SCHD vs SWPPX: 8% overlap
Schwab U.S. Dividend Equity ETF and Schwab S&P 500 Index share 8.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — SWPPX as of 2026-04-30, the rest through 2026-05-31. 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 SWPPX hold 47 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in SWPPX | Δ |
|---|---|---|---|
| CVX | 3.8% | 0.6% | 3.3% |
| PG | 3.5% | 0.6% | 3.0% |
| UNH | 5.1% | 0.5% | 4.6% |
| HD | 3.4% | 0.5% | 2.8% |
| KO | 4.0% | 0.5% | 3.5% |
| MRK | 3.9% | 0.4% | 3.4% |
| TXN | 5.9% | 0.4% | 5.5% |
| PEP | 3.4% | 0.3% | 3.1% |
| VZ | 3.7% | 0.3% | 3.3% |
| QCOM | 6.7% | 0.3% | 6.4% |
Where SCHD and SWPPX 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 | SWPPX | Δ |
|---|---|---|---|
| Information Technology | 12.9% | 34.2% | −21.3pp |
| Consumer Staples | 18.4% | 4.9% | +13.5pp |
| Energy | 14.6% | 3.4% | +11.1pp |
| Health Care | 18.3% | 8.3% | +10.1pp |
| Communication Services | 6.0% | 11.0% | −5.0pp |
| Consumer Discretionary | 6.8% | 9.7% | −2.8pp |
| Financials | 8.8% | 11.5% | −2.7pp |
| Industrials | 10.8% | 8.1% | +2.7pp |
Δ is SCHD minus SWPPX, 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
4.8% of SCHD by weight, held in no part of SWPPX.
91.6% of SWPPX 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 | SWPPX | |
|---|---|---|
| Top 10 holdings | 43.6% | 38.3% |
| Positions held | 101 | 503 |
| Cost per $10,000 held, per year | $6 | $2 |
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 SWPPX overlap?
SCHD and SWPPX overlap 8.0% by portfolio weight — largely distinct portfolios. They share 47 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, SWPPX as of 2026-04-30).
How is the overlap between SCHD and SWPPX 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 SWPPX 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 SWPPX?
That depends on your goals — we state facts, not advice. At 8.0% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that SWPPX doesn't?
SCHD holds 101 positions and SWPPX holds 503; 53 of SCHD's positions don't appear in SWPPX at all, and they are 4.8% of SCHD by weight.
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.