Wealthy PotSCHB vs SCHX: 93% the Same Fund, and the Extra 1,650 Stocks Are 6.5% of SCHB
SCHB and SCHX are two layers of the same Schwab index family. SCHX holds the 750 largest US companies. SCHB holds those same 750 plus about 1,650 smaller ones. In the two funds' 31 May 2026 SEC holdings filings, every one of SCHX's 747 holdings was also in SCHB, and the overlap was 93.4%. The extra companies in SCHB were 6.5% of the fund. Both charge 0.03%. Over the ten years to 31 August 2026 SCHX returned 15.22% a year at NAV and SCHB 14.81%, because large companies beat smaller ones over that decade. Pick one. Owning both adds almost nothing.
Table of Contents
The Short Answer
- Overlap: 93.4%. 99.8% of SCHX's money sat in stocks SCHB also held; the rest was cash. 93.4% of SCHB's money sat in SCHX stocks. Our calculation from both funds' Form N-PORT filings for 31 May 2026.
- Fees: a tie at 0.03%. Both prospectuses print the same cost example: $3 after one year and $39 after ten on $10,000.
- Holdings: 2,397 vs 756 on Schwab's fund pages as of 1 October 2026.
- What SCHB adds: 1,654 smaller companies worth 6.5% of the fund. The largest of them, Sandisk, was 0.34% of SCHB.
- Ten-year return to 31 August 2026: SCHX 15.22% a year, SCHB 14.81% at NAV. Over the latest single year SCHB was ahead, 20.14% against 19.74%.
- Yield: 1.02% vs 1.01% (30-day SEC yield, 1 October 2026). Turnover, spread and launch date are also near-identical.
- Do not hold both. SCHB already contains SCHX. A mix of the two is just SCHB with slightly less in small companies.
How Much of SCHB Is Already SCHX
Schwab's prospectuses describe two nested indexes. SCHX's index "includes the components ranked 1-750 by full market capitalization." SCHB's index "includes the largest 2,500 publicly traded U.S. companies for which pricing information is readily available." Both come from S&P Dow Jones Indices and both weight by market value, so the top of SCHB is SCHX.
| Portfolios at 31 May 2026 | SCHB | SCHX |
|---|---|---|
| Holdings in the filing | 2,401 | 747 |
| Held by both funds | 747 | 747 |
| Share of the fund in those shared holdings | 93.4% | 99.8% |
| Holdings the other fund did not own | 1,654 (6.5% of SCHB) | 0 |
| Overlap, sum of the smaller weight in each shared stock | 93.4% | |
The same giants sit at the top of both, a little lighter in SCHB. NVIDIA was 7.02% of SCHB and 7.50% of SCHX. Apple was 6.26% against 6.69%, Microsoft 4.57% against 4.88%. Spreading the money across 1,650 more companies trims every large position by about the same small fraction. SCHB's ten largest holdings were 36.1% of the fund, SCHX's 38.5%.
The 1,654 extra companies are small one by one. The largest, Sandisk, was 0.34% of SCHB, and the rest were each 0.08% or less. Together they came to 6.5%, about one dollar in fifteen. That is the whole practical difference between "the US large-cap market" and "the US stock market" in Schwab's version.
Run the pair yourself, or add your other funds, in the Portfolio Overlap Checker.
SCHB vs SCHX Side by Side
| SCHB | SCHX | |
|---|---|---|
| Full name | Schwab U.S. Broad Market ETF | Schwab U.S. Large-Cap ETF |
| Index | Dow Jones U.S. Broad Stock Market Index | Dow Jones U.S. Large-Cap Total Stock Market Index |
| Index universe | Largest 2,500 US companies | Ranked 1-750 by market cap |
| How the fund tracks it | Sampling | Full replication |
| Expense ratio | 0.03% | 0.03% |
| Prospectus cost on $10,000 over 10 years | $39 | $39 |
| Holdings (1 Oct 2026) | 2,397 | 756 |
| Top-10 weight (31 May 2026) | 36.1% | 38.5% |
| Total net assets (2 Oct 2026) | $44.9 billion | $74.5 billion |
| 30-day SEC yield (1 Oct 2026) | 1.02% | 1.01% |
| Portfolio turnover (as of 31 Aug 2026) | 3.03% | 3.09% |
| 30-day median bid/ask spread | 0.03% | 0.03% |
| 10-year return, NAV, to 31 Aug 2026 | 14.81% | 15.22% |
| Inception | 3 Nov 2009 | 3 Nov 2009 |
| Share split, 10 Oct 2024 | 3-for-1 | 3-for-1 |
There is no cost difference to find. Same fee, same cost example, same spread, turnover within a tenth of a point. The prospectuses also show the same tax drag: over the ten years to 31 December 2024, SCHB went from 12.51% a year before taxes to 12.02% after taxes on distributions, and SCHX from 12.94% to 12.46%. That is 0.49 and 0.48 of a point. The choice is purely about how much of the market you want to own.
One construction detail. SCHX buys every stock in its index at the index weight. SCHB uses sampling, so it may not hold every one of the 2,500 names; it held 2,397 on 1 October 2026. Its tracking has stayed close regardless: over the ten years to 31 August 2026, SCHB returned 14.81% at NAV against 14.82% for its index.
What the Smaller Companies Added
| Annualized NAV return, to 31 Aug 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHB | 20.14% | 20.65% | 11.75% | 14.81% |
| SCHX | 19.74% | 20.94% | 12.16% | 15.22% |
| SCHB minus SCHX | +0.40 | -0.29 | -0.41 | -0.41 |
Since the fees are identical, the gap in this table is the 6.5% of SCHB in smaller companies, and nothing else. Over three, five and ten years those companies lagged the large caps, which pulled SCHB a few tenths of a point behind. Over the latest year they did better, and SCHB came out ahead. Neither result says which way the next decade goes; it shows that the size of the gap is small whichever way it runs.
The two funds' worst calendar quarters in their prospectus period were both the first quarter of 2020: a 20.91% loss for SCHB and 19.86% for SCHX. Their best were both the second quarter of 2020, at 22.04% and 21.60%. They move almost together.
| Hypothetical $10,000 held 10 years | Ending value |
|---|---|
| At SCHB's 10-year NAV return (14.81%) | $39,792 |
| At SCHX's 10-year NAV return (15.22%) | $41,236 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
If you want one US stock fund and nothing else, SCHB is the complete version. It owns large, mid and small companies in proportion to their size. You never have to decide later whether to add a small-cap fund. Compare it with Vanguard's equivalent in SCHB vs VTI.
If you already hold separate small-cap or mid-cap funds, SCHX is the cleaner large-cap piece. Using SCHB alongside a small-cap fund double-counts the smaller companies. SCHX leaves that slice to the fund you chose for it. SCHX is Schwab's closest match to an S&P 500 fund; see SCHX vs VOO.
If you are choosing on past returns, the gap is too small and too changeable to lean on. Four-tenths of a point a year over a decade, reversed in the latest year. Pick on what you want to own.
Holding both is not diversification. SCHB already contains every SCHX stock. A 50/50 split behaves like SCHB with about 3% of the portfolio in smaller companies instead of 6.5%.
In a 401(k) or IRA taxes do not affect the choice. In a taxable account the prospectus tax drag is the same for both, so there is no tax reason to prefer either. If you already own one in a taxable account, switching means selling and possibly realizing gains for a difference this small. Redirect new money instead, and check your 2026 tax bracket before any sale.
Both are ordinary ETFs on NYSE Arca, so any brokerage account can buy them at the market price; check your broker's own commission schedule. If you are at Schwab and prefer a mutual fund that buys in exact dollar amounts, the total-market version is SWTSX. If you are thinking about growth instead, see SCHB vs SCHG.
Sources & Methodology
- SCHB summary prospectus, 27 February 2026 and SCHX summary prospectus, 27 February 2026: fee tables, cost examples, index descriptions, turnover, best and worst quarters, and after-tax returns to 31 December 2024.
- Schwab Strategic Trust Form N-CSR, year ended 31 August 2025: the October 2024 share splits.
- SCHB Form N-PORT, 31 May 2026 and SCHX Form N-PORT, 31 May 2026: the holdings behind the overlap and concentration figures.
- Schwab SCHB fund page and Schwab SCHX fund page: net assets, holdings counts, SEC yield, spread, turnover and returns to 31 August 2026.
How the overlap was computed. For each stock held by both funds we took the smaller of its two weights and added them up, the same method the Portfolio Overlap Checker uses on the same N-PORT data. Both filings are dated 31 May 2026, so no date mismatch affects this pair.
What we did not verify. Schwab's annual report prints sector weights as images, so we have not compared sectors numerically. Our dataset names only the largest holdings, so we name only Sandisk among the SCHB-only companies, and we did not check why it sat outside SCHX's index on 31 May 2026. Schwab had not yet posted returns to 30 September 2026 when we checked.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; fund data changes daily, so confirm current figures with Schwab before acting.
FAQ: SCHB vs SCHX
Is SCHB or SCHX better?
Neither is better on cost: both charge 0.03%. SCHB owns the whole US market, about 2,400 stocks, and SCHX the largest 750. SCHX returned 15.22% a year over the ten years to 31 August 2026 against 14.81% for SCHB, but SCHB was ahead over the latest year.
How much do SCHB and SCHX overlap?
93.4% by weight, using both funds' 31 May 2026 SEC filings. All 747 SCHX holdings were also in SCHB. The 1,654 companies only in SCHB were 6.5% of that fund.
Should I own both SCHB and SCHX?
There is little reason to. SCHB already holds every SCHX stock, so adding SCHX only lowers your small-company weight slightly. Choose one.
Is SCHB a total stock market fund?
Close to it. Its index covers the largest 2,500 US companies, which Schwab's prospectus says numbered 2,457 stocks at 31 August 2025. If you want an index that aims to measure the entire US stock market, Schwab's mutual fund SWTSX tracks the Dow Jones U.S. Total Stock Market Index.
Is SCHX the same as an S&P 500 fund?
Not exactly. SCHX tracks about 750 large companies chosen by size; the S&P 500 has about 500 chosen by a committee. They behave very similarly. See SCHX vs VOO.
Which pays a higher dividend?
They are effectively the same: 30-day SEC yields of 1.02% for SCHB and 1.01% for SCHX on 1 October 2026.
Did SCHB and SCHX split their shares?
Yes. Both split 3-for-1, paid after the close on 10 October 2024. The splits changed the price per share, not the value of anyone's holding or the returns.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SCHB vs SCHX: 93% the Same Fund, and the Extra 1,650 Stocks Are 6.5% of SCHB." Wealthy Pot, 2026. https://wealthypot.com/schb-vs-schx/
Related comparisons: SCHB vs VOO · SCHB vs VTI · SCHX vs VOO · SCHG vs SCHX · SWPPX vs SWTSX · All ETF comparisons
