OriginaveSPY vs SCHD: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
SPY
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
VOOVanguard S&P 500 ETFtracks the S&P 500 Index
IVViShares Core S&P 500 ETFtracks the S&P 500 Index- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
QQQInvesco QQQ Trusttracks the Nasdaq-100 Index- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SCHD
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
- VOOVanguard S&P 500 ETFtracks the S&P 500 Index
- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
- SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index
- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPY tracks the S&P 500 IndexSCHD tracks the Dow Jones U.S. Dividend 100 Index
What did the last 10 years do to $10,000?
You invest $10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
SPY vs SCHD, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | SPY | SCHD | Winner |
|---|---|---|---|
| 2026 (so far) | +12.71% | +21.51% | SCHD |
| 2025 | +17.72% | +4.34% | SPY |
| 2024 | +24.89% | +11.66% | SPY |
| 2023 | +26.18% | +4.54% | SPY |
| 2022 | -18.18% | -3.26% | SCHD |
| 2021 | +28.73% | +29.88% | SCHD |
| 2020 | +18.33% | +15.03% | SPY |
| 2019 | +31.22% | +27.29% | SPY |
| 2018 | -4.57% | -5.56% | SPY |
| 2017 | +21.71% | +20.85% | SPY |
| 2016 | +12.00% | +16.45% | SCHD |
| 2015 | +1.23% | -0.30% | SPY |
| 2014 | +13.46% | +11.68% | SPY |
| 2013 | +32.31% | +32.88% | SCHD |
| 2012 | +15.99% | +11.39% | SPY |
| 2011 | +1.89% | +5.31% | SCHD |
| 2010 | +15.06% | — | — |
| 2009 | +26.35% | — | — |
| 2008 | -36.80% | — | — |
| 2007 | +5.15% | — | — |
| 2006 | +15.85% | — | — |
| 2005 | +4.83% | — | — |
| 2004 | +10.70% | — | — |
| 2003 | +28.18% | — | — |
| 2002 | -21.58% | — | — |
| 2001 | -11.76% | — | — |
| 2000 | -9.74% | — | — |
| 1999 | +20.39% | — | — |
| 1998 | +28.69% | — | — |
| 1997 | +33.48% | — | — |
| 1996 | +22.50% | — | — |
| 1995 | +38.05% | — | — |
| 1994 | +0.40% | — | — |
| 1993 | +8.71% | — | — |
SPY vs SCHD in plain words
SPY tracks the S&P 500 Index while SCHD follows the Dow Jones U.S. Dividend 100 Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and SCHD charges 0.06% — SCHD is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 16 calendar years both funds were trading, SPY finished the year ahead 10 times and SCHD 6 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $29,781 in SCHD by the end of 2025, dividends reinvested.
Fund facts: SPY vs SCHD
| Fact | SPY | SCHD |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Schwab U.S. Dividend Equity ETF |
| Tracks | S&P 500 Index | Dow Jones U.S. Dividend 100 Index |
| Yearly cost (TER) | 0.0945% | 0.06% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 22 Jan 1993 | 20 Oct 2011 |
| $10,000 invested | What $10,000 in SPY became | What $10,000 in SCHD became |
How bumpy the ride was: SPY vs SCHD
These head-to-head figures use only the 3,761 trading days both funds were listed: 20 Oct 2011 to 6 Oct 2026, roughly 14.9 years.
SPY swung more than SCHD: annualised volatility of 16.7% for SPY against 15.3% for SCHD, with SPY moving 1% or more on 23.0% of trading days and SCHD on 19.9%. SPY's worst day was -10.94% on 16 Mar 2020; SCHD's was -9.95% on 12 Mar 2020.
Both funds suffered a drawdown of about the same depth: SPY fell -33.72% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 10 Aug 2020, 4 months after the low; SCHD fell -33.37% from its peak on 23 Jan 2020 to a low on 23 Mar 2020, then closed back above the old peak on 2 Sept 2020, 5 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.88, and they closed in opposite directions on 17.2% of the 3,760 days measured. The widest single-day gap came on 9 Apr 2025, when SPY moved +10.50% and SCHD +6.37%.
| Measure | SPY | SCHD |
|---|---|---|
| Annualised volatility | 16.7% | 15.3% |
| Worst day | -10.94% on 16 Mar 2020 | -9.95% on 12 Mar 2020 |
| Best day | +10.50% on 9 Apr 2025 | +8.79% on 13 Mar 2020 |
| Days moving 1% or more | 23.0% of days | 19.9% of days |
| Deepest drawdown | -33.72% | -33.37% |
| Peak to trough | 19 Feb 2020 → 23 Mar 2020 | 23 Jan 2020 → 23 Mar 2020 |
| Back above the old peak | 10 Aug 2020 · 4 months | 2 Sept 2020 · 5 months |
Years SPY and SCHD parted ways
In 4 of the 15 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2023: SPY returned +26.18% and SCHD +4.54%, a gap of 21.6 points. They rose together in 12 years, fell together in 2 years and went opposite ways in 1 year.
| Year | SPY | SCHD | Gap (SPY − SCHD) |
|---|---|---|---|
| 2025 | +17.72% | +4.34% | +13.4 pts |
| 2024 | +24.89% | +11.66% | +13.2 pts |
| 2023 | +26.18% | +4.54% | +21.6 pts |
| 2022 | -18.18% | -3.26% | -14.9 pts |
How often SPY beat SCHD over any 12 months
Across the 168 rolling 12-month windows since October 2011, measured month-end to month-end, SPY finished ahead in 64.3% of them (108) and SCHD in 35.7% (60).
$200 a month into each, 2012–2025
Putting $200 into each fund at the start of every month from January 2012 to December 2025 (168 payments, $33,600 in total) would have grown to $101,532 in SPY and $76,130 in SCHD, leaving SPY $25,402 ahead.
| Outcome | SPY | SCHD |
|---|---|---|
| Paid in | $33,600 | $33,600 |
| Value at the end of 2025 | $101,532 | $76,130 |
| Gain on the money paid in | +$67,932 | +$42,530 |
| Gain in % | +202.18% | +126.58% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is SPY or SCHD better?
Across the 16 calendar years both funds were trading, SPY finished the year ahead 10 times and SCHD 6 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $29,781 in SCHD by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between SPY and SCHD?
SPY tracks the S&P 500 Index while SCHD follows the Dow Jones U.S. Dividend 100 Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and SCHD charges 0.06% — SCHD is the cheaper fund to hold. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, SPY or SCHD?
SPY swung more than SCHD: annualised volatility of 16.7% for SPY against 15.3% for SCHD, with SPY moving 1% or more on 23.0% of trading days and SCHD on 19.9%. SPY's worst day was -10.94% on 16 Mar 2020; SCHD's was -9.95% on 12 Mar 2020.
Which had the deeper drawdown, SPY or SCHD?
Both funds suffered a drawdown of about the same depth: SPY fell -33.72% from its peak on 19 Feb 2020 to a low on 23 Mar 2020, then closed back above the old peak on 10 Aug 2020, 4 months after the low; SCHD fell -33.37% from its peak on 23 Jan 2020 to a low on 23 Mar 2020, then closed back above the old peak on 2 Sept 2020, 5 months after the low.
How often did SPY beat SCHD over a 12-month period?
Across the 168 rolling 12-month windows since October 2011, measured month-end to month-end, SPY finished ahead in 64.3% of them (108) and SCHD in 35.7% (60).
What would $10,000 in SPY have become?
$10,000 invested in SPY at the start of 2016 grew to $39,466 by the end of 2025, with dividends reinvested — an average of 14.7% per year.
Source: Yahoo Finance daily adjusted closes for the US primary listings, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.