Explore how sector focus, risk profiles, and portfolio makeup set these two leading dividend ETFs apart for investors.
Schwab U.S. Dividend Equity ETF (SCHD) stands out for its much lower fees and higher yield, while ProShares - S&P 500 Dividend Aristocrats ETF (NOBL) features a more concentrated sector mix and slightly better five-year growth.
Both SCHD and NOBL target U.S. companies with a history of consistent dividends, but their approaches and portfolios differ. This match-up examines how these two popular dividend ETFs compare on cost, performance, risk, and what’s actually inside each fund.
Snapshot (cost & size)
| Metric | NOBL | SCHD |
|---|---|---|
| Issuer | ProShares | Schwab |
| Expense ratio | 0.35% | 0.06% |
| 1-yr return (as of Dec. 16, 2025) | 3.05% | (2.0%) |
| Dividend yield | 2.0% | 3.8% |
| Beta | 0.77 | 0.68 |
| AUM | $11.3 billion | $71.15 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
SCHD charges an expense ratio of 0.06% per year versus 0.35% for NOBL, and SCHD has a higher dividend yield of 3.8% compared to NOBL's 2.0% as of Dec. 16, 2025.
Performance & risk comparison
| Metric | NOBL | SCHD |
|---|---|---|
| Max drawdown (5 y) | (17.92%) | (16.86%) |
| Growth of $1,000 over 5 years | $1,311 | $1,285 |
What's inside
SCHD tracks a broader slice of the U.S. dividend-paying universe, holding 102 stocks and emphasizing energy (20%), consumer defensive (18%), and healthcare (16%) as of its most recent data. Its top positions include Merck & Co (NYSE:MRK), Cisco Systems (NASDAQ:CSCO), and Amgen (NASDAQ:AMGN). The fund has a 14.2-year history and no notable quirks or nonstandard features.
NOBL’s portfolio leans toward industrials (23%), consumer defensive (22%), and financial services (13%). Notable top holdings are Albemarle (NYSE:ALB), Expeditors Intl Wash (NYSE:EXPD), and Cardinal Health (NYSE:CAH). NOBL includes 70 stocks, resulting in a somewhat more concentrated sector mix than SCHD.
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What this means for investors
SCHD and NOBL both target dividend paying U.S. companies, but they reflect different definitions of reliability. SCHD is built around dividend yield and financial quality, which pulls the portfolio toward companies generating strong cash flow today. Its broader eligibility allows it to hold firms outside the S&P 500, shaping sector exposure and income levels. Its costs remain low, which keeps more cash in investors’ pockets.
NOBL takes a narrower path in comparison. Its requirement of 25 consecutive years of dividend increases limits the portfolio to seasoned S&P 500 companies. Equal weighting raises exposure to industrial and defensive names and reduces the influence of mega caps. Yield is lower, but the portfolio reflects a long record of dividend discipline rather than current payout size.
For investors, the decision comes down to whether they want higher income today or a fund built around long dividend growth rules. SCHD suits those seeking higher cash distributions with minimal friction. NOBL suits those who value strict dividend growth rules and are comfortable with a smaller, more concentrated portfolio. Choosing between them is less about chasing yield or growth and more about aligning a dividend strategy with how companies are selected and weighted.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Expense ratio: Annual fee, expressed as a percentage of assets, that investors pay to cover a fund’s operating costs.
Dividend yield: The annual dividend income expressed as a percentage of the investment’s current price.
Dividend Aristocrats: S&P 500 companies that have increased their dividends for at least 25 consecutive years.
Beta: A measure of an investment’s volatility compared to the overall market, typically the S&P 500.
AUM (Assets Under Management): The total market value of assets that a fund manages on behalf of investors.
Max drawdown: The largest percentage drop from a fund’s peak value to its lowest point over a specific period.
Sector: A group of companies in the same industry or market segment, such as healthcare or energy.
Consumer defensive: Companies producing goods and services considered essential, like food, beverages, and household products.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
