs page, or browse all funds in the ETF Research Center.
Drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). Drawdowns from Mezzi (third party) for the same period. See the Position Size Calculator.
SCHD vs DGRO, which fits which job
Characteristics, not recommendationsSCHD may suit investors who want…
A low-cost, higher-yielding, more concentrated U.S. dividend fund built on dividend quality.
Strengths
- Lowest fee of the two (0.06%)
- Higher yield: 3.12% SEC against 2.07%
- Larger fund: $119.9B in assets, over 3.4 billion shares
- Stronger 1-year return to Sep 30, 2026 (+23.36%)
Watch points
- Ten largest positions about 41%; about 102 stocks
- Staples, health care and energy are 54.6% of assets
- Higher measured volatility (13.75% vs 10.45%)
- Behind DGRO over 3, 5 and 10 years at Sep 30; annual turnover 40.6%
DGRO may suit investors who want…
A broad U.S. dividend-growth fund that includes financials and technology, accepting a lower yield.
Strengths
- 391 holdings; ten largest about 27%
- Lower measured volatility (10.45%, beta 0.67)
- Ahead over 3, 5 and 10 years at Sep 30, 2026
- Very tight trading: 0.01% median spread
Watch points
- Slightly higher fee: 0.08% against 0.06%
- Lower yield: 2.07% SEC (Sep 30)
- Pricier on earnings: P/E 25.4 vs 18.2 (different dates)
- Higher weight in technology (16.7%) and financials (19.5%)
SCHD vs DGRO investor scenarios
Characteristics that fit, not recommendationsKey terms
Plain-language definitionsSCHD vs DGRO: frequently asked questions
Answers use the figures and dates shown aboveIs SCHD or DGRO better?
Neither is better for everyone. SCHD charges less (0.06% vs 0.08%), yields more (3.12% SEC yield on Nov 5, 2026 vs 2.07% for DGRO on Sep 30) and holds about 102 stocks. DGRO holds 391 stocks, spreads risk more widely and led over 3, 5 and 10 years to Sep 30, 2026. The right fund depends on whether you value current income or breadth.
Which pays the higher dividend yield, SCHD or DGRO?
SCHD. Its 30-day SEC yield was 3.12% (Nov 5, 2026) and its trailing distribution yield 3.24% (Sep 30). DGRO’s were 2.07% and 1.98% (Sep 30). DGRO pays more dollars per share only because its share price is about 2.3 times higher.
What are the expense ratios of SCHD and DGRO?
SCHD’s total expense ratio is 0.06%, or $6 a year per $10,000. DGRO’s is 0.08%, or $8 a year per $10,000. The gap is $2 a year per $10,000 invested.
How much do SCHD and DGRO overlap?
About 20% by weight and 32 shared stocks in one overlap tool’s July 2026 snapshots; other trackers report 18% to 27%. Procter & Gamble and Home Depot appear in both top-ten lists, but SCHD gives each about twice the weight DGRO does.
What does each ETF track?
SCHD tracks the Dow Jones U.S. Dividend 100 Index. DGRO tracks the Morningstar US Dividend Growth Index. Both are passive, physically held index funds listed on NYSE Arca.
What are the top holdings of SCHD and DGRO?
SCHD’s largest positions on Nov 5, 2026 were Procter & Gamble (4.45%), Home Depot (4.32%), Texas Instruments (4.29%), Coca-Cola (4.27%) and Amgen (4.09%). DGRO’s largest, per ETF Central on Aug 31, 2026, were Microsoft (3.50%), JPMorgan Chase (3.17%), Johnson & Johnson (3.14%), AbbVie (2.99%) and Exxon Mobil (2.94%).
Which has performed better, SCHD or DGRO?
It depends on the period. To Sep 30, 2026, SCHD returned 23.36% over one year against 12.95% for DGRO, while DGRO led over 3 years (17.57% vs 15.44% a year), 5 years (10.96% vs 9.48%) and 10 years (13.16% vs 12.44%). By calendar year, SCHD led 2021 and 2022 and DGRO led 2023 to 2025. Past performance does not guarantee future results.
Can I own both SCHD and DGRO?
You can, but they share the same broad space of large U.S. dividend payers. Overlap by weight is only about 20%, so the funds differ meaningfully by sector: SCHD leans on staples, health care and energy, DGRO adds financials and technology. Check combined exposure with a diversification calculator before sizing positions.
How often do SCHD and DGRO pay dividends?
Both pay quarterly. SCHD’s latest ex-date was Sep 23, 2026 ($0.2665 per share) and DGRO’s was Sep 15, 2026 ($0.3850 per share). Neither paid capital gains in its latest eight distributions.
Are SCHD and DGRO suitable for Canadian investors?
Both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs and may face U.S. withholding tax on dividends. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice; confirm with a tax professional.
How do SCHD and DGRO differ by sector?
SCHD is led by consumer staples (20.0%), health care (19.2%) and energy (15.4%) at Sep 30, 2026. DGRO is led by financials (19.5%), health care (17.9%), technology (16.7%) and consumer staples (13.1%) on Nov 5, 2026. Energy is only 5.3% of DGRO and utilities only 0.1% of SCHD.
Which fund raised its dividend faster recently?
Comparing the latest four payouts (Dec 2025 to Sep 2026) with the prior four, DGRO’s per-share dividend rose about 8.1% and SCHD’s about 2.0%. SCHD’s 2025 total was 5.3% above 2024. Short windows are noisy and past dividend growth does not guarantee future growth.
Is SCHD or DGRO easier to trade?
Both are liquid. SCHD’s median 30-day bid/ask spread was 0.03% (Oct 7 to Nov 6, 2026) and DGRO’s 0.01% (Nov 6). SCHD traded about 28.5 million shares on Nov 6 and DGRO about 2.7 million; at their prices that is roughly $1.0 billion and $216 million.
What is the difference between SEC yield and trailing yield?
SEC yield is a standardized 30-day measure of income after expenses, annualized. Trailing yield divides the last 12 months of distributions by price. SCHD’s were 3.12% (Nov 5) and 3.24% (Sep 30); DGRO’s were 2.07% and 1.98% (Sep 30). Neither predicts future income.
SCHD vs DGRO documents and sources
Open the issuer documents before relying on any figureSCHD · Schwab Asset Management
Third-party sources
ETF Central · Pineify overlap · TotalRealReturns · Kavout · Mezzi.
Methodology and limits
- SCHD figures come from Schwab’s fund page (Nov 5–6, Sep 30 and Oct 31, 2026). DGRO figures come from iShares’ fund page (Nov 5–6 and Sep 30, 2026). DGRO’s holdings table did not load from iShares, so its top ten comes from ETF Central (Aug 31, 2026).
- Top-ten weights, sectors and yields have different dates, so read the tilt, not the decimals.
- Overlap of about 20% (32 shared names) is a weight measure from Pineify snapshots; other trackers give 18% to 27%.
- SCHD’s growth of $10,000 is derived from Schwab’s annualized returns; the dollar values are approximate.
- Maximum drawdown in March 2020 was reported as 33.4% for SCHD and 35.1% for DGRO (Mezzi, third party).
- Net flows: DGRO took in about $3.03B year to date to Oct 26, 2026 (ETF Central); a matched SCHD figure was not captured.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.