VIG vs VTV: Correlation & Overlap
Vanguard Dividend Appreciation ETF (VIG) and Vanguard Value ETF (VTV) show a very strong relationship: their 3-year correlation of weekly returns is 0.93. Looking through to holdings, 51.7% 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 VIG and VTV?
Across a 3-year window, the weekly returns of VIG and VTV correlate at 0.93, 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 0.94, with an annualized covariance of 132.2 %².
Within VIG's tracked universe of 106 assets, VTV comes in at #6 by 3-year correlation. Over the last 12 months VTV came out ahead by 8.6 percentage points (+17.1% against +25.7%). The rolling one-year correlation stayed in a tight band between 0.88 and 0.97 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.
VIG vs VTV: side by side
| VIG (Vanguard Dividend Appreciation ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +17.1% | +25.7% |
| 5-year return | +64.0% | +79.1% |
| Volatility (ann.) | 11.9% | 11.9% |
| Beta vs S&P 500 | 0.74 | 0.65 |
| Max drawdown (3Y) | -15.0% | -14.5% |
| Dividend yield | 1.50% | 1.86% |
| Expense ratio | 0.04% | 0.03% |
| Assets under management | $130.9B | $256.4B |
| Sector / category | ETF · Dividend | ETF · US Style |
VIG is a Large Blend fund from Vanguard: $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between VIG and VTV
The two portfolios overlap heavily: 51.7% of the funds' weight sits in the same underlying holdings (122 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in VIG | Weight in VTV |
|---|---|---|
| JPM | 4.09% | 3.51% |
| XOM | 2.80% | 2.40% |
| JNJ | 2.68% | 2.30% |
| WMT | 2.12% | 1.82% |
| ABBV | 1.92% | 1.65% |
| CSCO | 1.99% | 1.53% |
| BAC | 1.75% | 1.47% |
| UNH | 1.63% | 1.40% |
| CAT | 1.63% | 1.40% |
| PG | 1.46% | 1.25% |
| HD | 1.43% | 1.23% |
| MRK | 1.40% | 1.20% |
| KO | 1.47% | 1.12% |
| GS | 1.24% | 1.06% |
| MS | 1.09% | 0.93% |
Largest positions held only by VIG: AVGO (4.65%), AAPL (4.47%), MSFT (4.35%), LLY (3.94%), V (2.46%). Only by VTV: MU (3.46%), BRK.B (2.99%), CVX (1.39%), PM (1.11%), RTX (1.08%).
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 | VTV |
|---|---|---|
| 2022 | -9.8% | -2.1% |
| 2023 | +14.5% | +9.3% |
| 2024 | +17.0% | +16.0% |
| 2025 | +14.2% | +15.3% |
| 2026 | +11.6% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VIG and VTV good diversifiers for each other?
No. With a correlation of 0.93, VIG and VTV move nearly in lockstep, so holding both adds very little diversification. They also hold much of the same portfolio (51.7% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between VIG and VTV?
The VIG/VTV correlation stands at 0.93 on a 3-year window (1 year: 0.88, 5 years: 0.94), computed from weekly returns as of 2026-08-27.
Is VTV a good diversifier for VIG?
No. With a correlation of 0.93, VIG and VTV move nearly in lockstep, so holding both adds very little diversification. They also hold much of the same portfolio (51.7% overlap), so the exposure is doubly redundant.
How much do VIG and VTV overlap?
51.7% by weight, across 122 common holdings, based on issuer-disclosed portfolios as of 2026-07-31.
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Hubs: VIG correlations · VTV correlations
