VIG vs VOO: Correlation & Overlap
Vanguard Dividend Appreciation ETF (VIG) and Vanguard S&P 500 ETF (VOO) show a very strong relationship: their 3-year correlation of weekly returns is 0.91. Looking through to holdings, 41.2% 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 VIG and VOO?
On 3 years of weekly data the VIG/VOO correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.80 versus 0.91 over 3 years. The 5-year figure is 0.94, and annualized covariance runs at 154.7 %².
Within VIG's tracked universe of 106 assets, VOO comes in at #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +17.1% for VIG and +20.6% for VOO. The link looks structural: the rolling one-year correlation barely moved, holding between 0.80 and 0.96.
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.
VIG vs VOO: side by side
| VIG (Vanguard Dividend Appreciation ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +17.1% | +20.6% |
| 5-year return | +64.0% | +83.0% |
| Volatility (ann.) | 11.9% | 14.4% |
| Beta vs S&P 500 | 0.74 | 0.99 |
| Max drawdown (3Y) | -15.0% | -18.7% |
| Dividend yield | 1.50% | 1.07% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $130.9B | $1,686.9B |
| Sector / category | ETF · Dividend | ETF · US Large Cap |
On the fund side, VIG sits in the Large Blend category at Vanguard, with $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% 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 VIG and VOO
The two portfolios overlap heavily. Weighing the shared positions, 41.2% of the two funds is identical, spread across 169 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in VIG | Weight in VOO |
|---|---|---|
| AAPL | 4.47% | 7.05% |
| MSFT | 4.35% | 5.37% |
| AVGO | 4.65% | 2.87% |
| JPM | 4.09% | 1.47% |
| LLY | 3.94% | 1.41% |
| XOM | 2.80% | 1.00% |
| JNJ | 2.68% | 0.96% |
| V | 2.46% | 0.93% |
| WMT | 2.12% | 0.76% |
| MA | 2.01% | 0.72% |
| CSCO | 1.99% | 0.71% |
| ABBV | 1.92% | 0.69% |
| COST | 1.83% | 0.66% |
| BAC | 1.75% | 0.63% |
| UNH | 1.63% | 0.58% |
Largest positions held only by VIG: SUNB (0.13%), RS (0.09%), RBA (0.09%), HEI.A (0.09%), ITT (0.08%). Only by VOO: NVDA (7.56%), AMZN (4.13%), GOOGL (3.25%), GOOG (2.62%), META (1.90%).
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 | VIG | VOO |
|---|---|---|
| 2022 | -9.8% | -18.2% |
| 2023 | +14.5% | +26.3% |
| 2024 | +17.0% | +25.0% |
| 2025 | +14.2% | +17.8% |
| 2026 | +11.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VIG and VOO good diversifiers for each other?
No. With a correlation of 0.91, VIG and VOO move nearly in lockstep, so holding both adds very little diversification. The 41.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between VIG and VOO?
The VIG/VOO correlation stands at 0.91 on a 3-year window (1 year: 0.80, 5 years: 0.94), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for VIG?
No. With a correlation of 0.91, VIG and VOO move nearly in lockstep, so holding both adds very little diversification. The 41.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do VIG and VOO overlap?
The two funds share 169 holdings amounting to 41.2% of weight, per issuer portfolio files dated 2026-07-31.
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