SCHD作为对高增长科技股敞口的有效对冲，因其方法论强制每年估值重置，维持相对于标普500的吸引力折价。
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然而，许多人忽视的是，真正的泡沫，至少在人工智能竞赛中，不会在价格上，而在于潜在盈利增长的下降。我看到很多人提到这一点，但仍然被误解。然而，我的钱包是为这种情况设计的，原因有几个。
首先，我投资组合中的核心资产无论市场状况如何都继续增加股息支付。这意味着我从股息中获得的收入继续每月增长。在某些情况下，这是好事，因为它让我能够以较低的价格再投资股息，使我能够购买更多股票，从而以更快的速度增加我的股息收入。
但我的投资组合不仅以这种方式受到保护，还因为它形成了其主要支柱，SCHD，约占我投资组合的40%。
However, what many overlook is that the real bubble, at least in the AI race, will not be in the price, but in the decline in potential earnings growth . I have seen many people refer to this, but it is still misunderstood. However, my wallet is designed for such an event for several reasons. Firstly, the core assets in my portfolio continue to increase dividend payouts regardless of market conditions. This means that the amount of income I receive from dividends continues to grow monthly . In some cases, this is a good thing, because it allows me to reinvest dividends at lower prices, enabling me to buy more shares and thus increase my dividend income at a faster pace. But my portfolio is protected not only in this way, but also because it forms its main pillar, SCHD, which represents about 40% of my portfolio.
当人们听到这个，他们自动假设SCHD是一个好的立足点，并且是一个很好的多元化工具，远离人工智能驱动的、快速增长盈利的半导体股票，原因是SCHD不太关注科技行业。这在一定程度上是正确的。
但SCHD有一个方面是90%的投资者忽视的，如果你特别感兴趣于SCHD来分散你的高增长头寸，这可能是最重要的方面之一。这解释了股票的年度重估。现在，重估意味着什么？好吧，让我们先澄清一些事实。
When people hear this, they automatically assume that the reason SCHD is a good foothold , and an excellent diversification tool away from AI-powered, rapidly growing earnings-driven semiconductor stocks, is that SCHD doesn't focus too much on the technology sector. This is partially true. But there is an aspect of SCHD that 90% of investors overlook, and it is perhaps one of the most important aspects to understand if you are specifically interested in SCHD to diversify your investments away from your high-growth positions. This explains the annual revaluation of the stock. Now, what does re-evaluation mean ? Okay, let's start by clarifying some facts.
SCHD股票目前在其通常范围内交易，与标准普尔500指数相比，其市盈率折价约25%。人们可能会自动假设该股票不再是一个好的投资机会，且其价格已经过度上涨。但事实并非如此。为什么？
看看我在2026年初为Seeking Alpha撰写的这篇文章。我在文章中提到的其中一件事是SCHD方法论。理解这一方法论非常重要。为什么？因为它表明该基金每年对其投资组合中的股票进行重新估值。
经过初步筛选后，你会注意到股票按公布的年度股息收益率排名，只有前50%有资格入选。想想这意味着什么。如果你在初步筛选后选择年度回报最高的股票，很可能意味着在过去一年中，首先，你的股息增加了，其次，你的股价也下跌了，通常是由于市盈率下降。
因此，通过选择回报最高的股票，我们自动获得年度重新估值。市盈率每年下降。因此，SCHD的市盈率通常保持在一个收敛的范围内。与此同时，标准普尔500指数的市盈率持续上升。
SCHD stock is currently trading within its usual range, at a discount of about 25% compared to the S&P 500 when looking at its price-to-earnings ratio. One might then automatically assume that the stock is no longer a good investment opportunity, and that its price has risen excessively. But that's not true. Why? Okay, take a look at this article I wrote for Seeking Alpha at the beginning of 2026. One of the things I referred to in this article is the SCHD methodology. It is very important to understand this methodology . Why? Because it indicates that the fund revalues the stocks in its portfolio annually. After some initial sorting, you will notice that the stocks are ranked by their declared annual dividend yield, and that only the top 50% are eligible for selection. Think about what that means. If you are selecting stocks with the highest annual returns after initial screening , it most likely means that over the past year, firstly, your dividends have increased, and secondly, your stock price has also decreased, usually due to a decrease in the price-to-earnings ratio. Therefore, by selecting the stocks with the highest return, we automatically get an annual revaluation. The price-to-earnings ratio decreases annually. For this reason, SCHD's price-to-earnings ratio typically remains within a converging range. Meanwhile, the price-to-earnings ratio for the Standard & Poor's 500 continued to rise.
看看基于价格与现金流比率的差异：SCHD折价43%。基于价格与账面价值比率，折价31%。然而，当看股本回报率（盈利能力的关键指标）时，SCHD仅比标准普尔500指数折价8%。考虑到根据各种估值标准，它正以大幅折价交易，8%的折价并不显著。
Just look at the difference based on the price- to-cash-flow ratio: a 43% discount for SCHD. Based on the price-to- book ratio, a discount of 31%. However, when looking at return on equity, a key measure of profitability, SCHD is trading at only an 8% discount to the S&P 500. An 8% discount is not significant when considering that it is trading at a substantial discount according to various valuation criteria.
那么，我想说什么？我想说的是，SCHD是一个极好的多元化工具，不仅因为它不过度依赖科技行业，还因为它在投资组合中内置了自动年度重新估值。这使它成为像我这样在人工智能和半导体领域有大量投资的人的绝佳对冲工具，这无疑是我个人投资组合的主要受益者，拥有这类SCHD投资让我完全安心。
从历史上看，它显然实现了令人印象深刻的总回报和卓越的股息增长。所以，这是对我个人投资组合的快速更新，我正在增加资金，以及为什么我仍然对我的SCHD投资非常满意。
So, what am I trying to say? Well, what I'm trying to say is that SCHD is an excellent diversification tool, not only because it's not heavily reliant on the technology sector, but also because it gets an automatic annual revaluation built into the portfolio. This makes it a great hedging tool for people like me who have large investments in artificial intelligence and semiconductors, which has undoubtedly been a major beneficiary of my personal investment portfolio, and having this type of investment in SCHD gives me complete peace of mind. Historically, it has clearly achieved impressive overall returns and exceptional dividend growth. So , this is a quick update to my personal investment portfolio , where I'm adding capital, and why I'm still very happy with my SCHD investments.
这个频道对 $SCHD 的历次判断
Dividendology 在这只股票上共 3 条判断，这里只列相邻的几条。