Wealthy PotSCHG vs SPYG: Same 0.04% Fee, Two Different Ideas of a Growth Stock
SCHG and SPYG cost exactly the same, 0.04% a year, and both are large-cap growth funds with about 60% of their money in ten stocks. The difference is which companies count as growth. SCHG picks growth stocks from the 750 largest US companies using a Dow Jones index. SPYG picks them from the S&P 500 using S&P's three-factor screen, which includes price momentum and splits many big companies between growth and value. Matching their SEC holdings filings, the overlap is 66.5%. SPYG held Berkshire Hathaway, JPMorgan, Micron and Caterpillar; SCHG did not. SCHG held Costco, UnitedHealth, Linde and Salesforce; SPYG did not. Over the ten years to 30 June 2026 SCHG returned 18.66% a year and SPYG 18.06%, but over the latest year SPYG was ahead by more than nine points.
Table of Contents
The Short Answer
- Fees: identical. Both prospectuses show 0.04% and the same cost example: $4 after one year, $51 after ten on $10,000.
- Overlap: 66.5%. 72 companies were in both funds. 83.4% of SCHG's money and 72.6% of SPYG's sat in shared names. Our calculation from SCHG's 31 May and SPYG's 30 June 2026 SEC filings.
- Holdings: 189 vs 151 (2 and 1 October 2026).
- Top ten: 60.1% vs 59.1%. Equally concentrated, in a different mix: Apple was 9.8% of SCHG and 6.0% of SPYG.
- Ten-year return to 30 June 2026: SCHG 18.66%, SPYG 18.06% a year. One year to the same date: SPYG 25.66%, SCHG 16.40%.
- SPYG's index rules may change. S&P has consulted on removing momentum from its growth screen from December 2026. SCHG's Dow Jones index is not on the list of affected indexes.
- Do not hold both. Two-thirds of the money overlaps, and the concentration is the same.
Where the Two Portfolios Agree and Disagree
| Holdings match | SCHG | SPYG |
|---|---|---|
| Holdings in the filing | 192 | 145 |
| Held by both funds | 72 | 72 |
| Share of the fund in shared names | 83.4% | 72.6% |
| Holdings the other fund did not own | 120 (16.5% of SCHG) | 73 (27.4% of SPYG) |
| Overlap, sum of the smaller weight in each shared stock | 66.5% | |
The agreement is at the top. Both funds were led by NVIDIA (11.01% of SCHG, 13.65% of SPYG), Alphabet (8.53% and 10.61%) and Microsoft (7.17% and 7.80%), with Broadcom, Meta, Eli Lilly and AMD close behind in both.
The disagreement is in the middle, and it is not small. The largest SPYG positions SCHG did not hold were Micron Technology (3.67% of SPYG), Berkshire Hathaway (2.58%), JPMorgan Chase (1.68%), Applied Materials (1.62%), Lam Research (1.53%), Caterpillar (1.38%), Johnson & Johnson (1.02%) and Sandisk (0.95%). The largest SCHG positions SPYG did not hold were Costco (1.48% of SCHG), UnitedHealth (1.20%), Linde (0.81%), Thermo Fisher (0.65%), Walt Disney (0.63%), Salesforce (0.62%) and BlackRock (0.52%).
Look at SPYG's list: a conglomerate, a bank, an industrial and a drugmaker are not what most people picture in a growth fund. They are there because S&P's screen scores sales growth, earnings change relative to price and price momentum, and because it splits some companies between growth and value, explained below. SCHG's list is the mirror image: companies its Dow Jones screen classed as growth that S&P's screen did not.
The weights differ too. Apple was 9.83% of SCHG but 5.99% of SPYG, and Amazon 5.67% against 3.48%. Tesla was 3.91% against 2.07%. Those three gaps alone move about nine points of portfolio weight.
SCHG vs SPYG Side by Side
| SCHG | SPYG | |
|---|---|---|
| Full name | Schwab U.S. Large-Cap Growth ETF | State Street SPDR Portfolio S&P 500 Growth ETF |
| Index | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | S&P 500 Growth Index |
| Universe | 750 largest US companies by full market cap | S&P 500 members |
| Expense ratio | 0.04% | 0.04% |
| Prospectus cost on $10,000 over 10 years | $51 | $51 |
| Holdings | 189 (2 Oct 2026) | 151 (1 Oct 2026) |
| Top-10 weight | 60.12% (31 May 2026) | 59.06% (30 Jun 2026) |
| Assets | $64.7 billion (2 Oct 2026) | $57.3 billion (2 Oct 2026) |
| 30-day SEC yield (1 Oct 2026) | 0.36% | 0.45% |
| 30-day median bid/ask spread | 0.03% | 0.01% |
| Turnover, latest fiscal year in prospectus | 27% | 22% |
| Issuer | Schwab Asset Management | State Street (SSGA Funds Management) |
| Inception | 11 Dec 2009 | 25 Sep 2000 |
| Exchange | NYSE Arca | NYSE Arca |
On cost, size and liquidity there is nothing to choose. Both charge 0.04%, both hold around $60 billion, and both trade at spreads of a few hundredths of a percent. This pair is decided by the index.
Two Index Rulebooks From the Same Provider
Both indexes come from S&P Dow Jones Indices, and SPYG itself tracked a Dow Jones large-cap growth index until December 2010. SPYG's fact sheet says its benchmark returns reflect "the Dow Jones U.S. Large Cap Growth Total Stock Market Index from fund inception until 12/17/2010 and of the S&P 500 Growth Index effective 12/17/2010 to present." So the two funds once followed close relatives, and today they follow different rulebooks.
SCHG's rule. The prospectus says the index "includes the components ranked 1-750 by full market capitalization and that are classified as 'growth' based on a number of factors. The index is a capped market capitalization weighted index." Since 23 September 2024 a quarterly capping process keeps weights inside fund diversification limits. A company is either in or out.
SPYG's rule. State Street's fact sheet describes S&P 500 stocks "exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) earnings change to price; and (iii) momentum." S&P's methodology then divides the S&P 500's market value "approximately equally into growth and value indices": the top 33% by growth rank goes wholly to growth, the bottom 33% wholly to value, and the "middle 34%" is split between them. You can see both outcomes in the weights. A company assigned wholly to growth sat at about 1.82 times its S&P 500 weight in SPYG at 30 June 2026; Berkshire Hathaway, Caterpillar and Micron all did, so S&P's screen classed them as growth outright. JPMorgan (1.24 times), Johnson & Johnson (1.07) and Apple (0.91) sat lower, which fits the pattern of a company split between the two style indexes. That reading is ours; S&P does not publish each company's split.
The rule may change soon, for SPYG only. On 28 August 2026 S&P DJI proposed removing "Momentum (12-Month % Price Change)" from its growth factors, to take effect with the reconstitution on 21 December 2026 if adopted. The list of impacted indexes includes the S&P 500 Growth and contains no Dow Jones index. The consultation closed on 25 September 2026, and no result had been published when we checked on 5 October 2026. If it goes ahead, SPYG's holdings will shift at that rebalance; SCHG's will not, from this change.
Returns: It Depends Which Year You Ask
| Annualized NAV return | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SCHG, to 30 Jun 2026 | 16.40% | 22.33% | 13.69% | 18.66% |
| SPYG, to 30 Jun 2026 | 25.66% | 25.87% | 14.52% | 18.06% |
| SCHG minus SPYG | -9.26 | -3.54 | -0.83 | +0.60 |
| SCHG, to 31 Aug 2026 | 17.33% | 23.45% | 13.26% | 18.66% |
| SPYG, to 31 Aug 2026 | 22.25% | 25.47% | 13.07% | 17.73% |
| SCHG minus SPYG | -4.92 | -2.02 | +0.19 | +0.93 |
Two funds with the same fee and the same concentration were nine points apart over one year. That is what a different definition of growth can do. The funds' holdings differed in Micron, Applied Materials, Lam Research, Berkshire Hathaway and JPMorgan on SPYG's side, and in heavier Apple, Amazon and Tesla weights plus Costco and UnitedHealth on SCHG's; neither issuer publishes which of those drove the gap. Over ten years the two land within about half a point to a point of each other, depending on the end date.
The prospectuses add an older, matched date. Both print the SEC's standard table for periods ended 31 December 2024:
| Average annual total return to 31 Dec 2024 | 1 year | 5 years | 10 years |
|---|---|---|---|
| SCHG, before taxes | 34.92% | 19.73% | 16.66% |
| SCHG, after taxes on distributions | 34.78 | 19.58 | 16.43 |
| SPYG, before taxes | 35.97% | 17.03% | 15.19% |
| SPYG, after taxes on distributions | 35.75 | 16.76 | 14.84 |
| S&P 500, for reference | 25.02 | 14.53 | 13.10 |
On that date SCHG's ten-year lead was 1.47 points a year; by mid-2026 it had shrunk to 0.60 as SPYG's holdings led. Taxes favoured SCHG slightly: it lost 0.23 points a year to taxes on distributions over ten years, SPYG 0.35. The best and worst quarters in both prospectuses fell in the same periods: SCHG gained 27.73% in the second quarter of 2020 and lost 22.27% in the second quarter of 2022; SPYG gained 26.19% and lost 20.82% in those same quarters.
| Hypothetical $10,000 held for 10 years | Ending value |
|---|---|
| At SPYG's 10-year NAV return to 30 Jun 2026 (18.06%) | $52,605 |
| At SCHG's 10-year NAV return to 30 Jun 2026 (18.66%) | $55,341 |
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
Neither fund wins on cost, size or trading. Choose on the index, or on where your account lives.
Choose SCHG if you want a cleaner "growth only" list drawn from a wider 750-company universe, with no partial positions in banks or conglomerates, and you are comfortable with a heavier weight in Apple, Amazon and Tesla. It is also the natural pick if you build with Schwab funds; compare it with SCHG vs VUG and SCHG vs QQQ.
Choose SPYG if you want your growth exposure drawn only from S&P 500 members, or you already own other S&P style funds and want the pieces to line up. Know that its rules may change in December 2026, and that it holds part of several companies most people would call value stocks. The Vanguard fund on the same index, VOOG, charges more; see VOOG vs VUG.
Do not hold both. They share two-thirds of their weight and the same top names. Owning both adds a few dozen mid-weight positions and no reduction in concentration.
Already own one in a taxable account? There is no fee to recover by switching, and the ten-year records are close. Selling to swap would realize gains for no cost saving; check your 2026 tax bracket before doing anything irreversible. In an IRA or 401(k) a swap costs only the spread.
Not sure you need a growth fund at all? Both are concentrated tilts. If you hold a broad core already, compare what a growth fund adds in SPY vs SPYG and SCHG vs VTI.
Sources & Methodology
- SCHG summary prospectus, 27 February 2026: fee table, index rule, turnover, best and worst quarters, and returns to 31 December 2024.
- SCHG supplement, 23 September 2024: the quarterly capping change.
- Schwab SCHG page: holdings, assets, yield, spread and returns to 30 June and 31 August 2026.
- SPYG summary prospectus, 31 October 2025: fee table, sampling strategy, turnover, best and worst quarters, and returns to 31 December 2024.
- State Street SPYG page and SPYG fact sheet, 30 June 2026: holdings, assets, yield, spread, returns, the index definition and its history.
- S&P U.S. Style Indices Methodology and the 28 August 2026 consultation: the 33/34/33 split, the proposed removal of momentum and the impacted index list.
- SCHG Form N-PORT, 31 May 2026 and SPYG Form N-PORT, 30 June 2026: the holdings behind the overlap tables.
How the overlap was computed. For each company held by both funds we took the smaller of the two weights and summed them, the method the Portfolio Overlap Checker uses on the same N-PORT data. The SCHG filing is dated 31 May 2026 and the SPYG filing 30 June 2026, so the result is approximate.
What we did not verify. Schwab's prospectus says only that SCHG's index classifies growth "based on a number of factors," and we did not open the Dow Jones style methodology, so we do not list those factors. Neither issuer publishes a return attribution, so the explanation of the one-year gap names the holdings that differ rather than measuring their contribution. We have not compared sector weights because we did not capture a Schwab sector table.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, index returns cannot be invested in directly, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; confirm current figures with Schwab and State Street before acting.
FAQ: SCHG vs SPYG
Is SCHG or SPYG better?
Neither on cost: both charge 0.04%. SCHG returned 18.66% a year over the ten years to 30 June 2026 against 18.06% for SPYG, while SPYG was ahead by 9.26 points over the latest year to that date. The choice is between two definitions of growth, not between a better and worse fund.
How much do SCHG and SPYG overlap?
66.5% by weight, from SCHG's 31 May and SPYG's 30 June 2026 filings. They shared 72 companies, including all of their largest positions.
Should I own both SCHG and SPYG?
No. Two-thirds of the money overlaps and both have about 60% in their top ten, so holding both adds little diversification.
Why does SPYG hold Berkshire Hathaway and JPMorgan?
S&P's growth screen uses sales growth, earnings change relative to price and 12-month price momentum. By the 30 June 2026 weights, Berkshire Hathaway was classed wholly as growth, while JPMorgan looks partly assigned, because S&P splits companies in the middle of its rankings between growth and value. SCHG's Dow Jones index did not hold either on its filing date.
Which has the lower expense ratio?
Neither. Both prospectuses show 0.04%, and both print a $51 ten-year cost on a $10,000 investment.
Which pays more dividends?
SPYG, slightly: a 30-day SEC yield of 0.45% against 0.36% for SCHG on 1 October 2026.
Will SPYG change?
Possibly. S&P has proposed dropping momentum from the S&P 500 Growth Index's factors from 21 December 2026. No decision had been published on 5 October 2026. The index SCHG tracks is not on the affected list.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SCHG vs SPYG: Same 0.04% Fee, Two Different Ideas of a Growth Stock." Wealthy Pot, 2026. https://wealthypot.com/schg-vs-spyg/
Related comparisons: SCHG vs VUG · VOOG vs VUG · SPY vs SPYG · SCHG vs QQQ · SCHG vs SCHX · QQQM vs SCHG · All ETF comparisons
