SCPI vs. High Dividend ETFs: Advantages and Disadvantages

Both SCPIs and high-dividend ETFs offer the potential to generate passive income. But which should you choose? In this article, "SCPIs vs. High-Dividend ETFs: Advantages and Disadvantages," we compare several criteria to determine which is most advantageous for an investor.

⚠️This article is based on my research and personal experience. Its purpose is to share information and explain the topic in simple terms, not to provide investment advice. Investing involves risks, including the risk of losing some or all of your capital. Past performance is not indicative of future results. Before investing, do your own research and, if necessary, seek professional advice.

Comparing a SCPI and a high-dividend ETF: which investment should you choose?

Investors seeking passive income often hesitate between two solutions: SCPI and the High Dividend ETFs.

These two investments allow you to receive regular passive income without having to directly manage real estate or a stock portfolio..

However, they operate very differently. SCPIs are based on real estate, while dividend ETFs invest in hundreds of publicly traded companies. Therefore, their returns, risks, taxes, and fees are not the same.

So, which one should we choose?

In this article, we will compare these two investments according to several criteria: historical performance, diversification, volatility, taxation in Switzerland, fees and ease of management.

The goal is not to designate an absolute winner, but to help you choose the investment that best suits your objectives.

What is a SCPI?

A SCPI (Société Civile de Placement Immobilier) is often nicknamed rock-paper. Instead of buying an apartment or building directly, you buy shares in a company that owns a real estate portfolio (that is, with several properties).

In practical terms, when you invest in a SCPI, you buy shares of a company which owns and manages a real estate portfolio consisting of numerous properties.

Depending on the SCPI you buy, it could be offices, shops, logistics warehouses, clinics, hotels, or even housing. Indeed, your SCPI can invest in a single real estate sector or be diversified across several sectors.

If you buy a SCPI (real estate investment trust), you become a shareholder in that company; you don't become the owner of a specific property. In reality, you hold a fraction of the total real estate assets of the SCPI, just like other investors.

The rents collected on these properties are then pooled, management fees are deducted, and the remaining income is then redistributed to the partners (that is, you) in the form of rental income, usually monthly or quarterly depending on the SCPI.

In other words, a SCPI allows you to benefit from real estate income while letting the management company take care of all the administrative tasks: purchasing properties, finding tenants, maintaining buildings, collecting rents and managing any unpaid rent.

Note that the SCPI company takes care of everything:

• the purchase of buildings
• tenant search
• administrative management
• the work and maintenance
• the redistribution of rents

In return, it charges management fees.

By becoming a partner in a SCPI (Société Civile de Placement Immobilier), you receive a share of the rents collected by the entire real estate portfolio. You therefore invest indirectly in several properties with a single purchase.

According to the SCPI (French real estate investment trust), the assets can be very varied:

• offices
• shops
• healthcare facilities
• logistics warehouses
• hotels
• student residences

Regarding geographical diversification, some SCPIs invest only in France, while others are present in several European countries.

The main advantage for the SCPI client is simplicity. You benefit from real estate income without having to manage tenants, carry out work or search for a new lease.

However, SCPIs also have some limitations: often high fees, sometimes complex taxation, and lower liquidity than the financial markets. We will return to this point later.

What is a high dividend ETF?

An ETF (Exchange Traded Fund) is a fund listed on a stock exchange that replicates an index.

Unlike a traditional stock, an ETF allows you to invest in several hundred, or even several thousand, companies in a single transaction.

A high-dividend ETF tracks an index composed of companies selected for their high dividends. When some companies no longer meet the criteria or others become more attractive, the index is updated and the ETF automatically adjusts its portfolio.

As a result, the investor owns a stake in numerous companies known for paying good dividends, with a selection regularly updated by the fund.

Some of the best-known high-dividend ETFs include:

• Vanguard High Dividend Yield ETF (VYM)*, focused on large American companies

• Vanguard FTSE All-World High Dividend Yield (VHYL)*, which invests in high-dividend companies spread across the world.

By purchasing a single share of one of these ETFs, you indirectly become an owner of hundreds or thousands of companies operating in numerous sectors:

• health
• technology
• energy
• consumption
• finance
• industry
• real estate

Unlike SCPIs, these ETFs offer better geographical and sector diversification, and low management costs.

For example, it's possible to buy a global ETF with thousands of multi-sector stocks that pay high dividends every three months, for less than 0.5% per year in fees. This diversification and its associated fees are not currently possible with a SCPI (French real estate investment trust).

The dividends are then redistributed to investors by the fund, usually every quarter.

A concrete example

Let's take two investors who each have approximately 1 000 €.

• The first one decides to invest in a SCPI (real estate investment trust).

With this sum, he becomes a co-owner of a real estate portfolio consisting of, for example, offices, shops and warehouses spread across several European countries.

If this SCPI distributes an annual return of 7%, he will receive approximately €70 of income over one year (excluding taxes).

• The second investor chooses a global high-dividend ETF, such as the ETF VHYL For example.

With the same amount, he indirectly becomes the owner of more than two thousand companies in several economic sectors spread across several continents.

If the dividend yield is 3,5 %, he will receive approximately €35 in dividends over the year.

At first glance, SCPIs seem much more attractive since they pay out higher income, but this comparison is incomplete. We will analyze this topic later in this article.

Why choose a SCPI or a dividend ETF?

Both investments follow a similar logic: generate passive income, with rather high returns and very little management.

They are particularly suitable for investors who wish to:

• supplementing their income (or salary)
• to gradually build a steady income
• diversify their assets
• avoid managing a property directly

All this, by spending only a few minutes a month managing your investment.

SCPI vs. High Dividend ETF

On the other hand, a SCPI or a high-dividend ETF does not pursue the same financial objective.

Real estate investment trusts (REITs) are often preferred by people who are primarily looking for regular and immediate income, with relatively low volatility.

High dividend ETFs are more appealing to investors looking to combine a diversified investment, high dividends and long-term capital growth.

We will compare the investments later in this article.

Summary: SCPI or dividend-paying ETF

Before going into detail, here is a summary of the main criteria.

Criteria	Winner
Best Historical Gross Yield	High Dividend ETFs
Estimated Historical Best Net Return	Some high-dividend ETFs
Better distribution of income or dividends	SCPI
Better Diversification	High Dividend ETFs (multi-sector and multi-country)
Simplicity of investment and passive management	Equality
Lowest initial investment amount	High Dividend ETFs (and some SCPIs)
Management time required per month	Equality
The investment with the lowest volatility	SCPI
More Frequent Payments	Some SCPIs (monthly)
Better Capital Growth	High Dividend ETFs
Better Taxation in Switzerland	High Dividend ETFs
Lower Costs	High Dividend ETFs
The least penalized if the investor sells their investment	High Dividend ETFs

In summary:

• SCPIs are generally better for obtaining a stable and high real estate income.

• High-dividend ETFs are generally better for growing your wealth over the long term., by receiving good dividends every 3 months.

Let's see why.

Which investment offers the best historical return?

To properly compare these two investments, we need to analyze the total return:

Total return = distributed income + change in investment value

An investment can distribute a lot of income but have low capital growth. Conversely, an investment can distribute less income but appreciate more over time.

Historical performance of SCPIs

SCPI returns vary greatly depending on the period and the management company.

Historically, the best SCPIs have been able to offer gross annual returns of around 6 to 81%. However, the market average is generally closer to 4 to 6% annually.

For this comparison, we will therefore use an assumption of approximately 7%-8% annual gross for a high-performing SCPI. Some SCPIs, like Remake Live* or Iroko Zen* for example, have shown a return close to this level in recent years (2022-2025).

Historical performance of high-dividend ETFs

To compare ETFs, let's take two popular examples:

• VYM : High dividend US stock ETF.
• VHYL : Global equity ETF with high dividends.

Over the period 2014-2024:

• VYM: approximately 9.7 % annualized gross
• VHYL: approximately 6.7 % annualized gross

Thus, regarding this historical period:

1. VYM achieved the best performance of the three placements.
2. VHYL and a high-performing SCPI achieved similar results.

A concrete example with $10,000 invested over 10 years

If an investor had invested $10,000 in each investment, here is the return on each investment after 10 years:

Invest	Gross annual yield	Value after 10 years
VYM	9,7 %	Approximately USD 25,238
VHYL	6,7 %	Approximately USD 19,100
SCPI (hypothesis 7 %)	7 %	Approximately USD 19,700

Conclusion: Regarding historical gross return, the advantage lies with high-dividend ETFs, particularly VYM.

Which investment is the most diversified?

Diversification helps to reduce the risk associated with a single investment.

SCPI

A SCPI (Société Civile de Placement Immobilier) allows you to indirectly own several real estate properties:

• offices
• shops
• logistics warehouses
• healthcare facilities
• residential buildings

Depending on the chosen SCPI, the assets may be spread across several cities or several European countries.

However, The diversification is concentrated on a single sector: real estate.

High Dividend ETFs

A high-dividend ETF allows you to invest in hundreds or thousands of companies across multiple sectors. For example:

For example :

• pharmaceutical companies
• banks
• consumer businesses
• real estate
• energy companies

The investor is therefore exposed to several economic sectors, and generally to a wider geographical area, allowing for broad diversification.

In summary:

Investment	Approximate number of assets	Geographic area
Diversified SCPI	Several dozen buildings	Mainly Europe
VYM	Approximately 580 multi-sectoral actions	UNITED STATES
VHYL	Approximately 2,200 multi-sectoral actions	Whole world

The VHYL ETF therefore offers the greatest geographical diversification.

Conclusion: advantage to high dividend ETFs, particularly VHYL.

Which investment is safer: SCPI or high-dividend ETF?

Before comparing the security of these two investments, it is important to remember a fundamental rule:

No investment is without risk.

A SCPI, like a high-dividend ETF, can lose value. However, the risk of total loss is limited thanks to diversification.

Risk of a SCPI

By investing in a SCPI, the investor indirectly owns a part of several real estate properties.

The risk is therefore spread between different buildings and different tenants.

The main risks are:

• decline in the value of real estate
• rent reductions
• tenants' financial difficulties
• problems related to the real estate market

However, diversifying money across multiple real estate assets reduces the risk.

Risk of a high-dividend ETF

With a high dividend ETF, the investor owns a fraction of hundreds or thousands of companies.

The main risks are:

• stock market decline
• dividend reduction
• economic crisis affecting businesses

However, owning hundreds or thousands of companies, working in different financial sectors, helps to stabilize risk.

Conclusion: The risk of bankruptcy is lower with a diversified, multi-sector dividend ETF. However, no investment is without risk of losing money.

Which investment is the least volatile: SCPI or high-dividend ETF?

Regarding this subject, there is a big difference.

• A SCPI (real estate investment trust) is not very volatile, but has little growth.
• An equity ETF is generally very volatile, but with good growth potential.

For example, during certain stock market corrections, a high-dividend ETF can lose several percent in a few weeks, whereas the value of a SCPI is historically more stable.

Conclusion: SCPIs offer greater price stability.

Which investment is the most passive?

On this point, SCPIs and high-dividend ETFs are very similar.

In both cases, the management time is only a few minutes per month.

Conclusion: SCPI and high-dividend ETFs are equal.

Which investment is the easiest to buy?

Today, both solutions are relatively accessible.

High Dividend ETFs

To buy an ETF, you generally just need to:

1. to open an account with a broker
2. to select the chosen ETF
3. to make the purchase

SCPI

To invest in a SCPI, you generally need to go through a specialized platform or a management company.

The procedure has also become much simpler than before.

However, a dividend ETF typically costs between $20 and $200 USD, while a SCPI (real estate investment trust) costs between €100 and €5,000 EUR. Dividend ETFs are generally more accessible.

Conclusion: High dividend ETFs are simpler for smaller budgets.

Which investment provides the best immediate returns?

This is probably the main advantage of SCPIs.

A SCPI redistributes the fairly high rents from the buildings it owns.

Invest	Approximate annual distribution
Diversified and high-performing SCPI	Approximately 6-7 %
VHYL	Approximately 3.9 % in dividends
VYM	Approximately 2.8 % in dividends

Thus, for an investor who is primarily looking for immediate income, SCPIs are generally more attractive.

Example with 100,000 CHF invested

Let's take a simple example. With 100,000 CHF invested:

• A SCPI distributing 6% could generate approximately CHF 6,000 per year
• An ETF distributing 3.5% could generate approximately CHF 3,500 per year

However, it's important to remember that the dividend yield isn't the only important factor. In fact, an investment that pays out less in dividends can sometimes generate more wealth through appreciation.

Conclusion: SCPI has the advantage in terms of distributed income.

Which investment pays out income more frequently?

The frequency of payments can be important for investors who wish to create a steady income.

SCPI

Some SCPIs typically distribute income:

• monthly (every month)
• quarterly (every 3 months)

High Dividend ETFs

Most ETFs generally distribute dividends:

• quarterly (every 3 months)

Conclusion: some SCPIs have an advantage, as some SCPIs distribute rents every month.

Which investment is best for growing your capital?

One point often overlooked is the difference between:

• distributed income
• the growth in the value of the investment

An investor can receive high returns but see little growth in their capital. Conversely, an ETF can distribute fewer dividends but increase more in value.

Taking the period 2015-2024 as an example:

Invest	Growth excluding rents or dividends
VYM	Approximately 6.9 % annually
VHYL	Approximately 2.8 % annually
SCPI	Approximately 1 % annually

If we combine growth and revenue received for the same period, here is the estimated total annualized return:

Invest	Growth excluding revenue	Dividends or rents received	TOTAL
VYM	6,9 %	2,8 %	9,7 %
VHYL	2,8 %	3,9 %	6,7%
SCPI	1 %	6%	7 %

During this period:

1. VYM experienced the best capital growth.
2. VHYL and SCPI achieved similar overall growth, but less than VYM

Conclusion: advantage to high dividend ETFs, particularly VYM.

Which solution is the most tax-efficient in Switzerland?

Taxation is a very important factor for a Swiss investor.

High Dividend ETFs

The taxation of an ETF is relatively simple:

• The growth of private equity is taxed very little.
• Dividends received are taxable at approximately 15% (after tax return).

For an ETF like VHYL:

• Dividends of approximately 3.9% + historical average growth

For VYM:

• Dividends of approximately 2.8% + rather high growth

In truth, the‘'ETF VYM is taxed less than ETF VHYL, because VYM has experienced greater growth and paid less dividends than VHYL, which is advantageous for the investor in terms of taxation.

SCPI

The taxation of SCPIs is much more complex. It depends in particular on:

• of the country where the buildings are located
• of the investor's country of tax residence
• international tax treaties.

An investor may sometimes have to carry out tax procedures in several countries.

Real estate income can therefore be more difficult to declare. Furthermore, SCPIs (real estate investment trusts) are often highly taxable due to the high rents they receive.

Generally, SCPI income is taxed at a rate ranging from 15% to 451%, depending on the SCPI. This taxation has a significant impact on the final return.

Example: High-dividend ETF vs. SCPI

With a high-dividend ETF:

• The investor receives CHF 3,000 in dividends per year (yield of 3 %)
• These dividends are generally taxed at 15%
• The value of the ETF has historically increased over time.

Let's assume that after 10 years, the ETF has doubled in value thanks to the growth of the companies.

The investor will therefore have benefited from a large increase in capital with very little tax liability, while only paying taxes on the dividends received.

With a SCPI (real estate investment trust):

• For example, the investor receives CHF 7,000 in rent per year (yield of 7 %); ;
• These property incomes are taxed annually (between 15 and 45% depending on the country)
• Growth in share value is more limited.

In this case, the investor receives more income immediately, but also a larger portion of the return is taxed each year.

Concrete example: 100,000 CHF invested over one year

Let's imagine two Swiss investors who each invest 100,000 CHF:

• Investor A: High dividend ETF with a significant portion of the return coming from capital growth.

• Investor B: SCPI with a high distribution of real estate income.

	High Dividend ETFs	SCPI
Capital invested	100,000 CHF	100,000 CHF
Total annual yield	8 %	8 %
Distributed income	3 % (3,000 CHF)	7 % (7,000 CHF)
Value growth	5 % (5,000 CHF)	1 % (1,000 CHF)
Taxable amount	3,000 CHF	7,000 CHF
Taxes	-450 CHF (15%)	-1,960 CHF (28%)
Total Return After Taxes	CHF 7,550	5,040 CHF

This example is simplified to show how taxation works. However, the actual tax burden varies depending on the investor's personal circumstances, canton of residence, and type of investment.

In this example, both investments generate the same total return of 8 %. However, the taxation is different:

• With the ETF, only a small part of the return is distributed as dividends and therefore taxed immediately at 15%.

• With SCPI, a large part of the return comes from rents, which are heavily taxed each year (28% in this example).

The difference may seem small in a single year, but in 10 years, in this example, we are talking about a difference of more than 25,000 CHF in taxes.

Not to mention, an ETF tends to grow more than a SCPI over the long term, this stock market growth allows you to pay very little tax (in Switzerland).

This is why a Swiss investor prefers an investment focused on capital growth and less focused on distributed income, because it is much more tax-efficient.

Conclusion: High dividend ETFs offer an advantage for a Swiss resident.

Over a long period, this tax difference can have a significant impact on wealth growth.

Which investment has the lowest fees?

Fees have a significant impact on the final return.

High Dividend ETFs

The main costs are:

• ETF management fees (TER)
• broker fees.

In terms of TER (fund management fees), it is currently:

• VYM: approximately 0.06 % annual fees
• VHYL: approximately 0.29 % of annual fees.

With an affordable broker and by optimizing transaction costs, the total cost is approximately:

	TER cost	Cost of the economic broker (estimated)	Estimated total annual cost
VYM	0,06%	0,40 %	0,46%
VHYL	0,29%	0,40%	0,69%

SCPI

Real estate investment trusts (REITs) have several types of fees. It is important to understand them, as they can significantly reduce the return on investment.

1. Subscription fees

When you buy shares in a SCPI (real estate investment trust), there may be subscription fees. These are often between 8 % and 12 %.

Let's imagine you invest 10 000 € in a SCPI with 10 % subscription fees.

This means that part of your investment, approximately 1 000 €, This corresponds to the subscription fees. To simplify, approximately 9 000 € then correspond to the actual value invested in the shares.

These fees are important to consider, because if you sell your shares quickly, the value of your investment may be less than your initial amount.

This is one of the reasons why SCPIs are generally better suited to long-term investment.

2. Management fees

The SCPI must manage the buildings, find tenants, collect rents and maintain its assets.

To do this, it charges management fees, often around 8 % to 12 % of rents collected.

For example, if a SCPI receives €10,000 in rent, it could deduct approximately €1,000 in management fees with a rate of 10 %.

3. Other expenses

There may also be costs associated with the purchase of buildings, transactions, administration or asset management.

How much does it actually cost?

It's difficult to give an average percentage for fees, as they vary considerably from one SCPI to another. However, based on my estimates, taking into account all the SCPIs analyzed, I anticipate approximately 1.51 TP3T in fees per year for SCPIs, not including taxes, which are often high.

In summary, a SCPI (French real estate investment trust) almost always has higher fees than an ETF (French ETF), because a SCPI cannot have total fees below 0.70%. In the long term, these fees reduce returns.

Conclusion: High dividend ETFs have an advantage in terms of fees.

Fees and taxes, the two enemies of SCPIs

If you have read this article carefully, you are beginning to understand how SCPIs actually work.

A SCPI can show a return of 7 %, but that does not mean that the investor will actually keep 7 % in his pocket.

In particular, the following must be taken into account:

• distributed income
• the potential growth in the value of the shares
• the costs
• taxes

Let's take a simple example.

Let's imagine you invest 100 000 € in a SCPI.

The SCPI generates:

• 7 % of rents, or €7,000
• 1 % of share value growth, or €1,000
• 1.5 % of fees, that's about €1,500
• 28 % of taxes on the €7,000 received from rents, amounting to €1,960.

Here is the result:

	Amount	Yield
Rents received	+7 000 €	+7 %
Value growth	+1 000 €	+1 %
Costs	-1 500 €	-1,5 %
Rental income tax at 28%	-1 960 €	-1,9 %
Estimated final yield	+4 540 €	+4,6 %

In this example, the SCPI therefore shows a gross return of 8 % (7 % of rents + 1 % of growth), but the investor ultimately retains only about 4,6 % after fees and taxes.

This shows why it is important not to look solely at the return displayed by a SCPI.

A high gross return does not necessarily mean a high net return.

Of course, this example is intentionally simplified. The actual taxation of a SCPI depends in particular on the country where the properties are located, the investor's tax situation and any mechanisms that allow for the avoidance of double taxation.

Conclusion: SCPI or high-dividend ETF?

The answer depends primarily on the investor's objective.

The SCPI for:

• obtain a high rental income
• to receive immediate regular income
• reduce portfolio volatility

High-dividend ETFs for:

• maximize wealth growth over the long term
• benefit from strong diversification
• receive good dividends every 3 months
• simplify and very often optimize taxation
• Invest with very low fees

My opinion

I don't consider high-dividend ETFs or SCPIs (French real estate investment trusts) to be top-tier investments, as growth ETFs seem better suited to my needs. That said, a dividend ETF or an SCPI can be useful for diversifying one's financial portfolio.

For a Swiss resident seeking a simple investment with good dividends and good long-term growth potential, high-dividend ETFs are often more beneficial.

In my analysis, the VYM ETF currently offers the best historical compromise between yield, simplicity and taxation.

The VHYL ETF also remains attractive for investors who want global exposure and good dividends, but has not delivered a very high total return over 10 years.

Real estate investment trusts (REITs) are very attractive for generating significant monthly rental income with low volatility. However, this type of investment also sees its returns drastically reduced due to taxes and fees.

In summary, in my opinion, here is my investment order:

1. Growth ETF (example: S&P 500 ETF)
2. High-dividend US ETFs, with average dividends and good growth potential (example: VYM)
3. Global high-dividend ETF with high dividends (example: VHYL)
4. SCPI with a good historical performance and good European diversification (Example: Remake Life)

Note that it is also possible to buy several investments in order to diversify financial assets.

FAQ: High-dividend SCPI or ETF?

Is a SCPI more profitable than a high-dividend ETF?

Not necessarily. Real estate investment trusts (REITs) can offer higher returns, but high-dividend ETFs have historically delivered better capital growth. Therefore, a comparison must be made. total return after fees and taxes, and not just the distributed income.

What is the best choice for a Swiss investor?

For a Swiss investor primarily seeking long-term wealth growth, a High-dividend ETFs may be more attractive than a SCPI thanks to its diversification, its generally lower fees and often simpler taxation.

Why invest in a SCPI?

The main strength of a SCPI is its ability to receive regular rental income without having to directly manage buildings or tenants. It can therefore be attractive to an investor primarily seeking rental income.

What is the main advantage of a high-dividend ETF?

An ETF allows you to invest in a single transaction. hundreds or thousands of companies. It therefore offers significant diversification and allows investors to benefit from both dividends and the potential growth in share value.

High-dividend SCPI or ETF: which to choose?

There is no single, universal answer. If your main goal is to generate a high income, A SCPI (real estate investment trust) could be an interesting option. If your goal is more to grow your wealth over the long term, A high-dividend ETF might be more suitable.

In all cases, it is important to compare the yield net after taxes and expenses, and not just the displayed yield.

Comparing a SCPI vs. a high-dividend ETF: Which investment to choose?

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Comparing a SCPI vs. a high-dividend ETF: Which investment to choose?

Comparing a SCPI vs. a high-dividend ETF: Which investment to choose?