Schwab U.S. REIT ETF(SCHH)
AI Look-Through Summary
AI GeneratedThe Schwab U.S. REIT ETF maintains a highly concentrated exposure within the real estate sector, which accounts for approximately 74.4% of its total assets under management. This singular focus is reinforced by a top-heavy holding structure where the largest positions are distributed among just three names: Welltower, Prologis, and Equinix. Collectively, these three constituents represent nearly one-fifth of the entire fund's portfolio, creating significant weight in specific sub-sectors such as healthcare facilities, industrial logistics, and data centers. The remaining top holdings further diversify this concentration across retail, office, life sciences, and residential properties, yet no single entity beyond the initial trio commands a similarly dominant share.
Geographically, while the provided data does not explicitly detail country breakdowns or regional splits within the United States, the composition of the top ten holdings suggests a tilt toward major metropolitan hubs where these specific property types thrive. The presence of prominent industrial and logistics firms alongside healthcare developers indicates that the fund's performance will be closely tied to economic activity in dense urban centers rather than rural markets. With an asset base exceeding nine billion dollars, the ETF possesses substantial liquidity while maintaining a profile defined by its deep immersion in U.S.-based real estate investment trusts. The sheer volume of capital allocated to just ten top positions underscores that this vehicle is designed for investors seeking maximum exposure to the domestic REIT market rather than broad diversification across asset classes or global geographies.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 02:34:34.793174+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the Schwab U.S. REIT ETF name is a high degree of alignment with its actual portfolio composition, as nearly every top holding represents a publicly traded real estate investment trust operating within diverse sub-sectors such as office, retail, and industrial properties. The concentration of assets strictly within the Real Estate sector at 74.4% demonstrates that the fund maintains a singular focus on this asset class without significant drift into unrelated industries like technology or healthcare services. While the top ten holdings account for over half the portfolio value, these positions are all established leaders in specific real estate niches rather than broad-market mega-cap stocks used merely to stabilize returns, ensuring the thematic integrity remains intact despite potential volatility from large individual weights.
The sector breakdown exhibits strong coherence with the stated objective of providing exposure to U.S. residential and commercial property markets through REITs. The fund appears genuinely differentiated from a broad market index due to its heavy weighting in income-generating real estate assets, which typically display return drivers distinct from general equity indices driven by consumer spending or corporate earnings growth across all sectors. With 29 holdings distributed within the Real Estate sector and no significant exposure to non-property businesses, the portfolio structure supports the thesis of a specialized vehicle for property market participation rather than a diversified total stock market proxy. This structural consistency suggests the fund effectively executes its mandate while managing concentration risk through a wide array of specific real estate sub-industries.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 22:29:13.145396+00
🏢 Sector Analysis
AI GeneratedThe Schwab U.S. REIT ETF exhibits an overwhelming concentration within the real estate sector, with holdings comprising 74.4% of the total portfolio across just twenty-nine positions. This near-total dedication to a single industry underscores a pure-play investment thesis aimed at capturing broad-based returns from the property market without dilution from other asset classes or economic drivers. The fund's structure suggests an intent to provide direct exposure to real estate cyclicality, making it highly sensitive to interest rate fluctuations, inflation trends, and commercial occupancy rates that typically influence this specific sector more acutely than diversified equity funds.
Concentration risk is further amplified by the top ten holdings accounting for over half of the portfolio value, with five individual stocks alone representing nearly 30% of assets under management. The dominance of Welltower, Prologis, Equinix, Simon Property Group, and American Tower indicates a strategic tilt toward large-cap REITs specializing in healthcare facilities, industrial logistics, data centers, retail properties, and telecommunications infrastructure respectively. This specific composition reveals an implicit bias toward companies with significant revenue visibility from non-discretionary spending or essential services, potentially offering relative stability during economic downturns compared to more cyclical real estate sub-sectors. However, the lack of diversification beyond these five primary drivers means that adverse performance in any single segment could disproportionately impact overall portfolio volatility and returns.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 04:55:01.445156+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SCHH's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SCHH's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 116 | 99.9% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 113 | 99.8% |
| IYRiShares U.S. Real Estate ETF | $4B | — | 52 | 88.6% |
| IWDiShares Russell 1000 Value ETF | $70B | — | 55 | 84.3% |
| SCHXSCHX | $61B | — | 42 | 84.0% |
100% of SCHH's portfolio by weight is also held by ITOT, which commands 9× more assets under management. When ITOT receives inflows, it mechanically buys these shared stocks — dragging SCHH's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSCHH'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 74% 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 74% 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 SCHH collectively pay out 79% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 44% 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
ProprietarySCHH is up 11.4% over the last 12 months. The underlying weighted earnings growth of its constituents is +36.2%. Despite earnings growth, valuations have contracted by 24.8% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 73% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SCHH's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SCHH's analyzed weight, 8% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 92% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 74% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDSCHH's top holding WELL at 9.5% is above the 8% elevated-concentration threshold. The effective number of stocks is 28 vs. the actual count of 50.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². 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.
SCHH has a Passive Crowding Score of 54/100. On average, 16.2% of the market capitalization of SCHH'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 30 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 | WELL | Welltower Inc Real Estate | 9.49% | 99.2x | 7/9 |
| 2 | PLD | Prologis Inc Real Estate | 9.08% | 36.1x | 4/9 |
| 3 | EQIX | Equinix Inc Real Estate | 5.53% | 74.1x | 5/9 |
| 4 | SPG | Simon Property Group Inc Real Estate | 4.65% | 14.2x | 4/9 |
| 5 | AMT | American Tower Corp Real Estate | 4.53% | 30.1x | 6/9 |
| 6 | O | Realty Income Corp Real Estate | 4.38% | 50.2x | 5/9 |
| 7 | DLR | Digital Realty Trust Inc Real Estate | 4.07% | 50.5x | 6/9 |
| 8 | PSA | Public Storage Real Estate | 3.45% | 31.3x | 4/9 |
| 9 | VTR | Ventas Inc Real Estate | 2.88% | 153.5x | 6/9 |
| 10 | CCI | Crown Castle Inc Real Estate | 2.77% | 38.6x | 5/9 |
| 11 | VICI | VICI Properties Inc Real Estate | 2.29% | 9.7x | 6/9 |
| 12 | EXR | Extra Space Storage Inc Real Estate | 2.28% | 32.5x | 7/9 |
| 13 | IRM | Iron Mountain Inc Real Estate | 2.28% | 139.4x | 4/9 |
| 14 | AVB | AvalonBay Communities Inc Real Estate | 1.78% | 22.6x | 4/9 |
| 15 | EQR | Equity Residential Real Estate | 1.56% | 26.2x | 6/9 |
Historical Holdings Snapshots
Browse how SCHH’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
2026-05-23
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
2026-05-22
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
2026-05-21
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
2026-05-20
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
2026-05-19
15 holdings · 61.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | WELL | 9.49% | 4,460,311 | $923.8M |
| 2 | PLD | 9.08% | 6,201,534 | $884.2M |
| 3 | EQIX | 5.53% | 553,116 | $538.9M |
| 4 | SPG | 4.65% | 2,223,152 | $453.2M |
| 5 | AMT | 4.53% | 2,300,377 | $441.4M |
| 6 | O | 4.38% | 6,363,791 | $426.4M |
| 7 | DLR | 4.07% | 2,233,719 | $395.8M |
| 8 | PSA | 3.45% | 1,092,448 | $335.4M |
| 9 | VTR | 2.88% | 3,249,548 | $280.0M |
| 10 | CCI | 2.77% | 3,012,583 | $269.7M |
| 11 | VICI | 2.29% | 7,393,901 | $223.4M |
| 12 | EXR | 2.28% | 1,468,302 | $221.8M |
| 13 | IRM | 2.28% | 2,044,844 | $221.5M |
| 14 | AVB | 1.78% | 978,349 | $173.4M |
| 15 | EQR | 1.56% | 2,395,193 | $151.4M |
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 SCHH Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedSCHH's current price is above both its 50-day and 200-day moving averages, indicating an overall upward trend in the short to medium term. The RSI at 44.8 suggests that near-term momentum may be neutral to slightly bearish as it hovers below the midpoint of 50 but remains within a range consistent with neither overbought nor oversold conditions.
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
Sector Drift Over Time
How SCHH’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 ($9.75B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
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.