FDX vs VYM: Correlation
How closely do FedEx (FDX) and Vanguard High Dividend Yield ETF (VYM) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and VYM?
On 3 years of weekly data the FDX/VYM correlation comes out at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.56). The 5-year figure is 0.50, and annualized covariance runs at 211.5 %².
By 3-year correlation, VYM places #5 of the 36 assets tracked against FDX. Correlation aside, the last 12 months split them widely, with FDX ahead by 59.5 points (+80.6% versus +21.1%). Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.75. Note the risk asymmetry: FDX runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FDX vs VYM: side by side
| FDX (FedEx) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +80.6% | +21.1% |
| 5-year return | +71.0% | +76.6% |
| Volatility (ann.) | 30.7% | 12.3% |
| Beta vs S&P 500 | 0.89 | 0.69 |
| Max drawdown (3Y) | -35.9% | -14.5% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 2.24% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $99.2B |
| Sector / category | Industrials | ETF · Dividend |
VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Year-by-year returns
| Year | FDX | VYM |
|---|---|---|
| 2022 | -31.6% | -0.4% |
| 2023 | +49.1% | +6.6% |
| 2024 | +13.5% | +17.6% |
| 2025 | +5.1% | +15.4% |
| 2026 | +43.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that VYM holds FDX at a 0.27% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FDX and VYM good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FDX and VYM?
As of 2026-08-27, the correlation of weekly returns between FDX and VYM is 0.56 over 3 years, 0.69 over 1 year and 0.50 over 5 years.
Is VYM a good diversifier for FDX?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FDX correlations · VYM correlations
