MDY vs SCHD: 3% overlap
SPDR S&P MidCap 400 ETF Trust and Schwab U.S. Dividend Equity ETF share 3.4% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
MDY and SCHD hold 18 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MDY | in SCHD | Δ |
|---|---|---|---|
| EWBC | 0.5% | 0.4% | 0.1% |
| WSO | 0.3% | 0.3% | 0.0% |
| FNF | 0.3% | 0.3% | 0.0% |
| DINO | 0.4% | 0.3% | 0.1% |
| AFG | 0.3% | 0.2% | 0.0% |
| BAH | 0.2% | 0.2% | 0.0% |
| COLB | 0.3% | 0.2% | 0.0% |
| ALV | 0.2% | 0.2% | 0.0% |
| ORI | 0.3% | 0.2% | 0.0% |
| M | 0.2% | 0.1% | 0.0% |
Where MDY 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 | MDY | SCHD | Δ |
|---|---|---|---|
| Consumer Staples | 3.1% | 18.4% | −15.3pp |
| Industrials | 25.4% | 10.8% | +14.5pp |
| Energy | 4.9% | 14.6% | −9.7pp |
| Health Care | 9.7% | 18.3% | −8.7pp |
| Real Estate | 6.9% | 0.0% | +6.9pp |
| Financials | 14.8% | 8.8% | +6.0pp |
| Materials | 5.4% | 0.1% | +5.4pp |
| Communication Services | 1.5% | 6.0% | −4.5pp |
Δ is MDY 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
94.9% of MDY by weight, held in no part of SCHD.
96.4% of SCHD by weight, held in no part of MDY.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| MDY | SCHD | |
|---|---|---|
| Top 10 holdings | 7.6% | 43.6% |
| Positions held | 400 | 101 |
| Cost per $10,000 held, per year | $23 | $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 MDY and SCHD overlap?
MDY and SCHD overlap 3.4% by portfolio weight — largely distinct portfolios. They share 18 holdings. The figure comes from current issuer holdings files (MDY as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between MDY and SCHD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If MDY 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 MDY and SCHD?
That depends on your goals — we state facts, not advice. At 3.4% overlap, each fund still contributes meaningfully distinct exposure.
What does MDY own that SCHD doesn't?
MDY holds 400 positions and SCHD holds 101; 381 of MDY's positions don't appear in SCHD at all, and they are 94.9% of MDY by weight.
You probably hold more than two funds
This page compares MDY and SCHD. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch MDY vs SCHD
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, MDY as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.