FDVV vs SCHD: Higher Yield vs the Dividend Benchmark
SCHD is the dividend ETF everyone compares against. FDVV is the Fidelity fund that quietly yields more and keeps more technology. Here is how they actually differ.
SCHD (Schwab US Dividend Equity) is the benchmark every dividend fund gets measured against: a 100-stock screen for dividend quality and financial health, at just 0.06%, with a strong record of dividend growth and total return. Its catch is that the screen leaves out almost all megacap technology, which is why it trails in years the Nasdaq runs and leads when value comes back. FDVV (Fidelity High Dividend) takes a different approach at 0.15%: it screens for higher current yield while keeping a quality filter, and crucially it retains meaningful technology exposure that SCHD excludes. The result is a higher headline yield, often above 4% versus SCHD's roughly 3.5%, and a portfolio that has been less defensive but better positioned in tech-led markets. Both pay almost entirely qualified dividends, so both are tax-efficient in a taxable account. The honest trade-off comes down to what you want from a dividend fund. If you want the most yield today plus some participation when technology leads, FDVV is the more interesting option and it is unfairly overlooked next to SCHD. If you want the cheapest fund with the longest track record and the strongest dividend-growth history, SCHD is the proven default, and its 0.06% fee is less than half of FDVV's. Neither is wrong; they are different points on the yield-versus-track-record line. Past performance does not guarantee future results.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 FDVV vs SCHD — Key Facts Side by Side
| Metric | FDVV | SCHD |
|---|---|---|
| Fund Name | Fidelity High Dividend ETF | Schwab U.S. Dividend Equity ETF |
| Issuer | Fidelity | Schwab |
| Tracks Index | Fidelity High Dividend | Dow Jones US Dividend 100 |
| Expense Ratio | 0.15% | 0.06% ✓ |
| Cost per $10K/yr | $15.00 | $6.00 |
| AUM | $10B | $91.1B |
| Holdings | 120 | 100 |
| Inception | 2016 | 2011 |
| 1-Year Return | +16.00% | +31.70% |
| 3-Year Return | +9.00% | +16.36% |
| 5-Year Return | +13.00% | +8.83% |
| Dividend Yield | — | 3.29% |
| Holdings Overlap | Moderate. Both hold US dividend payers, but FDVV keeps meaningful technology exposure while SCHD screens it out, so their top holdings diverge. — see full overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.00% |
Expense ratio, AUM, and returns updated May 25, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 FDVV vs SCHD — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Should You Buy FDVV or SCHD?
- You want regular dividend income from quality dividend payers
- You already use Fidelity and prefer staying within their fund family
- You want the lowest fees — saves ~$9/yr per $10K vs FDVV
- You want regular dividend income from quality dividend payers
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ FDVV vs SCHD — Frequently Asked Questions
New to ETF investing? See answers to the most common ETF questions →