At a glance
SCHA charges 0.04% a year, below the 0.12% average of the 8 funds most like it (the cheapest of 9). It has $22.65B in assets, the 3rd largest of that group; it paid 1.12% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +20.0% a year. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 25 months after the lows. Its ten largest positions make up 10.1% of the fund, out of 1,705 in all.
The short version
Schwab U.S. Small-Cap ETF (SCHA) is an index fund that offers broad exposure to smaller U.S. companies by tracking the Dow Jones U.S. Small-Cap Total Stock Market Index, which covers companies ranked 751st to 2,500th by market value. Its main distinction is cost: a 0.04% expense ratio (yearly fee), a third of the 0.12% average for similar funds. One quirk: Sandisk alone was 4.87% of assets as of August 31, 2026.
Price history
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SCHA +19.1% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SCHA official prospectus, to Dec 31, 2024 | — | +11.05% | — | +7.95% | +8.02% | — |
| SCHA price data to Nov 2, 2026 | +16.9% | +19.1% | +20.0% | +5.7% | +10.9% | +11.7% |
- Over the year to Nov 2, 2026, SCHA returned +19.1%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +5.7% and its 10-year +10.9%.
- In the 2020 COVID crash it fell 42.3% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-19.8%); its best was 2013 (+38.5%).
- The deepest fall in its price history was 42.4% (Jan 16, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.9% | — |
| 2025 | +11.6% | — |
| 2024 | +11.2% | +11.05% |
| 2023 | +18.5% | +18.54% |
| 2022 | -19.8% | -19.80% |
| 2021 | +16.4% | +16.35% |
| 2020 | +19.3% | +19.35% |
| 2019 | +26.5% | +26.54% |
| 2018 | -11.8% | -11.75% |
| 2017 | +14.9% | +15.04% |
| 2016 | +19.9% | +19.88% |
| 2015 | -4.2% | -4.24% |
| 2014 | +6.5% | — |
| 2013 | +38.5% | — |
| 2012 | +16.6% | — |
| 2011 | -4.0% | — |
| 2010 | +27.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.1% over that stretch · deepest drop along the way 42.3%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.2% over that stretch · deepest drop along the way 26.7%, back to its old high 25 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2400 | |
| 2025 | $0.3600 | -8.9% |
| 2024 | $0.3950 | +17.9% |
| 2023 | $0.3350 | +19.6% |
| 2022 | $0.2800 | -8.2% |
| 2021 | $0.3050 | +31.2% |
| 2020 | $0.2325 | -12.3% |
| 2019 | $0.2650 | +7.9% |
| 2018 | $0.2455 | +12.9% |
| 2017 | $0.2175 | -4.4% |
| 2016 | $0.2275 | +18.2% |
| 2015 | $0.1925 | -3.7% |
| 2014 | $0.2000 | +188.6% |
| 2013 | $0.0693 | +55.4% |
| 2012 | $0.0446 | +76.3% |
| 2011 | $0.0253 | +20.5% |
| 2010 | $0.0210 |
What's inside
As of Aug 31, 2026, the fund held 1,705 securities; the ten largest made up 10.07% of assets.
| Holding | Weight | |
|---|---|---|
| Sandisk Corp | 4.87% | |
| Lumentum Holdings Inc | 1.49% | |
| Revolution Medicines Inc | 0.86% | |
| ATI Inc | 0.59% | |
| Coeur Mining Inc | 0.45% | |
| Guardant Health Inc | 0.44% | |
| MACOM Technology Solutions Holdings Inc | 0.36% | |
| MKS Inc | 0.36% | |
| Samsara Inc | 0.32% | |
| Pinnacle Financial Partners Inc | 0.32% | |
| BitMine Immersion Technologies Inc | 0.30% | |
| Sterling Infrastructure Inc | 0.30% | |
| Mueller Industries Inc | 0.29% | |
| Five Below Inc | 0.29% | |
| Hecla Mining Co | 0.28% |
By country
United States 96.31%Bermuda 1.13%Ireland 0.44%Puerto Rico 0.4%United Kingdom 0.35%By asset type
Stocks 99.91%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $217.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.41%, -7.20%, +1.88%.
How it works
SCHA aims to match, before fees, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index. The index ranks companies in the broader Dow Jones U.S. Total Stock Market Index by market capitalization (total stock market value) and keeps those ranked 751 through 2,500. That came to 1,699 stocks as of August 31, 2025. Weights follow float-adjusted market value, counting only publicly available shares. That can leave one stock outsized: Sandisk was 4.87% of the fund as of August 31, 2026, more than three times the next-largest holding.
The fund generally owns the index's stocks in the same proportions. Under normal conditions, it keeps at least 90% of net assets in them. The adviser may shift weights to avoid odd lots (smaller-than-usual trades), for tax reasons or for thinly traded stocks. It may also use sampling (holding a representative subset) and trade ahead of expected index changes. Portfolio turnover, a gauge of trading, was 11%.
Up to 10% may go outside the index. That includes futures (contracts tied to an index) that keep spare cash invested. Cash was 0.74% of assets as of August 31, 2026. The fund may lend securities to narrow its gap with the index, which adds some risk if a borrower fails to return them. It uses no leverage.
What it really costs
- SCHA charges 0.04% a year, versus an average of 0.12% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SCHA | $4 | $13 | $23 | $51 |
In a retirement portfolio
It adds smaller U.S. companies at very low cost but swings harder than the overall market, falling 42.4% from peak to trough in early 2020.
SCHA can add about 1,700 smaller U.S. companies to a portfolio that leans on large-company funds. In the SEC's standard example, it costs $4 in the first year on $10,000. The price is bigger swings. It launched in 2009, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 42%, its deepest drop, and regained its peak by November 9, 2020. The 2022 bear market hurt longer: after a 26.7% decline, it took 25 months from the June 2022 low to recover. 2022 was also its worst calendar year, at -19.8%.
For anyone drawing on savings, withdrawals during such a slump mean cashing in shares at low prices. Income is modest: dividends over the 12 months to October 29, 2026, equaled a 1.1% yield, paid quarterly. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-focused investors wanting broad small-cap exposure: the 0.04% expense ratio works out to $51 over 10 years on $10,000 in the SEC's standard example.
- Investors whose holdings lean toward large companies and who want about 1,700 smaller U.S. firms, ranked 751st to 2,500th by market value, in one fund.
- Long-term investors who can hold through deep drops, like the 42% plunge in early 2020 and the 25-month recovery from the 2022 low.
Look elsewhere if
- Retirees seeking meaningful income: dividends over the 12 months to October 29, 2026, equaled a 1.1% yield, paid quarterly.
- Investors expecting evenly spread holdings: Sandisk alone was 4.87% of assets as of August 31, 2026, more than three times the next-largest position.
- Anyone who may need this money within a few years: the fund fell 26.7% in 2022 and took 25 months from its low to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SCHA this fund | — | 0.04% | $22.65B | +19.1% | +20.0% |
| DFAS Dimensional U.S. Small Cap ETF | 43% | 0.27% | $15.31B | +19.4% | +17.5% |
| BKSE BNY Mellon US Small Cap Core Equity ETF | 41% | 0.04% | $87.3M | +14.9% | +21.3% |
| ISCG iShares Morningstar Small-Cap Growth ETF | 41% | 0.06% | $970.9M | +10.3% | +21.2% |
| ESML iShares ESG Aware MSCI USA Small-Cap ETF | 40% | 0.17% | $2.98B | +16.5% | +21.3% |
| VTWO Vanguard Russell 2000 ETF | 36% | 0.07% | $17.95B | +15.4% | +21.2% |
| RSSL Global X Russell 2000 ETF | 36% | 0.08% | $1.49B | +13.2% | — |
| IWM iShares Russell 2000 ETF | 36% | 0.19% | $82.97B | +14.5% | +19.3% |
Questions investors ask
What index does SCHA track?
SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, from S&P Dow Jones Indices. The index takes the companies ranked 751st to 2,500th by market value in the broader Dow Jones U.S. Total Stock Market Index. It weights them by the value of shares available to the public. The index had 1,699 stocks as of August 31, 2025. As of August 31, 2026, the fund's largest holdings were Sandisk (4.87%), Lumentum Holdings (1.49%) and Revolution Medicines (0.86%).
What's the difference between SCHA and IWM?
The main differences are the index and the cost. SCHA follows a Dow Jones small-cap index, while the iShares Russell 2000 ETF (IWM) follows the Russell 2000. About 36% of their holdings overlapped in their latest SEC holdings reports. SCHA charges 0.04% a year versus 0.19% for IWM. As of October 29, 2026, SCHA returned 20.5% over one year and 22.4% annualized over three, compared with 16.2% and 21.9% for IWM. IWM is much larger, at about $83 billion as of June 30, 2026.
Does SCHA pay dividends?
Yes. SCHA pays dividends quarterly, passing along what its companies pay out. It paid $0.37 per share over the 12 months to October 29, 2026, a trailing yield of 1.1%. That is modest, because many smaller companies pay little or nothing and reinvest their earnings instead. For investors who depend on portfolio income, it is more likely a minor contributor than a main source.
What is SCHA's expense ratio?
SCHA's expense ratio is 0.04% a year, according to its prospectus filed December 22, 2025. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $4 after one year, $23 after five and $51 after ten. Among eight similar small-cap ETFs, none charges less: BNY Mellon's BKSE matches it, and the group averages 0.12%. Dimensional U.S. Small Cap ETF (DFAS), whose holdings overlap most with SCHA's, charges 0.27%.
Is SCHA good for retirement?
SCHA can play a supporting role in a retirement portfolio by adding low-cost small-company exposure, but it is more volatile than the broad market. It fell 42% in the 2020 COVID crash. After its 2022 decline, it took 25 months from the low to recover. Its average annual return was 8.02% over the 10 years to December 31, 2024. With a 1.1% yield as of October 29, 2026, it offers little income. Past results don't predict future returns.