Wealthy PotSCHB vs VOO: 2,400 Stocks or 500, and 89% of SCHB Is the S&P 500 Anyway
SCHB owns about 2,400 US stocks. VOO owns the S&P 500. Both charge 0.03%, and most of what SCHB holds is the S&P 500 anyway. We matched Schwab's 31 May 2026 holdings filing for SCHB against Vanguard's 30 June 2026 filing for the fund behind VOO. 89.1% of SCHB's money sat in stocks VOO also held, and the overlap was 88.0%. SCHB's other 1,902 positions came to 10.8% of the fund. Over the ten years to 31 August 2026 VOO returned 15.34% a year at NAV and SCHB 14.81%. That gap came from large caps beating smaller companies over that decade, not from either fund's costs. They are close substitutes. Choose one and do not hold both.
Table of Contents
The Short Answer
- Fees: a tie at 0.03%. Both prospectuses print the same cost example: $3 after one year and $39 after ten on $10,000.
- Overlap: 88.0%. 89.1% of SCHB's weight was in VOO stocks, and 99.6% of VOO's weight was in SCHB stocks. Our calculation from the two funds' SEC portfolio filings, which are one month apart (31 May and 30 June 2026).
- Holdings: 2,397 vs 505. Schwab's page, 1 October 2026; Vanguard's page, 31 August 2026.
- Ten-year return to 31 August 2026: VOO 15.34%, SCHB 14.81% a year at NAV. VOO was also ahead over one, three and five years to that date.
- Yield: about the same. 30-day SEC yield 1.02% for SCHB (1 October 2026) and 1.00% for VOO (30 September 2026).
- Different indexes, same index company. SCHB tracks the Dow Jones U.S. Broad Stock Market Index, the largest 2,500 US companies. VOO tracks the S&P 500. Both indexes come from S&P Dow Jones Indices.
- VOO trades more cheaply. Vanguard lists a 30-day median bid/ask spread of 0.004%; Schwab lists 0.03% for SCHB. This matters only if you trade often or in large amounts.
How Much of SCHB Is Already VOO
Schwab's prospectus says SCHB's index "includes the largest 2,500 publicly traded U.S. companies," and it held 2,457 stocks at 31 August 2025. The S&P 500 covers about 500 large companies, nearly all of which also rank among those 2,500. Because both funds weight by market value, the same large companies dominate SCHB as well.
| SEC portfolio filings | SCHB (31 May 2026) | VOO's fund (30 Jun 2026) |
|---|---|---|
| Holdings in the filing | 2,401 | 501 |
| Held by both funds | 499 | 499 |
| Share of the fund in those shared holdings | 89.1% | 99.6% |
| Holdings the other fund did not own | 1,902 (10.8% of SCHB) | 2 (0.13% of VOO) |
| Overlap, sum of the smaller weight in each shared stock | 88.0% | |
The 1,902 extra companies are small one by one. The largest of them, Snowflake and Cloudflare, were 0.12% and 0.10% of SCHB. Together the whole group was 10.8%, roughly one dollar in nine. That is all the "total market" part of SCHB amounts to.
Two VOO holdings were not in SCHB, together 0.13% of VOO. The two indexes use different eligibility rules, so they do not match perfectly at the edges. It is too small to affect a decision, but "SCHB contains all of VOO" is not quite true.
For a fund with an even larger tail, Vanguard's VTI held more than 3,500 stocks; see IVV vs VTI, where the same exercise found 88% of VTI already in the S&P 500.
SCHB vs VOO Side by Side
| SCHB | VOO | |
|---|---|---|
| Full name | Schwab U.S. Broad Market ETF | Vanguard S&P 500 ETF |
| Index | Dow Jones U.S. Broad Stock Market Index | S&P 500 |
| What it covers | Largest 2,500 US companies: large, mid and small | About 500 large US companies |
| Expense ratio | 0.03% | 0.03% |
| Prospectus cost on $10,000 over 10 years | $39 | $39 |
| Method | Sampling | Full replication |
| Holdings | 2,397 (1 Oct 2026) | 505 (31 Aug 2026) |
| Top-10 weight | 36.1% (31 May 2026) | 37.9% (30 Jun 2026) |
| Net assets | $44.9 billion (2 Oct 2026) | ETF shares $1.0 trillion; whole fund $1.8 trillion (31 Aug 2026) |
| 30-day SEC yield | 1.02% (1 Oct 2026) | 1.00% (30 Sep 2026) |
| 30-day median bid/ask spread | 0.03% | 0.004% |
| Turnover | 3% (FY to 31 Aug 2025) | 2% (FY to 31 Dec 2025) |
| Legal form | Standalone ETF, a series of Schwab Strategic Trust | ETF share class of Vanguard 500 Index Fund |
| Inception | 3 Nov 2009 | 7 Sep 2010 |
| Recent share split | 3-for-1, 10 Oct 2024 | Not covered here |
About that share split. Schwab's annual report records a 3-for-1 split for SCHB, paid after the close on 10 October 2024, and states it "did not change the total market value of a shareholder's investment." It explains why SCHB's share price looks low next to VOO's (about $29 against about $707 in early October 2026). Price per share says nothing about value, and where your broker offers fractional shares it does not matter at all.
What the Extra Stocks Have Been Worth
| Annualized NAV return, to 31 Aug 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHB | 20.14% | 20.65% | 11.75% | 14.81% |
| Dow Jones U.S. Broad Stock Market Index | 20.15 | 20.67 | 11.76 | 14.82 |
| VOO | 20.34% | 21.01% | 12.75% | 15.34% |
| SCHB minus VOO | -0.20 | -0.36 | -1.00 | -0.53 |
SCHB tracked its index to within 0.02 points a year, so its shortfall against VOO is not a cost or tracking problem. It is the index. Over this decade, the 1,900 smaller companies in SCHB returned less than the S&P 500's large caps, and their 11% weight pulled SCHB's return down by about half a point a year. In decades when small and mid caps lead, the sign flips. Schwab's own annual report to 31 August 2025 showed SCHB at 13.94% over ten years, against the S&P 500's 14.60% printed in the same report for the large-cap SCHX.
| Hypothetical $10,000 held 10 years | Ending value |
|---|---|
| At SCHB's 10-year NAV return (14.81%) | $39,792 |
| At VOO's 10-year NAV return (15.34%) | $41,668 |
| Difference | $1,876 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Where They Really Differ
Concentration, slightly. SCHB's ten largest holdings were 36.1% of the fund on 31 May 2026; VOO's were 37.9% on 30 June 2026. The month between the filings means this is approximate, but the direction is the expected one: adding 1,900 small positions dilutes the giants a little. NVIDIA was 7.02% of SCHB and 7.51% of VOO in those filings.
How the index is chosen. The S&P 500 has its own membership rules for about 500 large companies. SCHB's index takes the largest 2,500 companies for which pricing information is readily available, per Schwab's prospectus. The large-cap ends look much the same in the filings; the difference is mostly the mid and small caps SCHB adds.
How the fund tracks. VOO "attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index." SCHB uses "sampling techniques" and may hold fewer securities than its index. Both tracked within a few hundredths of a point.
Structure. VOO is a share class of Vanguard 500 Index Fund, which also has mutual fund share classes; SCHB is a standalone ETF. For a buy-and-hold investor this makes no practical difference to returns.
Taxes. Both prospectuses print after-tax returns, but for different calendar years, so we do not set them side by side. Each lost a little under half a point a year to taxes on distributions over ten years in its own table (SCHB 0.49 points to 2024, VOO 0.46 points to 2025). With yields of about 1.0% each, neither has a clear taxable-account advantage.
Which One Fits You
If you want the whole US market in one fund, SCHB. It includes mid and small caps at market weight, so you never have to decide separately whether to own them. It costs the same 0.03%.
If you want the S&P 500 specifically, VOO. It is the benchmark most people mean by "the market", and it has the tighter spread. Over the decade to August 2026 it also returned more, though that is the index's history, not a property of the fund.
If your account is at Schwab or Vanguard, either fund trades on an exchange and can be bought at any broker. Use whichever your broker makes easiest, and remember both are ETFs with no minimum beyond the price of one share, or less where fractional shares are offered.
In a 401(k) menu, you may find an S&P 500 or total-market index fund rather than either ETF. The same logic carries over: an S&P 500 fund and a broad-market fund share most of their holdings, so pick whichever your plan offers at the lower cost.
Do not hold both. With 88% overlap, two funds give you a near-duplicate portfolio with a slight extra tilt to large caps and one more line to rebalance.
Already own one in a taxable account? Keep it. Selling realizes capital gains, and the difference between these two funds is not big enough to pay that tax. Send new contributions to the other fund if you want to change the mix, and check your 2026 tax bracket first.
Weighing Schwab's large-cap ETF instead? See SCHX vs VOO. For SCHB against Vanguard's total-market fund, see SCHB vs VTI, and for the Vanguard version of this same question, VTI vs VOO.
Sources & Methodology
- SCHB summary prospectus, 27 February 2026: fee table, index description, sampling, turnover and after-tax returns to 31 December 2024.
- VOO summary prospectus, 28 April 2026: fee table, replication language and after-tax returns to 31 December 2025.
- Schwab Strategic Trust Form N-CSR, year ended 31 August 2025: SCHB's annual returns, holdings and the share split note.
- SCHB Form N-PORT, 31 May 2026 and Vanguard 500 Index Fund Form N-PORT, 30 June 2026: the holdings behind the overlap and concentration figures.
- Schwab SCHB fund page and Vanguard VOO profile page: net assets, holdings counts, yields, spreads and returns.
How the overlap was computed. For each stock both funds held we took the smaller of its two weights and summed them, the same method and N-PORT data the Portfolio Overlap Checker uses. The filings are a month apart, which we state wherever the numbers appear.
What we could not verify. We did not identify the two VOO holdings that SCHB lacked. Schwab prints sector weights as images in its annual report, so we have not compared sectors. VOO's returns to 31 August 2026 come from two captures of Vanguard's page in late September 2026, because the page had moved on to 30 September by the time of this review.
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 4 October 2026; fund data changes daily, so confirm current figures with each issuer before acting.
FAQ: SCHB vs VOO
Is SCHB or VOO better?
Neither is clearly better. Both charge 0.03%, and 89% of SCHB is invested in the same stocks as VOO. VOO returned 15.34% a year over the ten years to 31 August 2026 and SCHB 14.81%, because large caps beat smaller companies over that decade. Choose SCHB for the whole market, VOO for the S&P 500.
How much do SCHB and VOO overlap?
88.0% by weight, from SCHB's 31 May 2026 and VOO's 30 June 2026 SEC holdings filings. 89.1% of SCHB sat in VOO stocks and 99.6% of VOO sat in SCHB stocks.
Should I own both SCHB and VOO?
No. The portfolios overlap by 88%, so owning both mostly duplicates the same large companies. Pick one.
Which has lower fees, SCHB or VOO?
Neither. Both prospectuses list 0.03% total annual operating expenses and the same $39 ten-year cost on $10,000. VOO's quoted bid/ask spread is narrower.
Is SCHB a total market fund?
It covers the largest 2,500 US companies, which is most of the market's value, and held 2,397 stocks on 1 October 2026. Vanguard's VTI holds more, over 3,500. See SCHB vs VTI.
Did SCHB split its shares?
Yes. Schwab's annual report records a 3-for-1 split paid after the close on 10 October 2024. It changed the share count and price, not the value of anyone's investment or the fund's returns.
Is SCHB or VOO better in a Roth IRA?
It makes little difference. Taxes on distributions do not apply inside a Roth, and the funds cost the same. Choose on whether you want the whole market or only large caps.
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 VOO: 2,400 Stocks or 500, and 89% of SCHB Is the S&P 500 Anyway." Wealthy Pot, 2026. https://wealthypot.com/schb-vs-voo/
Related comparisons: SCHB vs VTI · SCHX vs VOO · VTI vs VOO · IVV vs VTI · SCHG vs VOO · All ETF comparisons
