SCHD vs SPY: 8% overlap
Schwab U.S. Dividend Equity ETF and SPDR S&P 500 ETF Trust share 7.8% 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
SCHD and SPY hold 45 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in SPY | Δ |
|---|---|---|---|
| UNH | 5.1% | 0.6% | 4.5% |
| CVX | 3.8% | 0.6% | 3.3% |
| PG | 3.5% | 0.5% | 3.0% |
| HD | 3.4% | 0.5% | 2.9% |
| MRK | 3.9% | 0.5% | 3.4% |
| KO | 4.0% | 0.5% | 3.5% |
| TXN | 5.9% | 0.4% | 5.5% |
| AMGN | 3.5% | 0.3% | 3.2% |
| PEP | 3.4% | 0.3% | 3.1% |
| VZ | 3.7% | 0.3% | 3.4% |
Where SCHD and SPY 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 | SPY | Δ |
|---|---|---|---|
| Information Technology | 12.9% | 37.5% | −24.6pp |
| Consumer Staples | 18.4% | 4.6% | +13.8pp |
| Energy | 14.6% | 3.4% | +11.2pp |
| Health Care | 18.3% | 9.1% | +9.2pp |
| Financials | 8.8% | 12.4% | −3.5pp |
| Communication Services | 6.0% | 9.3% | −3.3pp |
| Unclassified | 2.9% | 0.0% | +2.9pp |
| Utilities | 0.1% | 2.3% | −2.2pp |
Δ is SCHD minus SPY, 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
7.8% of SCHD by weight, held in no part of SPY.
92.1% of SPY 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 | SPY | |
|---|---|---|
| Top 10 holdings | 43.6% | 36.9% |
| Positions held | 101 | 505 |
| Cost per $10,000 held, per year | $6 | $9 |
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 SPY overlap?
SCHD and SPY overlap 7.8% by portfolio weight — largely distinct portfolios. They share 45 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, SPY as of 2026-07-23).
How is the overlap between SCHD and SPY 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 SPY 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 SPY?
That depends on your goals — we state facts, not advice. At 7.8% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that SPY doesn't?
SCHD holds 101 positions and SPY holds 505; 55 of SCHD's positions don't appear in SPY at all, and they are 7.8% of SCHD by weight.
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, SPY as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.