Wealthy PotNOBL vs SCHD: 25 Years of Dividend Raises vs a Quality-and-Yield Screen
NOBL and SCHD overlap by only 14.6%, by our calculation from the two funds' SEC holdings filings on the same date. Both are dividend funds, but they pick stocks by different rules. NOBL buys S&P 500 companies that have raised their dividend every year for at least 25 years and gives each the same weight. SCHD buys 100 companies with at least ten years of dividend payments, ranked on yield, dividend growth and financial strength, weighted by size. SCHD costs less (0.06% against 0.35%), yields more, and has returned more over every standard period to 30 June 2026.
Table of Contents
The Short Answer
- Overlap: 14.6%. 13 stocks in common, including Coca-Cola, Procter & Gamble, Chevron, PepsiCo and ADP. Our calculation from Form N-PORT filings for 31 May 2026 for both funds.
- Fees: NOBL 0.35%, SCHD 0.06%. $35 against $6 a year on $10,000. The prospectus ten-year cost examples are $443 and $77.
- Yield: SCHD higher. SCHD's 30-day SEC yield was 3.37% on 1 October 2026. NOBL's was 2.09% on 31 August 2026.
- Returns to 30 June 2026 at NAV: SCHD ahead at every horizon. One year 24.08% vs 14.05%; three years 13.52% vs 8.36%; five years 8.51% vs 6.61%; ten years 12.37% vs 9.85%.
- Weighting is the big structural difference. NOBL holds about 70 stocks at roughly equal weights (no position above 1.8% in May 2026). SCHD's ten largest holdings were 41.62% of the fund on 2 October 2026.
- 2022: NOBL -6.50%, SCHD -3.23%.
How Much NOBL and SCHD Overlap
Both funds' latest holdings reports in our Portfolio Overlap Checker are for the same date, 31 May 2026, so this is a like-for-like comparison.
| Overlap measure | Result |
|---|---|
| Stocks held by both funds | 13 |
| Share of NOBL's weight in stocks SCHD also owns | 18.9% |
| Share of SCHD's weight in stocks NOBL also owns | 25.8% |
| Overlap (sum of the smaller weight in each shared stock) | 14.6% |
| Shared holdings (selected) | Weight in NOBL | Weight in SCHD |
|---|---|---|
| Coca-Cola | 1.55% | 3.96% |
| Chevron | 1.44% | 3.83% |
| Procter & Gamble | 1.48% | 3.55% |
| PepsiCo | 1.36% | 3.44% |
| Abbott Laboratories | 1.35% | 2.96% |
| ADP | 1.60% | 2.25% |
| Target | 1.41% | 1.45% |
| Fastenal | 1.42% | 1.28% |
| Archer-Daniels-Midland | 1.67% | 0.96% |
| Kimberly-Clark | 1.48% | 0.81% |
Notice the pattern in the weights. Every shared stock is between about 1.2% and 1.7% of NOBL, because NOBL equal-weights. In SCHD the same names range from 0.14% (Erie Indemnity) to 3.96% (Coca-Cola), because SCHD weights by company size.
- In NOBL but not SCHD (57 stocks, 81% of NOBL): Nucor 1.76%, West Pharmaceutical 1.72%, IBM 1.71%, Franklin Resources 1.67%, Colgate-Palmolive 1.61%, Caterpillar 1.60%, Hormel 1.60%, J.M. Smucker 1.58%, the REITs Essex Property Trust and Federal Realty (1.58% each), General Dynamics 1.56% and AbbVie 1.56%.
- In SCHD but not NOBL (86 stocks, 74% of SCHD): Qualcomm 6.74%, Texas Instruments 5.90%, UnitedHealth 5.09%, Merck 3.86%, Verizon 3.65%, ConocoPhillips 3.51%, Amgen 3.47% and Home Depot 3.36%.
These are close to two different portfolios. Holding both gives you about 155 different dividend stocks.
NOBL vs SCHD Side by Side
| NOBL | SCHD | |
|---|---|---|
| Full name | ProShares S&P 500 Dividend Aristocrats ETF | Schwab U.S. Dividend Equity ETF |
| Index | S&P 500 Dividend Aristocrats Index | Dow Jones U.S. Dividend 100 Index |
| Expense ratio | 0.35% | 0.06% |
| Prospectus cost of $10,000 over 10 years | $443 | $77 |
| Dividend rule | Raised dividend every year for 25+ years | Paid dividends for 10+ consecutive years |
| Weighting | Equal weight, reset quarterly | Size-weighted, 4% cap per stock |
| Holdings | 71 (31 Aug 2026); index of 69 (30 Jun 2026) | 102 lines (2 Oct 2026); index of 100 |
| Top 10 weight | 16.5% (31 May 2026) | 43.6% (31 May 2026) |
| 30-day SEC yield | 2.09% (31 Aug 2026) | 3.37% (1 Oct 2026) |
| REITs | Eligible (real estate 3.90% on 2 Oct 2026) | Excluded by index rule |
| Portfolio turnover | 20%, latest fiscal year (prospectus) | 30%, fiscal year to Aug 2025 (prospectus) |
| Distributions | Quarterly | Quarterly |
| Net assets | About $11.0 billion (ProShares page, read 5 Oct 2026) | $108.67 billion (2 Oct 2026) |
Two Different Dividend Rules
NOBL follows the S&P 500 Dividend Aristocrats Index. ProShares' prospectus dated 28 September 2026 says the index "is designed to measure the performance of companies in the S&P 500 Index that have consistently increased dividends each year for at least 25 years." It holds at least 40 such companies, and "these companies are equally weighted in the Index, and no single sector is allowed to comprise more than 30% of the Index weight." If too few companies qualify, the index adds companies with shorter growth records. Membership is reviewed each January, and weights are reset to equal each quarter in January, April, July and October.
SCHD follows the Dow Jones U.S. Dividend 100 Index. Schwab's prospectus requires "at least 10 consecutive years of dividend payments," a float-adjusted market value of at least $500 million and minimum liquidity. Stocks are then ranked on "cash flow to total debt, return on equity, dividend yield and 5-year dividend growth rate." The top 100 are weighted by modified market capitalization, with no stock above 4.0% and no sector above 25% at each rebalance. REITs, master limited partnerships, preferred stocks and convertibles are excluded.
In short: NOBL rewards a long record of dividend increases and ignores yield. SCHD requires only ten years of payments, not increases, but actively ranks on yield and balance-sheet strength. That is why NOBL's yield is lower and its list includes companies like Nucor, IBM and West Pharmaceutical that SCHD's screen does not pick.
Where the Portfolios Differ
| Sector | NOBL (2 Oct 2026) | SCHD (30 Jun 2026) |
|---|---|---|
| Consumer Staples | 22.54% | 20.38% |
| Industrials | 22.08% | 11.55% |
| Financials | 12.93% | 10.05% |
| Materials | 11.51% | none listed |
| Health Care | 10.90% | 20.72% |
| Utilities | 5.29% | 0.11% |
| Consumer Discretionary | 4.23% | 7.74% |
| Real Estate | 3.90% | none (REITs excluded) |
| Information Technology | 3.20% | 9.23% |
| Energy | 1.61% | 14.07% |
| Communication Services | none listed | 6.15% |
NOBL leans on industrials and materials, the sectors with the most long-running dividend raisers. SCHD leans on health care and energy, and holds more technology through Texas Instruments and Qualcomm. ProShares' prospectus notes that on 31 May 2026 NOBL's index had "a significant portion of its value" in consumer staples and industrials.
The weighting difference changes how each fund behaves. With equal weights, NOBL's smallest Aristocrats count as much as Coca-Cola, and no single stock dominates. SCHD's ten largest holdings were 41.62% of the fund on 2 October 2026, led by Texas Instruments at 4.90%.
Returns and Fees
Both issuers publish quarter-end returns to 30 June 2026, so this table is date-matched.
| Average annual return at NAV, to 30 June 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| NOBL | 14.05% | 8.36% | 6.61% | 9.85% |
| SCHD | 24.08% | 13.52% | 8.51% | 12.37% |
| NOBL minus SCHD | -10.03 | -5.16 | -1.90 | -2.52 |
Month-end figures to 31 August 2026 point the same way: NOBL 12.93%, 9.34%, 6.38% and 9.98% over one, three, five and ten years; SCHD 29.45%, 16.18%, 10.01% and 13.17%.
Calendar years are less one-sided. From the two prospectus bar charts, NOBL beat SCHD in 2017 (21.24% vs 20.88%), 2018 (-3.18% vs -5.46%), 2019 (27.45% vs 27.28%) and 2023 (8.06% vs 4.58%). SCHD won 2016, 2020, 2021, 2022 and 2024. Compounding 2016 through 2024, $10,000 grew to about $24,427 in NOBL and $28,530 in SCHD. Over ten years to 30 June 2026, $10,000 at NOBL's 9.85% a year grows to about $25,586, against $32,100 at SCHD's 12.37%.
The fee explains part of the gap. NOBL trailed its own index by about 0.4 points a year over each period to 30 June 2026 (our arithmetic from ProShares' figures), close to its 0.35% fee. SCHD charges 0.06%.
Dollar figures are hypothetical arithmetic by Wealthy Pot on a single $10,000 lump sum at published NAV returns, with no contributions, costs or taxes. They are backward-looking, not a forecast. This is educational information, not personalized investment advice.
Which One Fits You
SCHD fits most investors choosing one dividend fund. It is about a sixth of the cost, yields more, and has the stronger record over every standard period to mid-2026.
NOBL fits if the 25-year raise rule is what you want. Some investors value a list built only from companies that kept raising dividends through several recessions, held at equal weights so no single company dominates. NOBL also gives you sectors SCHD skips, such as materials and REITs. You pay 0.35% a year for that.
Holding both overlaps only 14.6%, so it is real diversification within dividend stocks. Check the combination with anything else you hold in the overlap checker.
In a taxable account, SCHD's higher yield means more taxable income each year: about $3,370 per $100,000 at its 1 October SEC yield, against about $2,090 for NOBL at its 31 August yield (our arithmetic, yields on different dates). If your goal is dividend growth rather than income, a cheaper dividend-growth fund is another option; see VIG vs SCHD.
Sources & Methodology
- NOBL summary prospectus (Form 497K) dated 28 September 2026: 0.35% fee, cost example, 20% turnover, index rules, calendar-year returns and best and worst quarters.
- ProShares NOBL page, read 5 October 2026: SEC yield, holdings, net assets, sector weights and returns to 30 June and 31 August 2026.
- Schwab Strategic Trust Form 485BPOS filed 22 December 2025: SCHD's 0.06% fee, cost example, 30% turnover, index rules and calendar-year returns.
- Schwab SCHD page, read 5 October 2026: SEC yield, holdings, net assets, sectors, top ten and returns.
- Form N-PORT filings for NOBL and SCHD, both for 31 May 2026: the overlap and top-10 weights.
Limits. The two sector tables are three months apart. The SEC yields are a month apart. We describe the Aristocrats index rules from ProShares' prospectus and did not open S&P Dow Jones Indices' methodology document. SCHD's 2025 calendar return is not yet in a Schwab filing, so the calendar comparison stops at 2024.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, index returns cannot be invested in directly, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026.
FAQ: NOBL vs SCHD
Is NOBL or SCHD better?
On the numbers to 30 June 2026, SCHD: cheaper (0.06% vs 0.35%), higher yield, and higher returns over one, three, five and ten years. NOBL offers a stricter dividend-growth rule and equal weighting.
How much do NOBL and SCHD overlap?
14.6% by the sum of the smaller weight in each shared stock, with 13 stocks in common. Our calculation from both funds' N-PORT filings for 31 May 2026.
What is a Dividend Aristocrat?
For NOBL's index, an S&P 500 company that has increased its dividend every year for at least 25 years. The index holds at least 40 of them at equal weights.
Does SCHD require dividend growth?
Not as an entry rule. SCHD requires at least ten consecutive years of dividend payments, then uses five-year dividend growth as one of four ranking factors.
Which pays a higher dividend, NOBL or SCHD?
SCHD. Its 30-day SEC yield was 3.37% on 1 October 2026; NOBL's was 2.09% on 31 August 2026.
Should I hold both NOBL and SCHD?
You can; with 14.6% overlap they are largely different stocks. Weigh that against NOBL's higher fee.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"NOBL vs SCHD: 25 Years of Dividend Raises vs a Quality-and-Yield Screen." Wealthy Pot, 2026. https://wealthypot.com/nobl-vs-schd/
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