FDL vs SCHD: Holdings Overlap
FDLFirst Trust Morningstar Dividend Leaders Index Fund
First Trust · 86 holdings · $7.8B · as of 2026-03-31
SCHDSchwab U.S. Dividend Equity ETF
Schwab · 99 holdings · $105.7B · as of 2026-05-31
Holdings snapshots are 61 days apart (FDL: 2026-03-31, SCHD: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FDL and SCHD?
First Trust Morningstar Dividend Leaders Index Fund (FDL, by First Trust) holds 86 positions; Schwab U.S. Dividend Equity ETF (SCHD, by Schwab) holds 99. They have 28 holdings in common, and by portfolio weight the two funds are 39.0% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 39.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 28FDL holds 86 · SCHD holds 99
- Weight in Shared Holdings
- FDL 55%·SCHD 41%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in FDL
58 of 86 positions (44.4% of the fund) are not held by SCHD. Showing the top 30 by weight.
Sector Breakdown
| Sector | FDL | SCHD |
|---|---|---|
| Energy | 28.9% | 14.6% |
| Consumer Staples | 14.1% | 18.4% |
| Health Care | 17.2% | 18.3% |
| Information Technology | 1.0% | 15.8% |
| Financials | 13.8% | 9.0% |
| Other Sectors | 24.9% | 23.6% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FDL | +3.6% | +19.1% | +27.6% | +18.9% | +14.1% | +11.1% | 3.56% |
| SCHD | +4.2% | +25.6% | +31.4% | +14.9% | +9.7% | +12.8% | 3.09% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in FDL vs SCHD →
Shared Holdings(28)
The top 10 shared positions account for 75% of the overlap, led by MRK, CVX and VZ.
 MRKMerck & Co., Inc COM | 5.51% | 3.86% | 3.86% |
|---|---|---|---|
 CVXChevron Corp. COM | 9.12% | 3.83% | 3.83% |
 VZVerizon Communications Inc. COM | 7.36% | 3.65% | 3.65% |
 PEPPepsico Inc COM | 4.76% | 3.44% | 3.44% |
 COPConocoPhillips COM | 2.97% | 3.51% | 2.97% |
 MOAltria Group, Inc. COM | 4.45% | 2.94% | 2.94% |
 BMYBristol-Myers Squibb Company COM | 3.26% | 2.93% | 2.93% |
 CMCSAComcast Corporation CL A | 2.82% | 2.25% | 2.25% |
 UPSUnited Parcel Service, Inc. CL B | 3.03% | 1.98% | 1.98% |
 EOGEOG Resources Inc. COM | 1.55% | 1.82% | 1.55% |
 FFord Motor Company COM | 1.42% | 1.72% | 1.42% |
 OKEOneok Inc. COM | 1.77% | 1.33% | 1.33% |
 TGTTarget Corp. COM | 1.33% | 1.45% | 1.33% |
 FITBFifth Third Bancorp COM | 0.91% | 1.13% | 0.91% |
 ADMArcher-Daniels-Midland Co. COM | 0.64% | 0.96% | 0.64% |
 TROWPrice T Rowe Group Inc. COM | 0.70% | 0.57% | 0.57% |
 RFRegions Financial Corporation COM | 0.57% | 0.61% | 0.57% |
 GISGeneral Mills, Inc. COM | 0.71% | 0.45% | 0.45% |
 PFGPrincipal Financial Group Inc. COM | 0.45% | 0.52% | 0.45% |
 BBYBest Buy Co Inc. COM | 0.46% | 0.38% | 0.38% |
 FNFFidelity National Financial, Inc. COM SHS | 0.32% | 0.30% | 0.30% |
 APAAPA Corp. COM | 0.30% | 0.33% | 0.30% |
 SWKSSkyworks Solutions, Inc. COM | 0.26% | 0.29% | 0.26% |
 COLBColumbia Banking System Inc. COM | 0.27% | 0.22% | 0.22% |
 MURMurphy Oil Corporation COM | 0.14% | 0.12% | 0.12% |
Frequently Asked Questions
How much do FDL and SCHD overlap?
FDL and SCHD overlap by 39.0% of portfolio weight. They share 28 holdings (FDL holds 86 positions and SCHD holds 99), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FDL and SCHD?
The two portfolios are 39.0% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of FDL and SCHD?
The largest positions held by both funds are MRK, CVX, VZ, PEP and COP. Together the top 10 shared positions account for 75% of the total overlap.
What does FDL own that SCHD doesn't?
58 positions (44.4% of FDL) are unique to FDL, led by XOM, PFE and USB. In the other direction, 71 positions (58.8% of SCHD) are unique to SCHD.