SCHD vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, Schwab US Dividend Equity ETF (SCHD) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.36, a moderate link. By holdings, the two funds overlap 0.9% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCHD and SPYG?
Across a 3-year window, the weekly returns of SCHD and SPYG correlate at 0.36, moderate. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.36). Stretching to 5 years gives 0.58, with an annualized covariance of 88.3 %².
By 3-year correlation, SPYG places #94 of the 108 assets tracked against SCHD. The trailing year gives SCHD the advantage: +29.6% versus +22.4%, a 7.2-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.02 to 0.79.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SCHD vs SPYG: side by side
| SCHD (Schwab US Dividend Equity ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +29.6% | +22.4% |
| 5-year return | +60.9% | +85.9% |
| Volatility (ann.) | 12.9% | 18.9% |
| Beta vs S&P 500 | 0.52 | 1.25 |
| Max drawdown (3Y) | -16.1% | -22.1% |
| Dividend yield | 3.13% | 0.49% |
| Expense ratio | 0.06% | 0.04% |
| Assets under management | $104.2B | $52.2B |
| Sector / category | ETF · Dividend | ETF · US Style |
SCHD is a Large Value fund from Schwab ETFs: $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between SCHD and SPYG
The two portfolios are largely distinct: 0.9% of the funds' weight sits in the same underlying holdings (3 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by SCHD: MRK (4.92%), ABT (4.83%), VZ (3.97%), HD (3.94%), UNH (3.92%). Only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 3 common positions shown.
Year-by-year returns
| Year | SCHD | SPYG |
|---|---|---|
| 2022 | -3.3% | -29.4% |
| 2023 | +4.5% | +30.0% |
| 2024 | +11.7% | +36.0% |
| 2025 | +4.3% | +22.1% |
| 2026 | +29.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCHD and SPYG good diversifiers for each other?
Reasonably. At 0.36, SCHD and SPYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SCHD and SPYG?
The SCHD/SPYG correlation stands at 0.36 on a 3-year window (1 year: -0.05, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for SCHD?
Reasonably. At 0.36, SCHD and SPYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do SCHD and SPYG overlap?
The two funds share 3 holdings amounting to 0.9% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/schd-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/schd-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SCHD correlations · SPYG correlations
