SCHD vs SPYV: Correlation & Overlap
Schwab US Dividend Equity ETF (SCHD) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a very strong relationship: their 3-year correlation of weekly returns is 0.87. Looking through to holdings, 16.5% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCHD and SPYV?
Over the past 3 years, SCHD and SPYV moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.69) runs below the 3-year figure (0.87). Over 5 years the correlation is 0.92, and the annualized covariance of weekly returns is 135.5 %².
By 3-year correlation, SPYV places #4 of the 108 assets tracked against SCHD. Over the last 12 months SCHD came out ahead by 11.1 percentage points (+29.6% against +18.5%). On a rolling one-year basis the correlation drifted between 0.71 and 0.96, a moderate band.
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 SPYV: side by side
| SCHD (Schwab US Dividend Equity ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +29.6% | +18.5% |
| 5-year return | +60.9% | +73.5% |
| Volatility (ann.) | 12.9% | 12.1% |
| Beta vs S&P 500 | 0.52 | 0.70 |
| Max drawdown (3Y) | -16.1% | -17.5% |
| Dividend yield | 3.13% | 1.69% |
| Expense ratio | 0.06% | 0.04% |
| Assets under management | $104.2B | $36.2B |
| Sector / category | ETF · Dividend | ETF · US Style |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between SCHD and SPYV
The two portfolios partially overlap. Weighing the shared positions, 16.5% of the two funds is identical, spread across 46 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in SCHD | Weight in SPYV |
|---|---|---|
| MRK | 4.92% | 1.25% |
| CVX | 3.89% | 1.23% |
| UNH | 3.92% | 1.20% |
| PG | 3.81% | 1.11% |
| HD | 3.94% | 1.10% |
| TXN | 3.13% | 0.78% |
| VZ | 3.97% | 0.69% |
| KO | 4.22% | 0.67% |
| ABT | 4.83% | 0.65% |
| PEP | 3.68% | 0.64% |
| QCOM | 2.41% | 0.57% |
| COP | 3.86% | 0.52% |
| BMY | 3.35% | 0.45% |
| MO | 2.80% | 0.38% |
| LMT | 2.79% | 0.38% |
Largest positions held only by SCHD: EWBC (0.43%), DINO (0.36%), FNF (0.29%), WSO (0.27%), AFG (0.24%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SCHD | SPYV |
|---|---|---|
| 2022 | -3.3% | -5.3% |
| 2023 | +4.5% | +22.2% |
| 2024 | +11.7% | +12.2% |
| 2025 | +4.3% | +13.2% |
| 2026 | +29.1% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCHD and SPYV good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between SCHD and SPYV?
The SCHD/SPYV correlation stands at 0.87 on a 3-year window (1 year: 0.69, 5 years: 0.92), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for SCHD?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
How much do SCHD and SPYV overlap?
The two funds share 46 holdings amounting to 16.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/schd-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/schd-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SCHD correlations · SPYV correlations
