Schwab U.S. Dividend Equity ETF(SCHD)
AI Look-Through Summary
AI GeneratedThe Schwab U.S. Dividend Equity ETF maintains a substantial asset base of $78.4 billion, underpinned by an expense ratio of 0.060%, which reflects its scale and operational efficiency within the equity landscape. The fund's sector allocation reveals a distinct tilt toward defensive and capital-intensive industries, with Energy commanding over one-fifth of the portfolio at 20.2% and Consumer Defensive stocks accounting for nearly 19%. This heavy weighting suggests an exposure to sectors historically associated with stable cash flows but potentially lower growth elasticity compared to broader market indices. Healthcare follows as a significant component at 16%, while Industrials and Technology represent smaller, yet notable, portions of the mix at under 10% each, indicating a deliberate avoidance of high-beta technology names in favor of established dividend payers.
Concentration risk is evident through the top ten holdings, which collectively dominate the fund's composition. Each of these positions holds between 4.0% and 4.8%, creating a scenario where individual stock performance carries outsized influence on overall returns. Notably, Energy stocks like Chevron and ConocoPhillips each represent over four percent, mirroring the sector's elevated weight, while major players in Healthcare, Consumer Defensive, and Industrials similarly anchor their respective categories. This structure implies that the fund's volatility profile may closely track macroeconomic factors affecting these specific industries rather than reflecting a purely diversified market exposure. The inclusion of technology giants like Texas Instruments alongside traditional utilities and consumer staples highlights an attempt to balance growth potential with income generation, though the sheer size of individual positions limits diversification benefits within those sectors.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 20:16:31.737874+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The Schwab U.S. Dividend Equity ETF maintains a strong alignment with its implied theme of high-quality dividend payers, as evidenced by the heavy weighting in sectors historically known for stable cash flows such as Energy and Consumer Defensive stocks. The top holdings include established leaders like Chevron, ExxonMobil, Coca-Cola, and PepsiCo, which are quintessential examples of companies prioritizing consistent shareholder returns over aggressive growth at all costs. While the inclusion of technology firms like Texas Instruments and Cisco introduces a slight deviation from pure utility-style dividends, these specific names represent profitable, mature segments within their industries rather than speculative tech plays, thereby preserving the fund's core focus on reliability and income generation without straying into unrelated thematic areas.
Sector coherence appears robust given that Energy and Consumer Defensive sectors collectively account for nearly 40% of the portfolio, providing a defensive anchor consistent with dividend strategies. However, significant concentration risk exists within individual holdings; the top ten positions represent over 42% of total assets, meaning the fund's performance is heavily dependent on a relatively small group of large-cap stocks rather than broad sector diversification. This reliance on mega-caps suggests the fund prioritizes stability and liquidity through established giants, which may limit exposure to smaller dividend growers that could offer higher yields but come with greater volatility. Ultimately, while the portfolio successfully mirrors a high-dividend mandate, its heavy lean toward specific industry leaders creates a distinct profile that differs from a truly diversified broad-market index by amplifying idiosyncratic risks associated with those dominant names.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 23:18:48.783184+00
🏢 Sector Analysis
AI GeneratedThe Schwab U.S. Dividend Equity ETF exhibits a distinct sector weighting that heavily favors defensive and value-oriented industries, with Energy and Consumer Defensive sectors comprising nearly 40% of the total portfolio combined. This allocation pattern suggests an investment thesis prioritizing cash flow stability and established business models over high-growth potential, as evidenced by the relatively modest exposure to Technology at just 9%. The fund's concentration within these specific areas is further amplified by a top-10 holdings concentration of 42.5%, indicating that a small group of large-cap stocks drives the majority of the portfolio's performance and risk profile.
Notably, the inclusion of major energy players like Chevron and ConocoPhillips alongside industrial giants such as Lockheed Martin creates a significant tilt toward traditional value factors rather than growth or momentum strategies. While Healthcare provides diversification with 16% allocation, its representation is limited to only four holdings compared to nine in Energy, highlighting an uneven distribution within the defensive umbrella. The minimal presence of Communication Services and Basic Materials reinforces a focus on mature industries known for consistent dividend payments, while the underweight position in Consumer Cyclical and Financial Services signals a deliberate avoidance of sectors often characterized by higher volatility or lower yield reliability.
This structural composition reveals that the fund is engineered to capture downside protection through income generation rather than capital appreciation from emerging trends. The heavy reliance on just nine holdings across Energy means that sector-specific downturns could disproportionately impact overall returns, underscoring a concentration risk inherent in this value-focused approach. By maintaining such a skewed distribution toward traditional dividend payers and limiting exposure to growth-intensive sectors like Technology, the fund effectively bets on economic resilience derived from established cash flows rather than speculative expansion.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 02:05:18.341559+00
💰 Smart Money Narrative
AI Generated[Smart Money] The divergent institutional flows surrounding Schwab U.S. Dividend Equity ETF highlight a complex repositioning strategy among major market participants, suggesting shifting tactical priorities rather than a unified directional bet on the security's long-term trajectory. A significant reduction in holdings by firms like Two Sigma, which nearly exited its position entirely, alongside substantial trimmings from Millennium and Citadel, indicates that certain quantitative or macro-focused strategies are de-risking exposure to this large-value instrument. These reductions may reflect a rotation away from high-dividend yield names as interest rate expectations evolve or as capital seeks different risk-adjusted return profiles in the current market environment.
Conversely, aggressive accumulation by firms such as RenTech and Point72 signals strong conviction among specific hedge funds that value income generation remains a critical component of their portfolios despite broader sector headwinds. The sheer magnitude of RenTech's increase suggests an active belief in the sustainability of dividend growth or a strategic allocation to defensive characteristics within large-cap value stocks. Meanwhile, Bridgewater's notable decrease could imply a reassessment of risk parameters for its All Weather approach, while DE Shaw's steady addition points toward continued interest from systematic managers who likely view SCHD as a core holding for portfolio stability. Together, these moves illustrate that smart money is actively rebalancing exposure to dividend equities, with some entities doubling down on income strategies while others scale back in favor of alternative opportunities or reduced leverage.
AI synthesis of institutional 13F flow patterns. Not investment advice. Updated: 2026-04-05 09:01:32.931845+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SCHD's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SCHD's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 97 | 99.8% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 95 | 99.6% |
| SCHXSCHX | $61B | — | 52 | 95.7% |
| SCHVSCHV | $15B | — | 52 | 95.7% |
| URTHiShares MSCI World ETF | $7B | — | 43 | 92.8% |
100% of SCHD's portfolio by weight is also held by SCHB. When SCHB receives inflows, it mechanically buys these shared stocks — dragging SCHD's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSCHD's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 90% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 93% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SCHD collectively pay out 73% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 92% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietarySCHD is up 26.1% over the last 12 months. The underlying weighted earnings growth of its constituents is +0.4%. The remaining +25.7% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 93% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SCHD's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SCHD's analyzed weight, 86% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 14% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 90% of fund weight with available data. Not investment advice.
Passive Crowding Score
HIGHHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SCHD has a Passive Crowding Score of 52/100. On average, 15.5% of the market capitalization of SCHD's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 37 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | LMT | Lockheed Martin Corp Industrials | 4.82% | 25.7x | 6/9 |
| 2 | COP | ConocoPhillips Energy | 4.32% | 19.3x | 6/9 |
| 3 | VZ | Verizon Communications Inc Communication Services | 4.31% | 11.7x | 5/9 |
| 4 | CVX | Chevron Corp Energy | 4.31% | 31.7x | 6/9 |
| 5 | BMY | Bristol-Myers Squibb Co Healthcare | 4.28% | 16.0x | 9/9 |
| 6 | MRK | Merck & Co Inc Healthcare | 4.24% | 33.4x | 4/9 |
| 7 | MO | Altria Group Inc Consumer Defensive | 4.14% | 14.5x | 6/9 |
| 8 | TXN | Texas Instruments Inc Technology | 4.06% | 52.3x | 7/9 |
| 9 | KO | Coca-Cola Co/The Consumer Defensive | 4.03% | 24.8x | 7/9 |
| 10 | PEP | PepsiCo Inc Consumer Defensive | 4.01% | 22.6x | 4/9 |
| 11 | AMGN | Amgen Inc Healthcare | 3.93% | 23.4x | 7/9 |
| 12 | HD | Home Depot Inc/The Consumer Cyclical | 3.72% | 22.5x | 4/9 |
| 13 | CSCO | Cisco Systems Inc Technology | 3.58% | 40.1x | 8/9 |
| 14 | ABBV | AbbVie Inc Healthcare | 3.53% | 106.2x | 7/9 |
| 15 | UPS | United Parcel Service Inc Industrials | 3.08% | 17.3x | 6/9 |
Historical Holdings Snapshots
Browse how SCHD’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
2026-05-23
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
2026-05-22
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
2026-05-21
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
2026-05-20
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
2026-05-19
15 holdings · 60.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | LMT | 4.82% | 6,286,794 | $4.1B |
| 2 | COP | 4.32% | 32,739,681 | $3.7B |
| 3 | VZ | 4.31% | 73,907,943 | $3.7B |
| 4 | CVX | 4.31% | 19,828,701 | $3.7B |
| 5 | BMY | 4.28% | 58,984,188 | $3.7B |
| 6 | MRK | 4.24% | 29,391,100 | $3.6B |
| 7 | MO | 4.14% | 51,460,942 | $3.6B |
| 8 | TXN | 4.06% | 16,461,313 | $3.5B |
| 9 | KO | 4.03% | 42,449,317 | $3.5B |
| 10 | PEP | 4.01% | 20,301,478 | $3.4B |
| 11 | AMGN | 3.93% | 8,701,903 | $3.4B |
| 12 | HD | 3.72% | 8,398,291 | $3.2B |
| 13 | CSCO | 3.58% | 38,660,269 | $3.1B |
| 14 | ABBV | 3.53% | 13,055,218 | $3.0B |
| 15 | UPS | 3.08% | 22,815,267 | $2.6B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove SCHD Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedSCHD is currently trading above its 50-day moving average but well below its longer-term 200-day moving average, suggesting a short-term uptrend amidst an overall neutral to slightly positive momentum as indicated by the RSI around neutrality.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Smart Money Flow
Institutional 13F filings from top hedge funds. Positions updated quarterly from SEC EDGAR.
| Fund | Quarter | Shares Δ | % Change | Action |
|---|---|---|---|---|
| Millennium | 2026-Q1 | -2,974,387 | -82.0% | Decreased |
| RenTech | 2026-Q1 | -1,810,741 | -100.0% | Exited |
| Citadel | 2026-Q1 | -397,900 | -22.4% | Decreased |
| Bridgewater | 2026-Q1 | -307,453 | -93.2% | Decreased |
| DE Shaw | 2026-Q1 | -36,151 | -3.4% | Decreased |
| Point72 | 2026-Q1 | -28,500 | -19.1% | Decreased |
| Two Sigma | 2026-Q1 | +2,300 | +9.2% | Increased |
| Two Sigma | 2025-Q4 | -2,530,620 | -99.0% | Decreased |
| RenTech | 2025-Q4 | +788,900 | +77.2% | Increased |
| Millennium | 2025-Q4 | -679,554 | -15.8% | Decreased |
| Citadel | 2025-Q4 | -457,800 | -20.5% | Decreased |
| Bridgewater | 2025-Q4 | -153,253 | -31.7% | Decreased |
| DE Shaw | 2025-Q4 | +104,802 | +10.9% | Increased |
| Point72 | 2025-Q4 | +98,500 | +195.4% | Increased |
Source: SEC 13F-HR filings. 13F data is delayed ~45 days after quarter end. Not investment advice.
Sector Drift Over Time
How SCHD’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($86.05B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Compare SCHD to Peers
Pre-computed overlap analysis. Click to see side-by-side comparison with holdings-level detail.
⚠ Based on top 43 holdings only. Actual overlap may differ.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.