SCHD vs HDV

Portfolio characteristics

HDV’s holdings count is 74 on the Sep 30 fact sheet and 73 on iShares’ Nov 6 fund page; P/E and P/B are shown at Nov 6 for HDV and Sep 30 for SCHD, so they are not matched. HDV’s turnover, median market capitalization and return on equity were not captured. iShares shows HDV’s premium or discount as 0.05 without a sign; it is shown here as 0.05%.

Top ten sums: SCHD 41.17% · HDV 55.79%. Five stocks appear in both top-ten lists. Weights change.

The sector mirror

Same funds, different lenses

Company size

SCHD (Schwab): weighted average market capitalization $174.29B. HDV (iShares): market-cap bands were not captured for this page. Both funds hold large, established U.S. companies almost entirely.

What you actually own

Average annual: Schwab and iShares, Sep 30, 2026. “Since inception” starts in different years (SCHD 2011, HDV 2011), so the columns are close in time but should still be read with care. After-tax returns for both funds use each issuer’s highest historical federal rates. Calendar years: TotalRealReturns, both funds, plus iShares’ NAV figures for HDV. Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return to Sep 30, 2026

Both funds derived from the issuers’ annualized NAV returns (compounded). Distributions reinvested, fund expenses deducted. Illustration, not a forecast.

Payouts per share, newest first

SCHD pays quarterly. HDV’s latest eight payouts, as published by iShares, are not evenly spaced (they include July and August 2026 payments) and vary from $0.056 to $0.251 per share, so a quarter-by-quarter growth comparison would mislead. Compare the yields above instead. All eight HDV payouts were income, with no capital gains or return of capital.

Rank by rank, the ten largest positions of each fund. SCHD: Schwab (Nov 5). HDV: iShares (Sep 30). Top five: SCHD 21.4%, HDV 34.2%. Top ten: SCHD 41.2%, HDV 55.8%.

Both trade on NYSE Arca with tight spreads. A spread of 0.03% is about $30 between the buy and sell price on $100,000. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

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. SCHD’s 0.06% is from Schwab; HDV’s 0.08% is from iShares’ current prospectus.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

The two funds earn similar yields by different routes. SCHD’s index keeps about 100 stocks selected for dividend quality and sustainability. HDV’s index keeps about 75 stocks chosen for high yield after a competitive-advantage and financial-health screen, which pushes it into staples, energy and utilities and away from technology.

That mix shows in returns, and the leader flips with the window. SCHD led over the latest year (23.36% vs 17.86%) and over 10 years (12.44% vs 9.43%); HDV led over 3 years (16.06% vs 15.44%) and 5 years (12.10% vs 9.48%) and in three of the last four calendar years. Sector tilt is the simplest explanation, not proof: leadership can reverse, and a higher yield is not a promise of higher total return. Read yield vs total return before choosing on yield alone.

Start with what separates them. Cost favors SCHD by 0.02 points, or $2 a year on $10,000. Yield depends on the measure: SCHD’s trailing yield is higher (3.24% against 3.05%) while HDV’s SEC yield is higher (3.51% against 3.12%, on different dates), so on a $100,000 balance both imply roughly $3,000 to $3,500 a year before taxes, if yields held (they change). Concentration favors SCHD: its ten largest are 41.2% against 55.8%.

Then check what you already own. Five of the same stocks sit in both top-ten lists and the sector mixes overlap by about 69%, so holding both mostly doubles up. If you already hold a broad U.S. fund such as VOO or VTI, either fund adds a dividend tilt.

• Step 1 · Goal: a quality-screened mix with some technology and industrials (SCHD) or a staples, energy and utilities mix (HDV).
• Step 2 · Overlap: compare each fund with your existing index funds using the Diversification Calculator.
• Step 3 · Concentration: accept a top ten of 41% (SCHD) or 56% (HDV).
• Step 4 · Cost: SCHD saves $2 a year per $10,000, which is small.
• Step 5 · Account: consider how dividends are taxed in your account type.

Most investors would pick one rather than both. If you want a broader high-yield list, SCHD vs VYM shows how a 593-stock fund differs. Size the position against your whole portfolio.

SCHD and HDV are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. Currency moves also change your return in Canadian dollars even if the funds are flat in U.S. dollars.

U.S. dividends paid to Canadian residents can be subject to U.S. withholding tax, generally 15% under the Canada-U.S. tax treaty. Registered accounts are treated differently: an RRSP is generally exempt from that withholding on U.S. dividends, while a TFSA is not. In a taxable account the withheld amount may be claimable through the foreign tax credit.

Canadians holding U.S.-listed assets above a modest threshold may also face U.S. estate tax exposure, which treaty relief can reduce. This is general education, not tax advice; confirm the rules for your situation with a cross-border tax professional.

Both funds invest in U.S. stocks. SCHD pays quarterly and paid no capital gains in its latest eight distributions; SCHD’s turnover was 40.61% at Sep 30, 2026. HDV’s latest eight payouts were all income, with no capital gains or return of capital; its turnover was not captured. U.S. taxpayers may see some dividends taxed at lower qualified rates if holding-period rules are met.

After-tax returns to Sep 30, 2026 over one year were 21.86% for SCHD and 16.97% for HDV before selling shares, and 13.95% and 11.14% after selling, each on the issuer’s own assumptions. For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing SCHD and HDV often also look at Vanguard High Dividend Yield (VYM), ProShares S&P 500 Dividend Aristocrats (NOBL), Vanguard Dividend Appreciation (VIG) and iShares Core Dividend Growth (DGRO). See SCHD vs VYM, SCHD vs NOBL, SCHD vs VIG, SCHD vs DGRO and SCHD vs VTI. Broad funds such as VTI and VOO already hold many of the same companies, so check overlap before adding a dividend fund to a core portfolio. See every dividend fund side by side on the Dividend ETFs page.

Is SCHD or HDV better?

Neither is better for everyone. SCHD costs less (0.06% against 0.08%), holds more stocks (102 against 73) and led over 1 and 10 years to Sep 30, 2026. HDV led over 3 and 5 years and in three of the last four calendar years, has a higher SEC yield (3.51% against 3.12%) and a more defensive, concentrated portfolio. Their yields are close, so the choice rests on portfolio mix and concentration more than on income.

Which pays the higher dividend yield, SCHD or HDV?

It depends on the measure. HDV’s 30-day SEC yield was 3.51% (Sep 30, 2026) against 3.12% for SCHD (Nov 5), but SCHD’s trailing 12-month yield was 3.24% against 3.05% for HDV (both Sep 30). The measures are dated differently, so treat the two funds as close on income.

What are the expense ratios of SCHD and HDV?

SCHD’s expense ratio is 0.06%, or $6 a year per $10,000. HDV’s is 0.08%, or $8 a year per $10,000.

How much do SCHD and HDV overlap?

Five stocks appear in both top-ten lists: Procter & Gamble, Home Depot, Coca-Cola, PepsiCo and Chevron. By this page’s own sector arithmetic, the funds overlap about 69% by sector weight. A fund-level weight overlap was not captured.

What index does each ETF track?

SCHD tracks the Dow Jones U.S. Dividend 100 Index. HDV tracks the Morningstar Dividend Yield Focus Index. Both are passive U.S. dividend funds listed on NYSE Arca.

What are the top holdings of SCHD and HDV?

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%). HDV’s largest on Sep 30, 2026 were ExxonMobil (9.28%), Chevron (7.00%), AbbVie (6.70%), Verizon (5.78%) and Procter & Gamble (5.40%).

Which has performed better, SCHD or HDV?

It depends on the window. To Sep 30, 2026 SCHD led over 1 year (23.36% vs 17.86%) and 10 years (12.44% vs 9.43%), and HDV led over 3 years (16.06% vs 15.44%) and 5 years (12.10% vs 9.48%), annualized on NAV. HDV led in 2022, 2024 and 2025; SCHD led in 2023 and in 2026 year to date. Past performance does not guarantee future results.

Which grew its dividend faster?

This page does not rank dividend growth for this pair. HDV’s latest eight payouts are not evenly spaced and vary widely, so a quarter-by-quarter comparison would mislead; see the distributions section for each payout.

How do SCHD and HDV differ by sector?

SCHD (Sep 30, 2026) was 20.0% consumer staples, 19.2% health care, 15.4% energy and 12.2% technology. HDV (Nov 6, 2026) was 26.7% consumer staples, 23.2% energy, 14.0% health care and 11.4% utilities, with 0.4% in technology.

Can I own both SCHD and HDV?

You can, but they hold five of the same top-ten stocks and overlap by about 69% by sector weight, so owning both mostly repeats your exposure. Check your combined overlap with a diversification calculator and size positions against your whole portfolio.

Which is less volatile, SCHD or HDV?

HDV’s three-year standard deviation was 11.72% against 13.75% for SCHD at Sep 30, 2026, and HDV’s beta was 0.29 (SCHD’s was not captured). Maximum drawdowns were reported for different periods: about 33.4% for SCHD’s worst decline in a decade (BestETF) and 10.5% for HDV over three years (ETF Central), so do not compare those two figures.

Are SCHD and HDV 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.

Third-party sources

ETF Central · StockAnalysis · TotalRealReturns · BestETF.

Methodology and limits

• SCHD figures come from Schwab (Nov 5–6 and Sep 30, 2026). HDV figures come from iShares’ fact sheet (Sep 30, 2026) and fund page (Nov 6, 2026).
• Top-ten holdings are Schwab (Nov 5) for SCHD and iShares (Sep 30) for HDV, so dates differ by about five weeks. HDV sector weights are Nov 6, SCHD’s are Sep 30.
• Sector overlap of 69% is this page’s sum of the smaller sector weight in each fund. Fund-level weight overlap, daily-move correlation, SCHD beta, HDV turnover and market-cap bands were not captured.
• Calendar-year returns for both funds come from TotalRealReturns (nominal, dividends reinvested), as of Nov 6, 2026; iShares NAV figures for HDV are shown for reference.
• Growth of $10,000 is derived from each issuer’s annualized NAV returns; dollar values are approximate.
• Drawdowns: SCHD is BestETF’s 10-year worst decline; HDV is ETF Central’s three-year maximum drawdown. They cover different periods and are third party.
• Index rules summarize provider descriptions; confirm eligibility rules, caps and rebalance dates in each prospectus.

Pathways, not rankings or recommendations.