At a glance
SCHM charges 0.04% a year, below the 0.12% average of the 8 funds most like it (the 2nd cheapest of 9). It has $14.86B in assets, the 5th largest of that group; it paid 1.28% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.5% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +18.9% a year. At its worst it fell 42.4% in the 2020 crash (S&P 500: 33.7%) and 24.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 21 months after the lows. Its ten largest positions make up 12.3% of the fund, out of 491 in all.
The short version
Schwab US Mid-Cap ETF (SCHM) is an index fund that tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It holds about 490 US companies ranked 501st to 1,000th by market value. Its expense ratio is 0.04%, about a third of the 0.12% average for similar mid-cap funds. As of August 31, 2026, Sandisk was its largest holding at 4.3% of assets, more than three times the next-largest position.
Price history
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SCHM +20.5% 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 | |
|---|---|---|---|---|---|---|
| SCHM official prospectus, to Dec 31, 2024 | — | +12.01% | — | +8.30% | +9.03% | — |
| SCHM price data to Nov 2, 2026 | +17.9% | +20.5% | +18.9% | +6.8% | +11.5% | +10.9% |
- Over the year to Nov 2, 2026, SCHM returned +20.5%, 1st of 9 among similar funds.
- Its 5-year annualized return was +6.8% and its 10-year +11.5%.
- In the 2020 COVID crash it fell 42.4% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-17.1%); its best was 2013 (+35.0%).
- The deepest fall in its price history was 42.4% (Feb 20, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.9% | — |
| 2025 | +10.2% | — |
| 2024 | +12.0% | +12.01% |
| 2023 | +16.7% | +16.67% |
| 2022 | -17.1% | -17.11% |
| 2021 | +19.4% | +19.33% |
| 2020 | +15.3% | +15.25% |
| 2019 | +27.5% | +27.51% |
| 2018 | -8.8% | -8.68% |
| 2017 | +19.6% | +19.58% |
| 2016 | +14.5% | +14.44% |
| 2015 | -0.1% | -0.01% |
| 2014 | +10.3% | — |
| 2013 | +35.0% | — |
| 2012 | +16.1% | — |
| 2011 | -3.7% | — |
| 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 42.2% over that stretch · deepest drop along the way 42.4%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.9% over that stretch · deepest drop along the way 24.5%, back to its old high 20.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3200 | |
| 2025 | $0.4400 | +10.0% |
| 2024 | $0.4000 | +6.2% |
| 2023 | $0.3767 | +3.7% |
| 2022 | $0.3633 | +18.5% |
| 2021 | $0.3067 | +3.4% |
| 2020 | $0.2967 | 0.0% |
| 2019 | $0.2967 | +18.7% |
| 2018 | $0.2500 | +8.7% |
| 2017 | $0.2300 | 0.0% |
| 2016 | $0.2300 | +13.1% |
| 2015 | $0.2033 | 0.0% |
| 2014 | $0.2033 | +283.6% |
| 2013 | $0.0530 | +2.3% |
| 2012 | $0.0518 | +61.9% |
| 2011 | $0.0320 |
What's inside
As of Aug 31, 2026, the fund held 491 securities; the ten largest made up 12.35% of assets.
| Holding | Weight | |
|---|---|---|
| Sandisk Corp | 4.32% | |
| Lumentum Holdings Inc | 1.32% | |
| Coherent Corp | 1.01% | |
| Ciena Corp | 1.01% | |
| Bloom Energy Corp | 1.00% | |
| Moderna Inc | 0.92% | |
| Revolution Medicines Inc | 0.76% | |
| Flex Ltd | 0.75% | |
| Twilio Inc | 0.67% | |
| Steel Dynamics Inc | 0.59% | |
| TechnipFMC PLC | 0.58% | |
| Centene Corp | 0.56% | |
| Okta Inc | 0.54% | |
| ATI Inc | 0.52% | |
| Casey's General Stores Inc | 0.52% |
By country
United States 92.86%Bermuda 1.74%Ireland 1.32%United Kingdom 1.24%Singapore 0.75%By asset type
Stocks 99.9%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $201.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.61%, -5.86%, +2.39%.
How it works
SCHM is managed by Schwab Asset Management, part of The Charles Schwab Corp. It aims to match the total return of the Dow Jones U.S. Mid-Cap Total Stock Market Index, before fees. The index starts with the broad Dow Jones U.S. Total Stock Market Index, ranks companies by full market value and keeps those ranked 501 to 1,000. Each stock is weighted by its float-adjusted market capitalization. That means the value of the shares actually available for public trading, so bigger companies count for more. The index held 498 stocks as of August 31, 2025.
The fund must keep at least 90% of its net assets in index stocks, and it generally copies the index weights. The manager may move slightly away from those weights to avoid buying odd lots, for tax reasons or for liquidity. It may also trade ahead of expected index additions or removals. Up to 10% can go elsewhere, mainly into stock index futures that keep spare cash invested. The fund may also lend out securities to narrow the gap between its return and the index's return.
As of August 31, 2026, the fund held 491 stocks and 0.12% cash. Its 10 largest positions made up 12.35% of assets. Because weights follow market value, a fast-rising stock can become a large position. Portfolio turnover, a measure of how much the fund trades, was 17%.
What it really costs
- SCHM charges 0.04% a year, versus an average of 0.12% for the similar funds below (2nd 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 |
|---|---|---|---|---|
| SCHM | $4 | $13 | $23 | $51 |
In a retirement portfolio
It adds US companies ranked 501st to 1,000th by size, which funds focused on the largest companies own little of, but it is still all stocks.
SCHM could add mid-sized US companies to a portfolio at low cost. In the SEC's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years. It is an all-stock fund, and its past drops have been deep. It fell 42.4% from February 20 to March 23, 2020, and recovered 7.6 months after that low. In the 2022 bear market it fell 24.5%. It took about 20.5 months from its June 2022 low to recover, reaching its old high on March 1, 2024. Its worst calendar year was 2022, at -17.1%. Selling shares or drawing cash during stretches like these locks in losses. The trailing yield was 1.27% as of October 29, 2026, paid quarterly, so income is modest. The fund launched in 2011, so it has no 2008 record. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors looking for low-cost exposure to about 490 mid-sized US companies, at 0.04% a year versus a 0.12% average for similar funds.
- Portfolios that lean heavily on the largest US companies and want to add firms ranked 501st to 1,000th by market value.
- Long-term holders who can sit through deep drops, like the 42.4% fall in early 2020 and the 24.5% slide in 2022.
Look elsewhere if
- Retirees who need meaningful income: the trailing yield was 1.27% as of October 29, 2026, paid quarterly.
- Investors uneasy that one stock, Sandisk, was 4.3% of assets as of August 31, 2026, more than three times the next-largest holding.
- Anyone who may need the money within a few years: after the 2022 drop, the fund took about 20.5 months to recover from its low.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SCHM this fund | — | 0.04% | $14.86B | +20.5% | +18.9% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity E… | 72% | 0.07% | $2.03B | +16.5% | +22.2% |
| BKMC BNY Mellon US Mid Cap Core Equity ETF | 64% | 0.04% | $647.8M | +8.5% | +17.9% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 54% | 0.07% | $5.87B | +12.0% | +18.0% |
| IJH iShares Core S&P Mid-Cap ETF | 54% | 0.05% | $124.33B | +15.3% | +16.6% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 54% | 0.03% | $18.39B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 54% | 0.24% | $28.05B | +14.9% | +16.3% |
| VB Vanguard Small Cap ETF | 53% | 0.05% | $188.70B | +16.1% | +19.7% |
Questions investors ask
Does SCHM pay dividends monthly?
No. SCHM pays dividends quarterly. Over the 12 months through October 29, 2026, it paid about $0.45 per share, a trailing yield of 1.27%. The income comes from dividends paid by the mid-sized companies the fund holds. Because the yield is modest, the fund works mainly as a growth-oriented stock holding rather than a source of steady retirement income.
SCHM vs BBMC: what's the difference?
Both are low-cost mid-cap index ETFs, and about 72% of their holdings overlap, based on the latest N-PORT reports. SCHM charges 0.04% a year, compared with 0.07% for JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC). SCHM is much larger, with about $14.9 billion in net assets versus about $2.0 billion. SCHM returned 20.8% over one year through October 29, 2026. BBMC returned 16.5% through October 27. Over three years, BBMC was slightly ahead, averaging 22.2% a year to SCHM's 20.7%.
What is SCHM's expense ratio?
SCHM's expense ratio is 0.04%, according to its prospectus filed December 22, 2025. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $4 after one year, $23 after five years and $51 after ten. Similar mid-cap funds average 0.12%. Among nine comparable funds, only SPDR Portfolio S&P 400 Mid Cap ETF (SPMD), at 0.03%, costs less.
How has SCHM performed over the long term?
According to its prospectus, SCHM returned 12.01% in 2024. Through December 31, 2024, it averaged 8.3% a year over five years and 9.03% a year over ten years. Based on market prices through October 29, 2026, it returned 20.8% over one year and averaged 11.4% a year over ten years. The ride was bumpy. Its worst quarter was a 29.61% loss in early 2020, and it lost 17.11% in 2022.
What are SCHM's biggest holdings?
As of August 31, 2026, SCHM's largest holding was Sandisk at 4.3% of assets. Next came Lumentum Holdings at 1.3%, then Coherent, Ciena and Bloom Energy at about 1.0% each. Moderna, Revolution Medicines, Flex and Twilio followed. The top 10 made up 12.35% of a fund holding 491 stocks, so it is broadly spread, although Sandisk alone was a notably large position. About 93% of assets were in US-based companies.