VOO vs VYM: Correlation & Overlap
Vanguard S&P 500 ETF (VOO) and Vanguard High Dividend Yield ETF (VYM) show a very strong relationship: their 3-year correlation of weekly returns is 0.81. Looking through to holdings, 35.4% 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 VYM?
Across a 3-year window, the weekly returns of VOO and VYM correlate at 0.81, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.66 versus 0.81 over 3 years. Stretching to 5 years gives 0.85, with an annualized covariance of 142.7 %².
Within VOO's tracked universe of 124 assets, VYM comes in at #37 by 3-year correlation. Their 12-month results are close: +20.6% for VOO against +21.1% for VYM. Across three years, the rolling one-year figure varied moderately, from 0.65 to 0.93.
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 VYM: side by side
| VOO (Vanguard S&P 500 ETF) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +20.6% | +21.1% |
| 5-year return | +83.0% | +76.6% |
| Volatility (ann.) | 14.4% | 12.3% |
| Beta vs S&P 500 | 0.99 | 0.69 |
| Max drawdown (3Y) | -18.7% | -14.5% |
| Dividend yield | 1.07% | 2.24% |
| Expense ratio | 0.03% | 0.04% |
| Assets under management | $1,686.9B | $99.2B |
| Sector / category | ETF · US Large Cap | ETF · Dividend |
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. 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 VOO and VYM
The two portfolios partially overlap: 35.4% of the funds' weight sits in the same underlying holdings (255 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in VOO | Weight in VYM |
|---|---|---|
| AVGO | 2.87% | 7.37% |
| JPM | 1.47% | 3.83% |
| XOM | 1.00% | 2.63% |
| JNJ | 0.96% | 2.51% |
| CSCO | 0.71% | 1.87% |
| ABBV | 0.69% | 1.81% |
| BAC | 0.63% | 1.67% |
| UNH | 0.58% | 1.52% |
| CAT | 0.58% | 1.51% |
| CVX | 0.57% | 1.49% |
| KO | 0.53% | 1.39% |
| PG | 0.52% | 1.37% |
| HD | 0.51% | 1.35% |
| MRK | 0.50% | 1.31% |
| PM | 0.46% | 1.21% |
Largest positions held only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%). Only by VYM: FERG (0.18%), BAP (0.11%), RPRX (0.10%), RS (0.08%), EWBC (0.07%).
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 | VYM |
|---|---|---|
| 2022 | -18.2% | -0.4% |
| 2023 | +26.3% | +6.6% |
| 2024 | +25.0% | +17.6% |
| 2025 | +17.8% | +15.4% |
| 2026 | +13.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOO and VYM good diversifiers for each other?
No: a correlation of 0.81 means VOO and VYM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between VOO and VYM?
As of 2026-08-27, the correlation of weekly returns between VOO and VYM is 0.81 over 3 years, 0.66 over 1 year and 0.85 over 5 years.
Is VYM a good diversifier for VOO?
No: a correlation of 0.81 means VOO and VYM tend to fall together, which is precisely when diversification is supposed to help.
How much do VOO and VYM overlap?
35.4% by weight, across 255 common holdings, based on issuer-disclosed portfolios as of 2026-07-31.
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