SCHG vs MGK: Which ETF Is Better in 2026?

The label is the same; the portfolio is not. Their top holdings overlap about 62% by weight (10 shared names: MSFT, AAPL, NVDA, AMZN, META, GOOGL). That is real overlap, but each still tilts differently, so the two are genuinely different bets under one label.

Overlap reflects top holdings by weight (an approximation of full-fund overlap), as of early 2026. Verify full holdings with each issuer.

SCHG tracks Dow Jones US Large-Cap Growth Total Stock Market, and MGK tracks CRSP US Mega Cap Growth. Because they follow different benchmarks, the two funds screen and weight their holdings differently, and that is what produces any gap in exposure, concentration, and return between them.

On construction, SCHG is growth-screened (a factor tilt) and MGK is growth-screened (a factor tilt). They share a weighting approach, so any difference comes from the underlying index rather than the method.

So the funds cover similar ground under different rules. Read the holdings overlap above alongside the methodology here to see how much of the difference is real exposure versus labeling.

SCHG is the cheaper fund at 0.04% versus 0.07%, a gap of about $3 a year on a $10,000 holding. When two funds track the same or a very similar index, that fee gap is close to pure savings: it compounds into roughly $90 of fees avoided over 30 years on that $10,000 (more as the balance grows), with essentially no change in what you own.

On scale, SCHG holds about ~$45 billion and MGK about ~$25 billion. Larger funds generally trade at tighter bid-ask spreads and carry deeper options markets, which matters if you trade actively or in size; for buy-and-hold investors it rarely changes the outcome. MGK currently pays the higher dividend yield (~0.5% versus ~0.4%), which shifts more of its return into cash today.

MGK concentrates more weight in its largest holdings (top three about 37%), so it suits an investor who wants the theme expressed through its biggest winners and can tolerate more single-name risk. SCHG spreads weight more evenly (top three about 34%), which suits an investor who wants the same theme with less dependence on any one company. Match the fund to how much concentration you actually want.

These are descriptive profiles, not recommendations. What fits you depends on your goals, horizon, and what you already own. Walnut is not an investment adviser.

The overlap that decides most ETF purchases is not between SCHG and MGK, it is with what you already hold. ETF redundancy is invisible without looking through to the underlying holdings: you can already own most of SCHG inside a broad fund like an S&P 500 or total-market ETF and not realize it.

This is the part a generic comparison cannot answer, because it depends on your account. Connect your brokerage and Walnut looks through your funds to show your real, combined exposure, flags how much of SCHG or MGK you already own elsewhere, and tells you whether adding either just buys the same companies twice, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Tracks the Dow Jones US Large-Cap Growth Total Stock Market Index, the growth half of the US large-cap market. Heavily weighted toward technology and consumer growth names, with meaningful overlap with VUG, VOO, and QQQ. A low-cost growth style tilt rather than a broad-market core. Verify current figures on the issuer's site.

Full SCHG guide

Tracks the CRSP US Mega Cap Growth Index, holding only the very largest US growth companies. More concentrated in mega-cap technology than VUG, with heavy overlap with the top of VOO and QQQ. A focused growth style tilt rather than a broad-market core. Verify current figures on the issuer's site.

Full MGK guide

This is a choice of which bet you are making. If you want the theme concentrated in its biggest winners, the more top-heavy fund suits you; if you want the theme spread more evenly so no single name dominates, the more diversified one fits. Match the construction to your conviction, then check overlap with what you already own.

For the full detail, see the SCHG and MGK guides.

Approximate as of early 2026; verify with each issuer.

Schwab competes hard on cost, often matching Vanguard. Vanguard is investor-owned and known for rock-bottom fees.

SCHG and MGK share a theme but are built differently (about 62% overlap by weight), so pick the construction that matches your conviction. Either way, the decisive check is overlap with your real portfolio. Walnut can show that before you buy. It is not an investment adviser.

Both funds lean on MSFT, so understanding that one company explains a lot of what drives either ETF.