SCHD vs USB: Correlation
Measured on weekly returns over the past three years, Schwab US Dividend Equity ETF (SCHD) and U.S. Bancorp (USB) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCHD and USB?
On 3 years of weekly data the SCHD/USB correlation comes out at 0.73, strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.73). The 5-year figure is 0.71, and annualized covariance runs at 256.0 %².
By 3-year correlation, USB places #15 of the 108 assets tracked against SCHD. Neither side won the trailing year by much: +29.6% against +33.1%. The rolling one-year correlation moved between 0.54 and 0.84 over the past three years, a moderate range. One caveat on sizing: USB is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 USB: side by side
| SCHD (Schwab US Dividend Equity ETF) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +29.6% | +33.1% |
| 5-year return | +60.9% | +36.0% |
| Volatility (ann.) | 12.9% | 27.3% |
| Beta vs S&P 500 | 0.52 | 1.09 |
| Max drawdown (3Y) | -16.1% | -30.6% |
| Market cap | – | $97.2B |
| P/E (trailing) | – | 12.5 |
| Dividend yield | 3.13% | 3.31% |
| Expense ratio | 0.06% | – |
| Assets under management | $104.2B | – |
| Sector / category | ETF · Dividend | Financials |
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.
Year-by-year returns
| Year | SCHD | USB |
|---|---|---|
| 2022 | -3.3% | -19.1% |
| 2023 | +4.5% | +4.8% |
| 2024 | +11.7% | +15.6% |
| 2025 | +4.3% | +16.5% |
| 2026 | +29.1% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCHD and USB good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SCHD and USB?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.47 over the last year and 0.71 over 5 years.
Is USB a good diversifier for SCHD?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/schd-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/schd-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SCHD correlations · USB correlations
