The short version
- SCHD's Form N-PORT for the period ending 2026-05-31 (filed 2026-07-24) lists 99 stocks plus a money-market line (0.04%) and one index future (0.005%). Net assets $95.0 billion; 95% US, the rest Irish- and Curaçao-domiciled US names (Accenture, SLB).
- Qualcomm 6.74%, Texas Instruments 5.90%, UnitedHealth 5.09%, Coca-Cola 3.96%, Merck 3.86%. The top ten are 43.6%, the top 25 are 80.5%, and the bottom 49 stocks together are under 3%. Weighted by size, SCHD behaves like 32.0 equally weighted holdings — more concentrated than VOO (51.6) despite marketing itself as a 100-stock fund.
- The insight the holdings list hides: 92.2% of SCHD's money is in companies VOO also holds. But VOO holds them at a fraction of the weight — UnitedHealth is 5.1% of SCHD and 0.6% of VOO, Home Depot 3.4% against 0.5%. So the measured overlap is only 7.5%, and the pair held together behaves like 71.8 holdings, more than either alone. SCHD is not a different universe from the S&P 500; it is a re-weighting of it, and that is exactly why it diversifies a VOO holder.
- Since 2019 the fund has drifted more concentrated: it behaved like 38.5 holdings in late 2020 and 32.0 now, with the top ten rising from 39.5% to 43.6%.
- This is a description of a filing on a date. It is not a view on whether dividend funds are a good idea.
All 99 stocks
Source: Form N-PORT, period 2026-05-31, filed 2026-07-24. Weights as filed, % of net assets; cumulative is the running total. The full table with CUSIPs is in the position file.
| # | Holding | Weight | Cum. | # | Holding | Weight | Cum. |
|---|---|---|---|---|---|---|---|
| 1 | Qualcomm | 6.74% | 6.7% | 26 | ONEOK | 1.33% | 81.8% |
| 2 | Texas Instruments | 5.90% | 12.6% | 27 | Devon Energy | 1.29% | 83.1% |
| 3 | UnitedHealth Group | 5.09% | 17.7% | 28 | Fastenal | 1.28% | 84.4% |
| 4 | Coca-Cola | 3.96% | 21.7% | 29 | Fifth Third Bancorp | 1.13% | 85.5% |
| 5 | Merck | 3.86% | 25.5% | 30 | Archer-Daniels-Midland | 0.96% | 86.5% |
| 6 | Chevron | 3.83% | 29.4% | 31 | Kimberly-Clark | 0.81% | 87.3% |
| 7 | Verizon | 3.65% | 33.0% | 32 | Paychex | 0.79% | 88.1% |
| 8 | Procter & Gamble | 3.55% | 36.6% | 33 | Hershey | 0.72% | 88.8% |
| 9 | ConocoPhillips | 3.51% | 40.1% | 34 | Ares Management | 0.67% | 89.5% |
| 10 | Amgen | 3.47% | 43.6% | 35 | Cincinnati Financial | 0.62% | 90.1% |
| 11 | PepsiCo | 3.44% | 47.0% | 36 | Regions Financial | 0.61% | 90.7% |
| 12 | Home Depot | 3.36% | 50.4% | 37 | Darden Restaurants | 0.59% | 91.3% |
| 13 | Abbott Laboratories | 2.96% | 53.3% | 38 | T. Rowe Price | 0.57% | 91.9% |
| 14 | Altria | 2.94% | 56.3% | 39 | Principal Financial | 0.52% | 92.4% |
| 15 | Bristol-Myers Squibb | 2.93% | 59.2% | 40 | Snap-on | 0.48% | 92.9% |
| 16 | Accenture | 2.90% | 62.1% | 41 | General Mills | 0.45% | 93.3% |
| 17 | Lockheed Martin | 2.70% | 64.8% | 42 | Broadridge | 0.45% | 93.8% |
| 18 | Automatic Data Processing | 2.25% | 67.0% | 43 | East West Bancorp | 0.42% | 94.2% |
| 19 | Comcast | 2.25% | 69.3% | 44 | Best Buy | 0.38% | 94.6% |
| 20 | Blackstone | 2.20% | 71.5% | 45 | APA | 0.33% | 94.9% |
| 21 | SLB | 2.05% | 73.5% | 46 | Watsco | 0.32% | 95.2% |
| 22 | United Parcel Service | 1.98% | 75.5% | 47 | Fidelity National Financial | 0.30% | 95.5% |
| 23 | EOG Resources | 1.82% | 77.3% | 48 | Skyworks Solutions | 0.29% | 95.8% |
| 24 | Ford Motor | 1.72% | 79.1% | 49 | HF Sinclair | 0.28% | 96.1% |
| 25 | Target | 1.45% | 80.5% | 50 | Booz Allen Hamilton | 0.24% | 96.4% |
The remaining 49 positions, from American Financial Group (0.23%) down to Ethan Allen (0.01%), add up to 3.6% of the fund; most are regional banks and small industrials that the index methodology admits at minimal weight.
Why 99 behaves like 32
Effective holdings is one divided by the sum of squared weights — the number of equal-sized positions that would give the same concentration. SCHD's index caps each stock at 4% at rebalance, but prices move between rebalances (Qualcomm sits at 6.7% in this filing), and the top 25 carry 80% of the money. The arithmetic lands on 32.0.
| Fund | Holdings | Behaves like | Top ten |
|---|---|---|---|
| SCHD | 102 (99 stocks) | 32.0 | 43.6% |
| VOO (S&P 500) | 512 | 51.6 | 36.4% |
| VIG (dividend growth) | 339 | 59.7 | 32.5% |
| NOBL (dividend aristocrats, equal weight) | 73 | 68.5 | 16.6% |
| VYM (high dividend yield) | 616 | 71.5 | 25.6% |
| DGRO (dividend growth) | 398 | 80.0 | 26.5% |
| JEPI (covered call) | 128 | 94.3 | 16.0% |
Among the 698 equity funds measured on this site the median is 43.5; SCHD is at 0.73 times that. It is the most concentrated of the large dividend funds by a wide margin — NOBL, with 73 stocks, behaves like more than twice as many holdings as SCHD with 99, because NOBL weights them equally.
What SCHD adds to VOO — the arithmetic
This is the question behind most searches for SCHD's holdings, and the holdings list alone answers it badly. Two facts from the filings, matched on CUSIP:
- 92.2% of SCHD's money is in companies VOO already holds. Only 7.8% of SCHD — 54 positions — is in stocks outside the S&P 500.
- The overlap by weight is 7.5%. Overlap counts, for each shared company, the lesser of the two weights. VOO holds UnitedHealth at 0.59%, SCHD at 5.10%; the shared part is 0.59%. Repeat for 45 shared names and the total is 7.5 cents of every dollar.
Both are true at once, and together they say what SCHD is: the same companies, at five to ten times the weight. A VOO holder who adds SCHD is not buying new companies; they are tilting the S&P 500 hard toward 25 dividend payers and away from the technology names that VOO's own top ten are made of (Qualcomm and Texas Instruments are the only large technology positions SCHD shares with QQQ, at 4.8% overlap).
The consequence is measurable. Held together in equal size, VOO + SCHD behaves like 71.8 holdings — more than VOO's 51.6 or SCHD's 32.0 alone — because the two funds' large weights fall on different companies. Compare the pairs that do not work that way:
| Pair | Overlap | Held together behaves like | vs the better fund alone |
|---|---|---|---|
| SCHD + VOO | 7.5% | 71.8 | +20.2 |
| SCHD + VYM | 20.9% | 67.9 | −3.6 |
| SCHD + DGRO | 20.1% | 69.4 | −10.6 |
| SCHD + VIG | 13.8% | 68.4 | +8.7 |
| SCHD + JEPI | 8.0% | 85.3 | −9.0 |
Adding SCHD to VYM or DGRO — the natural-seeming "more dividend funds" move — makes the combination less diversified than the second fund alone, because the same 30 dividend payers are bought twice. Adding it to VOO does the opposite. That is not a recommendation; it is what the weights do.
How SCHD has changed since 2019
| As of | Holdings | Behaves like | Top ten |
|---|---|---|---|
| 2019-11-30 | 101 | 35.6 | 42.5% |
| 2020-11-30 | 103 | 38.5 | 39.5% |
| 2022-11-30 | 102 | 36.2 | 41.1% |
| 2024-11-30 | 102 | 35.7 | 40.7% |
| 2026-05-31 | 102 | 32.0 | 43.6% |
Twenty-seven quarterly filings, a holding count that never moves from about a hundred, and an effective count that has slipped from 38.5 to 32.0 as the top ten took a larger share. The fact sheet's number has been constant for seven years; the number that describes the portfolio has not.
What this can and cannot tell you
- As of 2026-05-31. SCHD's index reconstitutes annually in March and rebalances quarterly; the ranking at the top changes with prices daily.
- Concentration is about weights, not about risk, yield or sector. A 32-holding tilt toward Qualcomm, Texas Instruments and Chevron carries different risks from a 32-holding tilt toward anything else; this measure cannot see that.
- Overlap is computed on each fund's own investments at its own filing date (VOO 2026-06-30, SCHD 2026-05-31); one month of price drift sits between them.
- Nothing here is a view on dividend investing or on whether to hold SCHD.
Data: SCHD on this site · SCHD vs VOO · SCHD vs VYM · concentration.json (CC BY 4.0) · the filing linked above.