Guardfolio Research · ETF Overlap
SCHD vs SPY Overlap: 0.0% of Weight in Shared Holdings
SCHD (Schwab US Dividend Equity) and SPY (SPDR S&P 500) share none of their top-10 holdings. With 59.0% sector overlap, this is one of the more complementary pairs — holding both adds real breadth instead of doubling down on the same names.
Overlap Summary
Bottom line
SCHD and SPY share no top-10 holdings (59.0% sector overlap). They are complementary exposures — a dividend fund paired with an S&P 500 fund — and combining them genuinely broadens a portfolio rather than concentrating it..
The Data
Exactly which stocks SCHD and SPY share
The table below shows every holding that appears in both funds' top 10, with each fund's weight and the shared (minimum) weight that counts toward overlap.
Weights are approximate, based on the most recent quarterly holdings. The 0.0% figure is the sum of the lesser of each fund's weight per shared holding (the conservative top-10 method).
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Sector Picture
SCHD vs SPY: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (59.0% combined sector overlap).
| Sector | SCHD | SPY |
|---|---|---|
| Healthcare | 15.9% | 9.3% |
| Financial Services | 9.2% | 12.2% |
| Industrials | 11.7% | 8.6% |
| Consumer Discretionary | 8.5% | 10.4% |
| Technology | 8.5% | 33.1% |
| Consumer Staples | 19.4% | 5.5% |
The Verdict
Should you hold both SCHD and SPY?
SCHD and SPY share no top-10 holdings (59.0% sector overlap). They are complementary exposures — a dividend fund paired with an S&P 500 fund — and combining them genuinely broadens a portfolio rather than concentrating it.
FAQ
SCHD vs SPY overlap: common questions
How much do SCHD and SPY overlap?
SCHD (Schwab US Dividend Equity) and SPY (SPDR S&P 500) overlap by approximately 0.0% of weight based on their top-10 holdings, with 59.0% sector overlap. They share 0 top-10 holdings: no top-10 holdings.
What stocks do SCHD and SPY both hold?
SCHD and SPY share none of their top-10 holdings, which is why their overlap is effectively 0% at the top of each fund.
Is it worth holding both SCHD and SPY?
SCHD and SPY share no top-10 holdings (59.0% sector overlap). They are complementary exposures — a dividend fund paired with an S&P 500 fund — and combining them genuinely broadens a portfolio rather than concentrating it.
What is the difference between SCHD and SPY?
SCHD is a dividend fund (US Dividend, 0.06% expense ratio) and SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio). SCHD's top 10 is 43.5% of the fund; SPY's is 38.4%.
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