SPYD Dividend Income Breakdown: Which Holdings Contribute the Most?

Introduction

SPYD, the State Street SPDR Portfolio S&P 500 High Dividend ETF, has a 4.35% dividend yield, 78 holdings, and a 0.07% expense ratio as of October 22, 2026. But a fund's headline yield doesn't explain where its dividend income comes from. This interactive allocation tree examines 20 selected SPYD holdings, representing 29.85% of the portfolio, and compares their allocation weights with their estimated contributions to total ETF dividend income. The visualization highlights an important distinction: the largest holdings are not necessarily the largest income contributors, and relatively small positions can generate disproportionately large shares of dividend income.

Key insights

• Consumer Staples Leads the Displayed Sectors

  Consumer staples represents 5.62% of SPYD's portfolio through the four displayed holdings, contributing an estimated 5.36% of total ETF dividend income. Altria (MO) is particularly notable. Despite accounting for just 1.36% of portfolio weight, its 5.96% indicated dividend yield translates into an estimated 1.86% of the ETF's income. Kenvue (KVUE), Target (TGT), and J.M. Smucker (SJM) provide additional income contributions within the sector. Consumer staples has the largest combined portfolio weight and estimated income contribution among the sectors represented in this visualization.

• Pfizer and Altria Generate More Income Than Their Weights Suggest

  Pfizer (PFE) is the largest estimated income contributor among the 20 displayed holdings. With a portfolio weight of 1.58% and an indicated dividend yield of 5.73%, Pfizer contributes approximately 2.08% of SPYD's estimated dividend income. Altria follows with a 1.86% income contribution from just 1.36% portfolio weight. Amcor (AMCR) provides another example, contributing an estimated 1.79% of income despite representing only 1.38% of the portfolio. These holdings demonstrate how relatively modest allocations can contribute disproportionately to an ETF's dividend income when their individual yields exceed the fund's overall yield.

• Energy and Technology Contribute Less Income Relative to Their Portfolio Weights

  The three displayed energy holdings—Chevron (CVX), EOG Resources (EOG), and Kinder Morgan (KMI)—represent 4.25% of SPYD's portfolio but contribute approximately 2.93% of estimated dividend income. Information technology shows a similar pattern. Accenture (ACN) and HP Inc. (HPQ) collectively represent 4.10% of portfolio weight while contributing an estimated 2.91% of income. Accenture is the largest individual holding in the visualization at 2.37% portfolio weight, yet its 2.74% indicated dividend yield results in an estimated income contribution of 1.49%. This illustrates why portfolio allocation alone cannot fully describe an ETF's income composition.

• Materials Produces an Outsized Share of Estimated Income

  The materials sector offers a contrasting example. Amcor (AMCR) and LyondellBasell (LYB) together represent 2.73% of SPYD's portfolio but contribute an estimated 3.08% of total dividend income. Amcor's 5.64% indicated dividend yield is a major contributor to this difference. Among the displayed sectors, materials is the clearest example of estimated income contribution exceeding combined portfolio weight.

• The Selected Holdings Represent Less Than One-Third of SPYD

  The 20 holdings included in this visualization account for 29.85% of SPYD's portfolio weight and approximately 25.70% of its estimated dividend income. That leaves 70.15% of portfolio weight outside the displayed subset. The chart therefore provides a focused look at selected holdings rather than a complete representation of all 78 positions. The difference between weight coverage and estimated income coverage also reinforces why investors should examine both allocation and income contribution when interpreting dividend ETF holdings.

Methodology

This ETF Allocation Tree uses SPYD holdings data dated October 22, 2026. The visualization includes 20 selected holdings from the fund's declared total of 78, grouped by sector. Each holding displays its portfolio weight, indicated annual dividend yield, and estimated contribution to the ETF's overall dividend income. Estimated income contribution is calculated as: Estimated income contribution (%) = Holding portfolio weight (%) × Holding dividend yield (%) ÷ ETF dividend yield (%) SPYD's stated dividend yield of 4.35% is used as the denominator. Sector-level values are calculated by aggregating the portfolio weights and estimated income contributions of the included holdings within each sector. These calculations are estimates, not actual cash distributions received by the ETF. Differences in dividend timing, yield measurement periods, and changes in holdings may affect realized income. The visualization does not measure dividend growth, dividend sustainability, or total investment return. Holdings, portfolio weights, and dividend yields can change over time.

Related links

• Blog article
• YouTube video