Yet the fund was built for a world of falling or stable long rates, and that world is under pressure. Fidelity offers a dividend fund engineered for the environment SCHD tends to struggle in. A bond-like equity trading on its dividend yield has to offer a higher yield when the risk-free rate rises, and the only way to do that quickly is through a lower price. Has the Design Actually WorkedOn August 7, 2026, FDRR closed at $69.86, up 15.91% year-to-date and 28.54% over the trailing year. The Real TradeoffsA dividend fund with a growth stock’s beta is what FDRR amounts to.