VEA vs VOO: Correlation & Overlap
Vanguard FTSE Developed Markets ETF (VEA) and Vanguard S&P 500 ETF (VOO) show a strong relationship: their 3-year correlation of weekly returns is 0.76. Looking through to holdings, 1.2% 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 VEA and VOO?
Across a 3-year window, the weekly returns of VEA and VOO correlate at 0.76, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 164.8 %².
Within VEA's tracked universe of 107 assets, VOO comes in at #25 by 3-year correlation. The trailing year gives VEA the advantage: +28.5% versus +20.6%, a 7.9-point spread. The rolling one-year correlation stayed in a tight band between 0.66 and 0.88 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.
VEA vs VOO: side by side
| VEA (Vanguard FTSE Developed Markets ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +28.5% | +20.6% |
| 5-year return | +63.5% | +83.0% |
| Volatility (ann.) | 15.1% | 14.4% |
| Beta vs S&P 500 | 0.79 | 0.99 |
| Max drawdown (3Y) | -13.5% | -18.7% |
| Dividend yield | 2.56% | 1.07% |
| Expense ratio | 0.03% | 0.03% |
| Assets under management | $314.9B | $1,686.9B |
| Sector / category | ETF · International | ETF · US Large Cap |
VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between VEA and VOO
The two portfolios are largely distinct: 1.2% of the funds' weight sits in the same underlying holdings (56 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in VEA | Weight in VOO |
|---|---|---|
| BA | 0.26% | 0.26% |
| ALL | 0.08% | 0.11% |
| MRK | 0.07% | 0.50% |
| PRU | 0.13% | 0.07% |
| ROP | 0.97% | 0.06% |
| HBAN | 0.06% | 0.05% |
| EQT | 0.06% | 0.05% |
| DTE | 0.33% | 0.05% |
| DG | 0.22% | 0.04% |
| PPL | 0.09% | 0.04% |
| ADM | 0.04% | 0.06% |
| EL | 0.17% | 0.03% |
| KEY | 0.03% | 0.03% |
| L | 0.08% | 0.03% |
| TEL | 0.03% | 0.09% |
Largest positions held only by VEA: 005930 (2.53%), ASML (2.00%), 000660 (1.98%), HSBA (1.15%), SAN (0.94%). Only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-07-31. Top 15 common positions shown.
Year-by-year returns
| Year | VEA | VOO |
|---|---|---|
| 2022 | -15.3% | -18.2% |
| 2023 | +17.9% | +26.3% |
| 2024 | +3.1% | +25.0% |
| 2025 | +35.2% | +17.8% |
| 2026 | +18.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VEA and VOO good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between VEA and VOO?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.75 over the last year and 0.80 over 5 years.
Is VOO a good diversifier for VEA?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do VEA and VOO overlap?
Per the issuers' own portfolio disclosures (2026-07-31), the overlap is 1.2% by weight over 56 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vea-vs-voo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vea-vs-voo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VEA correlations · VOO correlations
