SCHD vs SCHG: 1% overlap
Schwab U.S. Dividend Equity ETF and Schwab U.S. Large-Cap Growth ETF share 1.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
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
SCHD and SCHG hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in SCHG | Δ |
|---|---|---|---|
| UNH | 5.1% | 1.2% | 3.9% |
| CASH | 0.0% | 0.1% | 0.0% |
Where SCHD and SCHG 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 | SCHD | SCHG | Δ |
|---|---|---|---|
| Information Technology | 12.9% | 46.1% | −33.2pp |
| Consumer Staples | 18.4% | 1.7% | +16.7pp |
| Energy | 14.6% | 0.7% | +13.8pp |
| Health Care | 18.3% | 8.3% | +10.0pp |
| Communication Services | 6.0% | 14.7% | −8.7pp |
| Consumer Discretionary | 6.8% | 12.1% | −5.3pp |
| Industrials | 10.8% | 6.0% | +4.8pp |
| Financials | 8.8% | 6.8% | +2.1pp |
Δ is SCHD minus SCHG, 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
94.7% of SCHD by weight, held in no part of SCHG.
98.7% of SCHG by weight, held in no part of SCHD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHD | SCHG | |
|---|---|---|
| Top 10 holdings | 43.6% | 57.2% |
| Positions held | 101 | 195 |
| Cost per $10,000 held, per year | $6 | $4 |
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 SCHD and SCHG overlap?
SCHD and SCHG overlap 1.2% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, SCHG as of 2026-05-31).
How is the overlap between SCHD and SCHG calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHD holds a stock at 6% and SCHG 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 SCHD and SCHG?
That depends on your goals — we state facts, not advice. At 1.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that SCHG doesn't?
SCHD holds 101 positions and SCHG holds 195; 98 of SCHD's positions don't appear in SCHG at all, and they are 94.7% of SCHD by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, SCHG as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.