IWD vs SCHD: 11% overlap
iShares Russell 1000 Value ETF and Schwab U.S. Dividend Equity ETF share 11.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 2 months apart — SCHD as of 2026-05-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and SCHD hold 59 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in SCHD | Δ |
|---|---|---|---|
| UNH | 1.1% | 5.1% | 4.0% |
| CVX | 1.0% | 3.8% | 2.8% |
| PG | 0.9% | 3.5% | 2.6% |
| MRK | 0.9% | 3.9% | 3.0% |
| KO | 0.8% | 4.0% | 3.2% |
| VZ | 0.5% | 3.7% | 3.1% |
| QCOM | 0.5% | 6.7% | 6.2% |
| ABT | 0.5% | 3.0% | 2.5% |
| PEP | 0.4% | 3.4% | 3.0% |
| COP | 0.4% | 3.5% | 3.1% |
Where IWD and SCHD differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | IWD | SCHD | Δ |
|---|---|---|---|
| Consumer Staples | 7.4% | 18.4% | −11.0pp |
| Financials | 19.6% | 8.8% | +10.7pp |
| Energy | 6.1% | 14.6% | −8.5pp |
| Health Care | 12.7% | 18.3% | −5.6pp |
| Information Technology | 18.0% | 12.9% | +5.1pp |
| Utilities | 3.9% | 0.1% | +3.9pp |
| Real Estate | 3.7% | 0.0% | +3.7pp |
| Materials | 3.7% | 0.1% | +3.6pp |
Δ is IWD minus SCHD, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
88.7% of IWD by weight, held in no part of SCHD.
14.6% of SCHD by weight, held in no part of IWD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWD | SCHD | |
|---|---|---|
| Top 10 holdings | 27.8% | 43.6% |
| Positions held | 872 | 101 |
| Cost per $10,000 held, per year | $19 | $6 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do IWD and SCHD overlap?
IWD and SCHD overlap 11.2% by portfolio weight — largely distinct portfolios. They share 59 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between IWD and SCHD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWD holds a stock at 6% and SCHD holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both IWD and SCHD?
That depends on your goals — we state facts, not advice. At 11.2% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that SCHD doesn't?
IWD holds 872 positions and SCHD holds 101; 812 of IWD's positions don't appear in SCHD at all, and they are 88.7% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.