VTV vs VYM: Correlation & Overlap
Measured on weekly returns over the past three years, Vanguard Value ETF (VTV) and Vanguard High Dividend Yield ETF (VYM) carry a correlation of 0.98, a very strong link. By holdings, the two funds overlap 70.4% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VTV and VYM?
Over the past 3 years, VTV and VYM moved with a correlation of 0.98, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Over 5 years the correlation is 0.99, and the annualized covariance of weekly returns is 143.0 %².
In VTV's tracked universe of 149 assets, VYM sits right near the top at #1. Neither side won the trailing year by much: +25.7% against +21.1%. The rolling one-year correlation stayed in a tight band between 0.93 and 0.99 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.
VTV vs VYM: side by side
| VTV (Vanguard Value ETF) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +25.7% | +21.1% |
| 5-year return | +79.1% | +76.6% |
| Volatility (ann.) | 11.9% | 12.3% |
| Beta vs S&P 500 | 0.65 | 0.69 |
| Max drawdown (3Y) | -14.5% | -14.5% |
| Dividend yield | 1.86% | 2.24% |
| Expense ratio | 0.03% | 0.04% |
| Assets under management | $256.4B | $99.2B |
| Sector / category | ETF · US Style | ETF · Dividend |
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. 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 VTV and VYM
The two portfolios are near-duplicates. Weighing the shared positions, 70.4% of the two funds is identical, spread across 198 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in VTV | Weight in VYM |
|---|---|---|
| JPM | 3.51% | 3.83% |
| XOM | 2.40% | 2.63% |
| JNJ | 2.30% | 2.51% |
| ABBV | 1.65% | 1.81% |
| CSCO | 1.53% | 1.87% |
| BAC | 1.47% | 1.67% |
| UNH | 1.40% | 1.52% |
| CAT | 1.40% | 1.51% |
| CVX | 1.39% | 1.49% |
| PG | 1.25% | 1.37% |
| HD | 1.23% | 1.35% |
| MRK | 1.20% | 1.31% |
| KO | 1.12% | 1.39% |
| PM | 1.11% | 1.21% |
| RTX | 1.08% | 1.18% |
Largest positions held only by VTV: MU (3.46%), BRK.B (2.99%), WMT (1.82%), TMO (0.80%), GE (0.70%). Only by VYM: AVGO (7.37%), ORCL (0.91%), MCD (0.78%), SBUX (0.49%), NXPI (0.24%).
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 | VTV | VYM |
|---|---|---|
| 2022 | -2.1% | -0.4% |
| 2023 | +9.3% | +6.6% |
| 2024 | +16.0% | +17.6% |
| 2025 | +15.3% | +15.4% |
| 2026 | +19.3% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VTV and VYM good diversifiers for each other?
No. With a correlation of 0.98, VTV and VYM move nearly in lockstep, so holding both adds very little diversification. On top of that, 70.4% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between VTV and VYM?
As of 2026-08-27, the correlation of weekly returns between VTV and VYM is 0.98 over 3 years, 0.92 over 1 year and 0.99 over 5 years.
Is VYM a good diversifier for VTV?
No. With a correlation of 0.98, VTV and VYM move nearly in lockstep, so holding both adds very little diversification. On top of that, 70.4% of their holdings are the same, making the doubling-up even more literal.
How much do VTV and VYM overlap?
The two funds share 198 holdings amounting to 70.4% of weight, per issuer portfolio files dated 2026-07-31.
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