During a stock market crash, ETFs are generally more reliable.

Especially high-dividend ETFs.

1. Complementary stock selection logic： SCHD selects leading companies with "high quality + continuous dividends," while VYM selects targets with "high dividend yield + full market coverage." Their overlap is only about 30%. Holding both simultaneously can cover both "quality-type" and "high-yield-type" high-dividend assets.

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2. Complementary industry structure： SCHD has a higher proportion of technology and consumer sectors, giving it stronger growth attributes. VYM has a higher proportion of financial and energy sectors, giving it stronger cyclical/defensive attributes. The combination can smooth out volatility from a single sector.

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3. Complementary risk and return： SCHD has lower volatility and more stable long-term returns. VYM has a slightly higher dividend yield and stronger cyclical elasticity. The combination achieves a balance between "stable returns" and "high dividends."