SCHD’s Year-by-Year Returns, From the Filings

SCHD has returned around 13.75% a year since it launched on 20 October 2011, according to Schwab, with dividends reinvested. That headline figure hides a very uneven record: years of 30% gains, three losing years and a long stretch, from 2023 to 2025, when it trailed the S&P 500 by a wide margin.

This guide sets out SCHD’s total return for every calendar year since launch. Unlike most performance tables online, the figures come from Schwab’s own SEC filings wherever a filing exists, with the S&P 500 figures taken from Vanguard’s filings for its S&P 500 fund, so each number can be traced to an official document.

FRC’s How to Invest in SCHD course is built from those same SEC filings and S&P Dow Jones Indices’ index rules, and examines SCHD’s performance through every market since 2011, including its worst declines and how long recovery took. The course page has a short video you can watch to decide whether the course is right for you.

This guide is part of FRC’s complete guide to SCHD, which starts with what SCHD is and how it works. It covers every year, the best and worst periods, how SCHD compared with the S&P 500 and what the record can and cannot tell you.

SCHD’s Returns Every Year

The table shows SCHD’s total return, with dividends reinvested, for each calendar year, alongside the S&P 500’s total return and the difference between them.

How These Figures Were Compiled

SCHD’s figures for 2013 and 2016 to 2024 are the one-year returns printed in Schwab’s summary prospectuses filed with the SEC, based on the fund’s net asset value, and the 2025 figure is from Schwab’s own fact sheet, which also confirms every year from 2016. Schwab does not print a single figure for 2012, 2014 or 2015 in any filing that could be located, so those three years are calculated from the five-year and ten-year returns Schwab did print, and are accurate to within about 0.1 of a percentage point.

The 2011 figure covers only the ten weeks from launch to 31 December 2011 and is calculated in the same way from Schwab’s since-inception returns, so it is approximate. The 2026 figure is a year-to-date market return to 6 November; on Schwab’s own figures, SCHD’s net asset value return for 2026 was 21.46% by the end of September.

The S&P 500 figures for 2012 to 2025 are the index returns printed in the annual reports and prospectuses of Vanguard’s S&P 500 fund, VOO, and they match the S&P 500 figures in SCHD’s own recent prospectuses. The 2026 comparison uses SPY, an ETF that tracks the S&P 500, because a full index figure for 2026 is not yet published.

SCHD’s Best and Worst Years

SCHD’s best calendar year was 2013, when it returned 32.90%, narrowly ahead of the S&P 500’s 32.39%. Its next-best years were 2021, at 29.78%, and 2019, at 27.28%.

Its worst calendar year was 2018, when it fell 5.46%, slightly more than the S&P 500’s 4.38% fall. It also lost money in 2022, falling 3.23%, and finished 2015 almost exactly flat, at about −0.2%.

That makes three losing years out of the 14 full years from 2012 to 2025, against two for the S&P 500 over the same period. None of SCHD’s losing years has been as deep as the S&P 500’s 18.11% fall in 2022.

What Every SCHD Investor Needs to Know

Most investors judge SCHD by its last year or two of returns, and buy or sell on that basis. Anyone can tell you SCHD’s dividend yield, but do you understand how its index selects companies, why holdings are removed and what drives its dividend payments?

We’ve gone beyond internet opinions and recycled investment summaries. How to Invest in SCHD is a 21-chapter course built from Schwab’s SEC filings, historical holdings data and S&P Dow Jones Indices’ published methodology, covering SCHD’s holdings history, every reconstitution, its performance and dividends and the mistakes investors make, with study guides, practice questions and an assessment in each chapter. FRC’s three progressive ETF programmes take your knowledge further, from ETF Investing for Beginners, which explains how to read an ETF’s performance figures, through ETF Investing Strategies, to Advanced ETF Investing.

FRC’s programmes and memberships are open to everyone, whether you are investing $500 or $500,000, and you can get started for less than the cost of a few shares. The question isn’t whether financial education costs money. It’s what a lack of it could cost you.

How to Read SCHD’s Returns

Every figure here is a total return, meaning it includes the dividends SCHD paid, assuming they were reinvested. SCHD’s price alone rose less, because around 3% a year of its return has typically come from dividends.

The figures are after SCHD’s fees, which have been 0.06% a year since March 2019, and before any tax an investor pays. They are based on net asset value, the value of the fund’s holdings per share, which can differ very slightly from the price investors paid on the stock exchange.

The figures are also unaffected by SCHD’s 3-for-1 share split in October 2024. A split changes the number of shares and the price per share, but not the value of an investment, and FRC’s guide to SCHD’s stock split explains why.

Why Other Websites Show Slightly Different Figures

Many websites and AI summaries quote SCHD returns that differ slightly from these, such as −5.56% for 2018 or +16.44% for 2016. Those are market-price returns, based on SCHD’s closing price on the stock exchange, while the figures in this guide are net asset value returns, the standard measure used in Schwab’s filings.

The two are usually within a few tenths of a point of each other. Schwab’s fact sheet shows both: in 2025, for example, SCHD’s net asset value return was 4.45% and its market-price return was 4.33%, and in 2021 the figures were 29.78% and 29.87%.

Larger differences usually come from different start and end dates. A ten-year return measured to 30 September 2026 was 12.44% a year, while one measured to 31 October 2026 was 13.70% a year, because October 2026 was a strong month and the ten-year window shifted.

Some summaries also confuse calendar-year returns with peak-to-trough falls. The S&P 500’s total return for 2022 was −18.11%, but its fall from its high to its low during that year was larger, which is why some sources quote bigger losses for the same year.

The Early Years: 2011 to 2015

SCHD launched on 20 October 2011 with an expense ratio of 0.17%, cut to 0.07% in September 2012. Its first report to the SEC showed a return of 10.46% from launch to 29 February 2012, slightly behind its index’s 10.58%.

In 2012, its first full year, SCHD returned about 11.4%, trailing the S&P 500’s 16.00%. It then had its best year yet in 2013, returning 32.90% as U.S. stocks rallied strongly, with its best quarter of that period, a gain of 12.93%, coming in the first three months of 2013.

The next two years were quieter. SCHD returned about 11.7% in 2014 and finished 2015 roughly flat, with its worst quarter of those early years, a fall of 5.28%, coming between July and September 2015.

2016 to 2019: Steady Gains, One Setback

2016 was one of SCHD’s strongest years against the market. It returned 16.25%, more than four percentage points ahead of the S&P 500’s 11.96%, as higher-yielding stocks performed well.

In 2017, SCHD returned 20.88%, close to the S&P 500’s 21.83%. 2018 was its worst calendar year, a fall of 5.46%, with a drop of 10.59% in the final quarter alone as markets sold off sharply in December.

SCHD recovered strongly in 2019, returning 27.28%, although the S&P 500 did better still at 31.49%. By the end of 2019, it had produced a positive return in six of its eight full calendar years, with 2015 roughly flat and 2018 the only clear loss.

2020: The Crash and the Recovery

2020 brought SCHD’s sharpest fall. In the first quarter of the year it lost 21.55%, its worst quarter since launch, slightly more than the 19.63% fall in Vanguard’s S&P 500 fund, VOO, over the same three months.

The recovery was just as fast. SCHD gained 17.11% in the final quarter of 2020, its best quarter since launch, and finished the year up 15.11%, against 18.40% for the S&P 500, while its dividend rose around 17.6% over the year. FRC’s guide to how SCHD did in the 2020 crash covers that year month by month.

Do you know how SCHD performed during its worst market declines, how long recovery took and what happened to its dividends? How to Invest in SCHD examines the historical evidence and compares SCHD with other popular ETFs.

2021 and 2022: When Dividend Stocks Led

2021 was one of SCHD’s best years, with a return of 29.78%, ahead of the S&P 500’s 28.71%. Schwab’s fund page lists its best three-month return as 18.01%, from the end of January to the end of April 2021.

2022 showed what SCHD can do in a falling market. As interest rates rose and technology stocks fell, the S&P 500 lost 18.11%, while SCHD lost only 3.23%, a difference of almost 15 percentage points.

That year changed the long-term comparison. Based on the yearly figures in the table, $10,000 invested at the start of 2012 had grown to around $40,300 in SCHD by the end of 2022, slightly more than the roughly $37,900 it would have become in the S&P 500.

2023 to 2025: Three Years Behind

The next three years went the other way. In 2023, SCHD returned 4.58% against 26.29% for the S&P 500, a gap of almost 22 percentage points, the widest of any year in its history.

It trailed again in 2024, returning 11.60% against 25.02%, and in 2025, returning 4.45% against 17.88%. In each year, a small group of large technology companies drove most of the S&P 500’s gains, and SCHD’s yield rules keep almost all of them out of the fund.

Over those three years combined, SCHD gained about 22%, while the S&P 500 gained about 86%. FRC’s guide to why SCHD underperformed the S&P 500 explains the gap in detail.

2026: The Rebound

2026 has reversed the pattern so far. By 6 November, SCHD’s total return for the year was about 31.4%, against about 8.7% for SPY, according to market data, and it closed at a record high of $36.21 on 4 November.

The year also brought one of SCHD’s largest reshuffles, with 25 companies added and 23 removed at the March reconstitution, shifting the fund away from energy and towards health care and technology. FRC’s guide to SCHD’s 2026 reconstitution sets out every change.

The year is not over, and a strong ten months says nothing certain about the next ten. What it does show is how quickly SCHD’s position against the market can change.

SCHD vs the S&P 500 Over the Whole Period

From the start of 2012 to the end of 2025, SCHD returned about 12.0% a year, compared with about 15.0% for the S&P 500. Based on the yearly figures, $10,000 grew to around $49,200 in SCHD and around $70,500 in the S&P 500, with dividends reinvested and before tax.

SCHD beat the S&P 500 in only four of those 14 years: 2013, 2016, 2021 and 2022. In most other years it trailed by a few percentage points, and in 2023 to 2025 by a wide margin.

The comparison depends heavily on the end date. At the end of 2022, SCHD was slightly ahead over the whole period; three years later it was well behind, and 2026 has narrowed the gap again. FRC’s guide to SCHD vs VOO compares the two funds in full.

SCHD’s Annualised Returns

Schwab publishes SCHD’s average annual returns over standard periods. As of 31 October 2026, its net asset value return was 38.54% over one year, 20.72% a year over three years, 10.62% a year over five years, 13.70% a year over ten years and 13.75% a year since launch.

Those figures compare with 13.79% a year over ten years for its index, the Dow Jones U.S. Dividend 100 Index, and 11.81% a year for the average large value fund tracked by Morningstar. Based on Schwab’s since-inception figure, $10,000 invested at launch would have grown to around $69,300 by 31 October 2026, with dividends reinvested and before tax.

Annualised returns smooth out the path. An average of 13.75% a year since launch includes years of more than 30% and years of losses, and an investor who bought at a different time would have had a very different experience.

Over shorter periods, the picture changes. At 13.70% a year, $10,000 invested ten years before 31 October 2026 would have grown to around $36,100, while the five-year return of 10.62% a year reflects SCHD’s weaker stretch from 2023 to 2025.

How Closely SCHD Tracks Its Index

SCHD is an index fund, so its return should be close to its index’s, minus its fees. In every year from 2013 to 2024 for which Schwab printed both figures, SCHD trailed the Dow Jones U.S. Dividend 100 Index by between 0.06 and 0.16 of a percentage point.

That gap is roughly what its expense ratio and trading costs would suggest. Over ten years to 31 October 2026, SCHD returned 13.70% a year against 13.79% for its index, a difference of 0.09 of a point a year.

Close tracking means SCHD’s performance is almost entirely a result of its index rules and the companies they select. Investors who want to understand the returns therefore need to understand the index.

How SCHD Ranks Against Similar Funds

Morningstar places SCHD in its large value category and ranks it against other funds there. On Schwab’s fact sheet for 30 September 2026, SCHD ranked 143rd of 842 large value funds over ten years, earning four stars, but 786th of 1,055 over three years and 782nd of 994 over five years, earning two stars for each.

Its overall Morningstar rating at that date was three stars. Over the latest single year to 30 September 2026, it ranked 121st of 1,117 funds in the category.

The same fact sheet put SCHD’s three-year standard deviation, a measure of how much its returns move around, at 13.75%, with a Sharpe ratio of 0.78. Those rankings show the same pattern as the yearly table: strong over the long run, weaker over the years that included 2023 to 2025.

Best and Worst Quarters and Peak-to-Trough Falls

Schwab’s filings list SCHD’s best and worst quarters. The best was the fourth quarter of 2020, with a gain of 17.11%, and the worst was the first quarter of 2020, with a loss of 21.55%.

Other notable quarters in the filings include a 12.93% gain in the first quarter of 2013, a 10.59% fall in the last quarter of 2018 and a 5.28% fall in the third quarter of 2015. In 2022, SCHD was down 15.72% for the year by the end of September, before recovering to finish the year down 3.23%.

Calendar figures hide deeper falls within each year. From its high on 23 January 2020 to its low on 23 March 2020, SCHD’s price fell by about 33%, according to market data, and including dividends it took until early September 2020 to regain its previous peak.

Planning to live off dividend income? Don’t build your strategy around a dividend yield alone. How to Invest in SCHD examines dividend history, reinvestment, portfolio construction, taxation and income strategies.

SCHD’s Dividends Year by Year

Part of SCHD’s return each year comes from its dividends. The table shows the total paid per share in each calendar year, adjusted for the 2024 share split so that every year is on today’s share basis.

SCHD’s total dividend rose in every calendar year from 2012 to 2025, and the 2025 total was almost four times the 2012 total. Its first three payments of 2026, of $0.2569, $0.2525 and $0.2665, were around 0.8% higher in total than the same three payments in 2025.

The dividend kept rising even in SCHD’s losing years. In 2018 and 2022, when the fund’s total return was negative, its dividend still rose by 7.0% and 13.9%. FRC’s guide to SCHD’s dividend growth looks at that record in detail.

SCHD’s Returns After Tax

All the figures above are before tax. Schwab also publishes after-tax returns using the highest federal tax rates, and as of 30 September 2026, SCHD’s ten-year return was 12.44% a year before tax, 11.49% a year after tax on distributions and 10.07% a year after tax on distributions and the sale of the shares.

The real tax cost depends on each investor’s income and account. In an IRA or Roth IRA, dividends are not taxed each year, while in a taxable account most of SCHD’s dividends are qualified and taxed at the lower long-term capital gains rates.

SCHD has also paid no capital gains distributions in recent years. Every distribution from December 2016 to September 2026 was paid entirely from income, according to Schwab. FRC’s guide to how SCHD dividends are taxed explains the rules.

What SCHD’s Performance History Can and Cannot Tell You

The record shows how SCHD has behaved in different markets. It has tended to fall less than the S&P 500 in sharp declines such as 2022, to trail in markets led by large technology companies, and to keep raising its dividend through good years and bad.

It cannot tell you what will happen next. SCHD’s companies change every year at its March reconstitution, so the fund that produced the 2013 return held a very different set of companies from the fund investors own today.

It also cannot tell you what you personally would have earned. Returns depend on when you bought, whether you reinvested dividends, what you paid in tax and whether you held on through the bad years.

A poor investment decision could cost you thousands. How to Invest in SCHD examines the mistakes investors make with dividend ETFs, including chasing yield, overlooking taxation and selling during downturns.

Common Mistakes When Reading SCHD’s Performance

Comparing price charts instead of total returns. SCHD’s price chart leaves out its dividends, which have made up a large part of its return, so it understates the fund’s performance against funds that pay little.

Judging the fund on one period. SCHD looked ahead of the S&P 500 at the end of 2022 and far behind it at the end of 2025, and both conclusions were based on accurate figures.

Mixing up price data before and after the October 2024 split. Any chart or table that is not split-adjusted will show a false two-thirds fall in October 2024.

Selling after a bad run. Investors who gave up on SCHD at the end of 2025 missed a 2026 in which it returned around 31% by early November. FRC’s guide to SCHD mistakes to avoid covers this and other common errors.

Common Questions

What is SCHD’s average annual return? Schwab reports a return of 13.75% a year from launch on 20 October 2011 to 31 October 2026, and 13.70% a year over the ten years to 31 October 2026, with dividends reinvested.

What was SCHD’s best year? 2013, when it returned 32.90%, according to Schwab’s SEC filings.

What was SCHD’s worst year? 2018, when it fell 5.46%. Its worst quarter was the first quarter of 2020, when it fell 21.55%.

How many years has SCHD lost money? Three of its 14 full calendar years from 2012 to 2025: 2015, by about 0.2%, 2018, by 5.46%, and 2022, by 3.23%.

Has SCHD beaten the S&P 500? In four of the 14 years from 2012 to 2025: 2013, 2016, 2021 and 2022. Over the whole period, it returned about 12.0% a year against about 15.0% for the S&P 500, and in 2026 it was well ahead by early November.

What did SCHD return in 2025? 4.45%, based on its net asset value, according to Schwab’s fact sheet, against 17.88% for the S&P 500.

How did SCHD do in 2022? It fell 3.23%, while the S&P 500 fell 18.11%, one of the biggest years of outperformance in its history.

What would $10,000 in SCHD be worth? Based on Schwab’s since-inception return, $10,000 invested at launch in October 2011 would have been worth around $69,300 by 31 October 2026, with dividends reinvested and before tax.

How much would $10,000 invested in SCHD ten years ago be worth? Based on Schwab’s ten-year return of 13.70% a year to 31 October 2026, around $36,100, with dividends reinvested and before tax.

What is SCHD’s five-year return? Schwab reports 10.62% a year over the five years to 31 October 2026, and 9.48% a year over the five years to 30 September 2026, with dividends reinvested.

What is SCHD’s return without dividends? Lower than the figures in this guide by roughly the fund’s dividend yield, which has typically been around 3% to 4% a year, because the figures here assume every dividend was reinvested.

Why do websites show different SCHD returns? Most use market-price returns or different start and end dates, while this guide uses the net asset value returns in Schwab’s filings, and the two usually differ by only a few tenths of a point for any calendar year.

What is SCHD’s Morningstar rating? Three stars overall as of 30 September 2026, with four stars over ten years and two stars over three and five years, in Morningstar’s large value category.

Does SCHD’s performance include dividends? The figures in this guide do. They are total returns, which assume all dividends were reinvested.

Did the 2024 stock split affect SCHD’s returns? No. The 3-for-1 split changed the number of shares and the price per share, but not the value of any investment or the fund’s returns.

How closely does SCHD track its index? Very closely. In each year from 2013 to 2024 for which Schwab printed both figures, SCHD trailed its index by between 0.06 and 0.16 of a percentage point.

Has SCHD’s dividend ever fallen for a full year? No. Its total dividend rose in every calendar year from 2012 to 2025, although individual quarterly payments have sometimes been lower than a year earlier.

Is SCHD’s past performance a guide to the future? No. Its holdings change every year, and its results have swung sharply between periods, so past returns cannot predict future ones.

Your Portfolio Deserves an Educated Investor

SCHD’s record since 2011 includes a 32.90% year, a 21.55% quarterly fall, three years far behind the S&P 500 and a dividend that rose every single year. Each of those results came from the same index rules applied to a changing set of companies.

Before buying another few shares of SCHD, consider investing in understanding the fund itself. How to Invest in SCHD examines its selection methodology, historical performance, dividend taxation and investment strategies, while FRC’s three progressive ETF programmes take you from how ETFs work to managing risk across everything you own. FRC’s programmes and memberships are open to everyone, whether you are investing $500 or $500,000.

Your money is already working in the market. Now make sure your knowledge is working just as hard.