VOO vs VTV: Correlation & Overlap
Measured on weekly returns over the past three years, Vanguard S&P 500 ETF (VOO) and Vanguard Value ETF (VTV) carry a correlation of 0.79, a strong link. Looking through to holdings, 43.6% 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 VOO and VTV?
On 3 years of weekly data the VOO/VTV correlation comes out at 0.79, strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.79). The 5-year figure is 0.85, and annualized covariance runs at 135.8 %².
By 3-year correlation, VTV places #40 of the 124 assets tracked against VOO. The trailing year gives VTV the advantage: +20.6% versus +25.7%, a 5.1-point spread. The rolling one-year correlation moved between 0.58 and 0.91 over the past three years, a moderate range.
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.
VOO vs VTV: side by side
| VOO (Vanguard S&P 500 ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +20.6% | +25.7% |
| 5-year return | +83.0% | +79.1% |
| Volatility (ann.) | 14.4% | 11.9% |
| Beta vs S&P 500 | 0.99 | 0.65 |
| Max drawdown (3Y) | -18.7% | -14.5% |
| Dividend yield | 1.07% | 1.86% |
| Expense ratio | 0.03% | 0.03% |
| Assets under management | $1,686.9B | $256.4B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
On the fund side, VOO sits in the Large Blend category at Vanguard, with $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% 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 VOO and VTV
The two portfolios overlap heavily: 43.6% of the funds' weight sits in the same underlying holdings (296 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in VOO | Weight in VTV |
|---|---|---|
| JPM | 1.47% | 3.51% |
| BRK.B | 1.46% | 2.99% |
| MU | 1.44% | 3.46% |
| XOM | 1.00% | 2.40% |
| JNJ | 0.96% | 2.30% |
| WMT | 0.76% | 1.82% |
| CSCO | 0.71% | 1.53% |
| ABBV | 0.69% | 1.65% |
| INTC | 0.66% | 0.68% |
| BAC | 0.63% | 1.47% |
| UNH | 0.58% | 1.40% |
| GE | 0.58% | 0.70% |
| CAT | 0.58% | 1.40% |
| CVX | 0.57% | 1.39% |
| KO | 0.53% | 1.12% |
Largest positions held only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%). Only by VTV: BRK.A (0.54%), LNG (0.21%), FERG (0.17%), MSTR (0.12%), ZM (0.09%).
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 | VOO | VTV |
|---|---|---|
| 2022 | -18.2% | -2.1% |
| 2023 | +26.3% | +9.3% |
| 2024 | +25.0% | +16.0% |
| 2025 | +17.8% | +15.3% |
| 2026 | +13.7% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOO and VTV good diversifiers for each other?
Only partially. A correlation of 0.79 means VOO and VTV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between VOO and VTV?
As of 2026-08-27, the correlation of weekly returns between VOO and VTV is 0.79 over 3 years, 0.58 over 1 year and 0.85 over 5 years.
Is VTV a good diversifier for VOO?
Only partially. A correlation of 0.79 means VOO and VTV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do VOO and VTV overlap?
Per the issuers' own portfolio disclosures (2026-07-31), the overlap is 43.6% by weight over 296 common positions.
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Hubs: VOO correlations · VTV correlations
