SPYV vs VYM: Correlation & Overlap
SPDR Portfolio S&P 500 Value ETF (SPYV) and Vanguard High Dividend Yield ETF (VYM) show a very strong relationship: their 3-year correlation of weekly returns is 0.95. Looking through to holdings, 56.7% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPYV and VYM?
Across a 3-year window, the weekly returns of SPYV and VYM correlate at 0.95, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Stretching to 5 years gives 0.96, with an annualized covariance of 141.7 %².
Within SPYV's tracked universe of 148 assets, VYM comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.5% for SPYV and +21.1% for VYM. The rolling one-year correlation stayed in a tight band between 0.88 and 0.98 over the past three years, which points to a structural rather than episodic relationship.
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.
SPYV vs VYM: side by side
| SPYV (SPDR Portfolio S&P 500 Value ETF) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +18.5% | +21.1% |
| 5-year return | +73.5% | +76.6% |
| Volatility (ann.) | 12.1% | 12.3% |
| Beta vs S&P 500 | 0.70 | 0.69 |
| Max drawdown (3Y) | -17.5% | -14.5% |
| Dividend yield | 1.69% | 2.24% |
| Expense ratio | 0.04% | 0.04% |
| Assets under management | $36.2B | $99.2B |
| Sector / category | ETF · US Style | ETF · Dividend |
On the fund side, SPYV sits in the Large Value category at State Street Investment Management, with $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield. VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Portfolio overlap between SPYV and VYM
The two portfolios overlap heavily: 56.7% of the funds' weight sits in the same underlying holdings (245 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in SPYV | Weight in VYM |
|---|---|---|
| XOM | 2.16% | 2.63% |
| BAC | 1.34% | 1.67% |
| MRK | 1.25% | 1.31% |
| CVX | 1.23% | 1.49% |
| UNH | 1.20% | 1.52% |
| PG | 1.11% | 1.37% |
| HD | 1.10% | 1.35% |
| JPM | 1.01% | 3.83% |
| JNJ | 0.88% | 2.51% |
| WFC | 0.86% | 1.08% |
| ABBV | 0.83% | 1.81% |
| TXN | 0.78% | 1.02% |
| C | 0.75% | 0.89% |
| LIN | 0.75% | 0.90% |
| VZ | 0.69% | 0.80% |
Largest positions held only by SPYV: AAPL (7.58%), AMZN (3.95%), WMT (1.51%), INTC (1.44%), COST (1.40%). Only by VYM: AVGO (7.37%), CAT (1.51%), RTX (1.18%), NEM (0.41%), RCL (0.33%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | SPYV | VYM |
|---|---|---|
| 2022 | -5.3% | -0.4% |
| 2023 | +22.2% | +6.6% |
| 2024 | +12.2% | +17.6% |
| 2025 | +13.2% | +15.4% |
| 2026 | +12.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPYV and VYM good diversifiers for each other?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection. On top of that, 56.7% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between SPYV and VYM?
The SPYV/VYM correlation stands at 0.95 on a 3-year window (1 year: 0.88, 5 years: 0.96), computed from weekly returns as of 2026-08-27.
Is VYM a good diversifier for SPYV?
Not really. At 0.95, the two trade almost as one position, and owning both buys little extra protection. On top of that, 56.7% of their holdings are the same, making the doubling-up even more literal.
How much do SPYV and VYM overlap?
The two funds share 245 holdings amounting to 56.7% of weight, per issuer portfolio files dated 2026-08-26.
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