Relative Intelligence · US Dividend Equity
How Vanguard High Dividend Yield ETF (VYM) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VYM alone. It places VYM (Vanguard High Dividend Yield ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VYM stands in the market, and of the alternatives worth a closer look.
Period covered: VYM's full trading record, from November 2006 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, VYM rose 5.1% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. On the flip side, VYM sits 3.0% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?VYM rose 1.7% over the past 3 months, 2.2 points behind the S&P 500, which rose 3.9%. Its similar funds did not move as one over the past 3 months: SCHD (Schwab U.S. Dividend Equity ETF) rose 6.8%, while DVY (iShares Select Dividend ETF) was flat.
- Long termVYM turned $10,000 into $30,800 over the past decade, against $42,100 in the S&P 500. VYM finished ahead of the S&P 500 in five of its 19 calendar years. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, VYM fell 15.8%, against 24.5% for the S&P 500, and less than similar funds such as VIG (Vanguard Dividend Appreciation ETF, 20.4%). VYM fell less than the S&P 500 in three of the last three sell-offs, including the 2022 bear market (15.8% against 24.5%). Crash tests ↓
- DiversificationAgainst the S&P 500, VYM has a correlation of 0.82 over 5 years, more closely than 68% of ETFs with at least $100 million in assets. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, VYM usually fell with it (20 of 22 months). By year ↓
- Better options
- Popular alternatives
- HDV (iShares Core High Dividend ETF) earned more than VYM with less volatility over the past 5 years: 12.9% a year at 13.0% volatility, against 11.3% a year at 13.8%.
- Nearby categories and themes
- PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) earned more than VYM over the past 5 years with similar volatility: 16.1% a year at 15.1% volatility, against 11.3% a year at 13.8%.
- Whole market
- Few investments have done better on both counts: only three of the 3,633 stocks and funds worth at least $500 million earned more than VYM with less volatility over the past 5 years, among them HDV (iShares Core High Dividend ETF), LVHI (Franklin International Low Volatility High Dividend Index ETF) and SIXA (ETC 6 Meridian Mega Cap Equity ETF).
How much would $10,000 in VYM have grown?
This chart tracks a hypothetical $10,000 investment in VYM over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VYM over the same span and VYM's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: VYM began trading on November 16, 2006, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of VYM's record, starting at the end of September 2007.
- $10,000 invested in VYM at the end of September 2007 would have grown to $51,001 by September 2026, less than the $70,725 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of VYM, and NVDA finished highest, at $2,767,416.
Choose a period
From the end of September 2007 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 720 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of VYM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$3M+27,574% total · +34.4% a year
- AAPL$725,525+7,155% total · +25.3% a year
- GOOG$243,382+2,334% total · +18.3% a year
- RY$73,576+636% total · +11.1% a year
- SPY (S&P 500)$70,725+607% total · +10.8% a year
- VIG$59,277+493% total · +9.8% a year
- DLN$51,481+415% total · +9.0% a year
- VYM$51,001+410% total · +9.0% a year
- VTV$49,618+396% total · +8.8% a year
- FDL$46,288+363% total · +8.4% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,155 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VYM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VYMI$19,186+91.9% total · +13.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- FDL$18,794+87.9% total · +13.4% a year
- DLN$18,175+81.7% total · +12.7% a year
- DGRW$17,978+79.8% total · +12.4% a year
- VTV$17,967+79.7% total · +12.4% a year
- RDVY$17,940+79.4% total · +12.4% a year
- QUAL$17,879+78.8% total · +12.3% a year
- HDV$17,707+77.1% total · +12.1% a year
- VYM$17,343+73.4% total · +11.6% a year
VYM at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VYM began trading on November 16, 2006, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- VYM's deepest decline since it began trading in 2006 was 57.0%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 19 full calendar years, VYM's best was 2013, when it returned 30.1%, and its worst was 2008, when it lost 31.9%. It lost money in three of those years.
- VYM is 3.0% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- November 2006
- Expense ratio
- 0.04%per year
- Assets
- $96B
- Category
- Dividend & Income
Returns
- Past 1 year
- +16.9%total return
- Past 3 years
- +72.8%+20.0% a year
- Past 5 years
- +71.1%+11.3% a year
- Past 10 years
- +208%+11.9% a year
- Best calendar year
- +30.1%2013
- Worst calendar year
- −31.9%2008
- Losing years
- 3 of 19full calendar years
Risk
- Volatility
- 13.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.85return per unit of risk, 5 years
- Worst decline ever
- −57.0%Oct 2007 to Mar 2009
- From its all-time high
- −3.0%below the peak
VYM against the whole market
Where VYM ranks among every stock and fund, and what across the market has done better.
How does VYM rank among all ETFs?
This section ranks VYM on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VYM stacks up against its peers, these rankings show where it stands in the market as a whole.
- On return for the risk taken (the Sharpe ratio), VYM ranks in the top 16% of the 1,560 ETFs with at least $100 million in assets.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VYM | Rank | Standing |
|---|---|---|---|
| 1-year return | +16.9% | 630 of 2,485 | top 25% |
| 3-year return | +72.8% | 724 of 1,949 | top 37% |
| 5-year return | +71.1% | 375 of 1,560 | top 24% |
| 10-year return | +208% | 264 of 958 | top 28% |
| Volatility, 5 years | 13.8% | 526 of 1,560 | top 34% |
| Sharpe ratio, 5 years | 0.85 | 254 of 1,560 | top 16% |
| Worst decline, past 10 years | −35.2% | 355 of 951 | top 37% |
What has beaten VYM on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VYM sits where the dashed lines cross. Anything in the green box above and to the left earned more than VYM with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Three ETFs worth at least $500 million sit in the green region: each earned more than VYM over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half VYM's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 20% less than VYM's 13.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.85 for VYM.
- Among VYM's popular alternatives, HDV is in the region. HDV earned 12.9% a year against 11.3% a year for VYM, at 13.0% volatility, 6% less than VYM's 13.8%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VYM. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
Is there a better investment than VYM?
Investments that beat VYM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VYM's popular alternatives, HDV earned more than VYM with less volatility over the past 5 years: 12.9% a year at 13.0% volatility, against 11.3% a year at 13.8%.
- Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than VYM over the past 5 years with similar volatility: 16.1% a year at 15.1% volatility, against 11.3% a year at 13.8%.
- Few investments have done better on both counts: only three of the 3,633 stocks and funds worth at least $500 million earned more than VYM with less volatility over the past 5 years, among them HDV, LVHI and SIXA.
How this works
The table below lists investments that beat VYM over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VYM's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VYM follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VYM's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VYM's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VYM's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VYM?lower diversifies more | Expenseper year | |||
| VYMVanguard High Dividend Yield ETF · this page | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 1.00 | 0.04% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.82 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against VYM. 9 of 23 passed at least one test. | |||||||||
HDViShares Core High Dividend ETF · US Dividend Equity | Higher return, lower volatility | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.90 | 0.08% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return in most periods | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.98 | 0.03% | |
VYMIVanguard International High Dividend Yield ETF · International Equity | Higher return in most periods | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.82 | 0.07% | |
 QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Higher return in most periods | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.82 | 0.15% | |
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Higher return in most periods | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.92 | 0.28% | |
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Higher return in most periods | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.90 | 0.43% | |
| Same and neighboring categories, and shared themesbest 4 shownEverything else in US Dividend Equity and the categories next to it (Equity Income, US Large-Cap Value, US Low-Volatility Equity, US Quality Equity), plus VYM's specific themes. 7 of 24 passed at least one test. | |||||||||
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.95 | 0.56% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return in most periods | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.94 | 0.15% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.83 | 0.15% | |
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Higher return in most periods | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.85 | 0.12% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 145 of 3,586 passed at least one test. | |||||||||
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.95 | 0.31% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.79 | 0.40% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.66 | — | |
 MPLXMPLX Lp · Oil & Gas Midstream | On the frontierHigher return in most periods | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.64 | — | |
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.79 | 0.79% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.82 | 0.03% | |
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.78 | 0.85% | |
IUSInvesco RAFI Strategic US ETF · Broad Market | Higher return, similar volatilityHigher return in most periods | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.94 | 0.19% | |
What these numbers mean for VYM
- Annual return
- VYM returned 11.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VYM's volatility over the past 5 years was 13.8%, 80% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VYM's return lands within 13.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VYM's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so VYM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VYM's worst fall from a peak to a low over the past 10 years was 35.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.2% fall takes a 54.3% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VYM's monthly returns had a correlation of 0.82 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VYM instead: the lower it is, the more that option would diversify a VYM holding. Guide: Correlation and diversification →
Show all 3 stocks and funds worth at least $500 million that earned more than VYM with less volatility
Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VYM | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.95 | 0.31% |
| 2 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.79 | 0.40% |
| 3 | HDViShares Core High Dividend ETF · US Dividend Equity | Popular alternative | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.90 | 0.08% |
VYM against its popular alternatives
The investments people most often weigh against VYM, compared period by period and year by year.
How do VYM's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VYM, which divides the map into what did better or worse on each measure.
- Four of the 23 popular alternatives, led by HDV, DLN and VTV, were both more rewarding and calmer than VYM over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VYM returned 11.3% a year, less than the S&P 500's 12.7%, with lower volatility (13.8% against 17.1%).
Green points earned more than VYM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| FDL First Trust Morningstar Dividend Leaders Index Fund | +13.9% | 14.4% |
| VYMI Vanguard International High Dividend Yield ETF | +13.2% | 14.8% |
| HDV iShares Core High Dividend ETF | +12.9% | 13.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | +12.2% | 13.2% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| DHS WisdomTree U.S. High Dividend Fund | +12.0% | 13.9% |
| DTD WisdomTree U.S. Total Dividend Fund | +11.8% | 13.5% |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | +11.8% | 14.0% |
| QUAL iShares MSCI USA Quality Factor ETF | +11.4% | 17.3% |
| VYM This pageVanguard High Dividend Yield ETF | +11.3% | 13.8% |
| RDVY First Trust Rising Dividend Achievers ETF | +11.3% | 18.8% |
| DGRO iShares Core Dividend Growth ETF | +10.9% | 13.7% |
| VIG Vanguard Dividend Appreciation ETF | +10.4% | 14.1% |
| SCHD Schwab U.S. Dividend Equity ETF | +9.7% | 14.3% |
| DVY iShares Select Dividend ETF | +9.6% | 15.0% |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | +7.6% | 15.9% |
| SDY State Street SPDR S&P Dividend ETF | +7.6% | 14.0% |
| DON WisdomTree U.S. MidCap Dividend Fund | +7.5% | 17.4% |
| JEPI JPMorgan Equity Premium Income ETF | +7.5% | 11.0% |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | +7.3% | 14.2% |
| DES WisdomTree U.S. SmallCap Dividend Fund | +6.7% | 19.2% |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | +6.6% | 14.5% |
| FVD First Trust Value Line Dividend Index Fund | +6.1% | 12.8% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
Has VYM consistently beaten its popular alternatives?
This section compares VYM with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VYM helps separate lasting outperformance from a single strong stretch.
- Seven of the 23 popular alternatives, led by VTV, DLN and FDL, outperformed VYM in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VTV outperformed VYM in every long-term period and in all but one short-term period, the most consistent record in the group.
- DGRW earned more for the risk it took than VYM (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than VYM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VYM Vanguard High Dividend Yield ETF (this page) | — | +1.1% | +1.7% | +5.1% | +13.3% | +16.9% | +72.8% | +71.1% | +208% | 13.8% | 0.85 | −35.2% | 0.04% | $96B | — |
| VTV QualifiedVanguard Morningstar Value ETF | 5/5 short3/3 longAll-weather | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 91% |
| DLN QualifiedWisdomTree U.S. LargeCap Dividend Fund | 3/5 short3/3 long | +0.9% | +3.3% | +7.9% | +14.5% | +16.9% | +75.2% | +78.2% | +231% | 13.2% | 0.95 | −35.8% | 0.28% | $6.3B | 86% |
| FDL QualifiedFirst Trust Morningstar Dividend Leaders Index Fund | 5/5 short2/3 long | +3.4% | +3.4% | +6.7% | +19.6% | +25.9% | +82.9% | +91.8% | +199% | 14.4% | 0.98 | −41.4% | 0.43% | $8.0B | 64% |
| RDVY QualifiedFirst Trust Rising Dividend Achievers ETF | 3/5 short2/3 long | −0.4% | 0.0% | +7.3% | +14.2% | +20.0% | +87.7% | +71.0% | +322% | 18.8% | 0.67 | −40.6% | 0.47% | $25B | 68% |
| QUAL QualifiediShares MSCI USA Quality Factor ETF | 3/5 short2/3 long | +1.2% | +4.3% | +9.7% | +14.0% | +16.4% | +76.9% | +71.5% | +293% | 17.3% | 0.71 | −34.1% | 0.15% | $48B | 68% |
| DTD QualifiedWisdomTree U.S. Total Dividend Fund | 3/5 short2/3 long | +0.9% | +2.6% | +7.3% | +14.2% | +16.6% | +73.0% | +74.7% | +217% | 13.5% | 0.90 | −37.3% | 0.28% | $1.7B | 87% |
| VYMI QualifiedVanguard International High Dividend Yield ETF | 3/5 short2/3 long | −1.8% | +2.7% | +4.5% | +15.6% | +24.3% | +93.7% | +86.1% | +176% | 14.8% | 0.92 | −40.0% | 0.07% | $22B | 72% |
| DGRW Dividend & IncomeWisdomTree U.S. Quality Dividend Growth Fund | 2/5 short2/3 long | +0.6% | +4.3% | +6.5% | +11.7% | +12.8% | +65.2% | +74.6% | +276% | 14.0% | 0.87 | −32.0% | 0.28% | $17B | 73% |
| DGRO Dividend & IncomeiShares Core Dividend Growth ETF | 5/5 short1/3 long | +2.8% | +3.9% | +9.4% | +15.1% | +18.1% | +74.2% | +68.0% | +267% | 13.7% | 0.83 | −35.1% | 0.08% | $44B | 89% |
| SCHD Dividend & IncomeSchwab U.S. Dividend Equity ETF | 5/5 short1/3 long | +3.7% | +6.8% | +13.6% | +28.2% | +33.0% | +67.5% | +59.1% | +252% | 14.3% | 0.72 | −33.4% | 0.06% | $115B | 74% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 5/5 short1/3 long | +5.7% | +7.5% | +14.6% | +25.9% | +26.8% | +71.8% | +83.3% | +172% | 13.0% | 1.00 | −37.0% | 0.08% | $16B | 55% |
| DHS Dividend & IncomeWisdomTree U.S. High Dividend Fund | 4/5 short1/3 long | +1.9% | +1.8% | +7.5% | +16.9% | +19.9% | +70.3% | +76.2% | +156% | 13.9% | 0.89 | −37.4% | 0.38% | $1.6B | 79% |
| VIG Dividend & IncomeVanguard Dividend Appreciation ETF | 3/5 short1/3 long | +2.4% | +3.4% | +7.8% | +11.5% | +13.7% | +67.0% | +64.0% | +258% | 14.1% | 0.78 | −31.7% | 0.04% | $128B | 85% |
| NOBL Dividend & IncomeProShares - S&P 500 Dividend Aristocrats ETF | 3/5 short0/3 long | +4.1% | +2.2% | +6.6% | +11.8% | +14.1% | +43.3% | +37.3% | +172% | 14.5% | 0.51 | −35.4% | 0.35% | $12B | 66% |
| DVY Dividend & IncomeiShares Select Dividend ETF | 2/5 short0/3 long | +1.5% | 0.0% | +5.7% | +14.5% | +16.9% | +69.9% | +58.4% | +172% | 15.0% | 0.69 | −41.6% | 0.38% | $23B | 68% |
| SDY Dividend & IncomeState Street SPDR S&P Dividend ETF | 2/5 short0/3 long | +4.2% | +2.0% | +6.0% | +13.6% | +14.3% | +51.0% | +44.0% | +157% | 14.0% | 0.59 | −36.7% | 0.35% | $21B | 70% |
| DES Dividend & IncomeWisdomTree U.S. SmallCap Dividend Fund | 2/5 short0/3 long | 0.0% | −4.4% | +1.7% | +16.9% | +18.1% | +54.4% | +38.2% | +105% | 19.2% | 0.43 | −45.6% | 0.38% | $2.0B | 71% |
| JEPI Dividend & IncomeJPMorgan Equity Premium Income ETF | 2/5 short0/3 long | +1.9% | +3.7% | +3.4% | +6.2% | +8.7% | +38.1% | +43.3% | — | 11.0% | 0.71 | −13.7% | 0.35% | $46B | 74% |
| FVD Dividend & IncomeFirst Trust Value Line Dividend Index Fund | 1/5 short0/3 long | +2.9% | +1.0% | +3.7% | +9.2% | +10.2% | +45.3% | +34.3% | +134% | 12.8% | 0.53 | −35.3% | 0.62% | $7.9B | 73% |
| SPHD Dividend & IncomeInvesco S&P 500 High Dividend Low Volatility ETF | 1/5 short0/3 long | +2.0% | −2.2% | +4.1% | +9.4% | +9.2% | +51.0% | +42.3% | +103% | 14.2% | 0.57 | −41.4% | 0.30% | $3.2B | — |
| DON Dividend & IncomeWisdomTree U.S. MidCap Dividend Fund | 0/5 short0/3 long | +1.4% | −0.7% | +2.6% | +9.7% | +11.6% | +51.5% | +43.7% | +139% | 17.4% | 0.51 | −46.8% | 0.38% | $3.8B | 71% |
| SPYD Dividend & IncomeState Street SPDR Portfolio S&P 500 High Dividend ETF | 0/5 short0/3 long | +1.3% | −2.2% | +4.6% | +12.8% | +14.1% | +61.6% | +44.4% | +125% | 15.9% | 0.54 | −46.4% | 0.07% | $7.3B | 58% |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 0/5 short0/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
How did VYM do year by year?
This table shows each investment's total return in every full calendar year since 2007, along with where VYM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VYM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VYM began trading on November 16, 2006, so the table starts with 2007, its first full calendar year, and cannot show how it fared during the dot-com bust.
- VYM finished ahead of the S&P 500 in four of its 19 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, VYM finished in the top quarter in six of 19 years and in the bottom quarter in one. In 2025, it ranked 5 of 24.
- Among its popular alternatives, RDVY came out ahead of VYM most often, in seven of the 11 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of VYM; gray means the two finished within a fraction of a point. The rank row places VYM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VYM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VYM This pageVanguard High Dividend Yield ETF | — | +15.4% | +17.6% | +6.6% | −0.4% | +26.2% | +1.1% | +24.1% | −5.9% | +16.4% | +17.0% | +0.3% | +13.6% | +30.1% | +12.7% | +10.5% | +14.2% | +17.1% | −31.9% | +1.4% |
| Rank among alternatives | Top quarter in 6 of 19 | 5 of 24 | 6 of 24 | 14 of 24 | 6 of 24 | 11 of 24 | 13 of 23 | 13 of 23 | 14 of 23 | 11 of 23 | 12 of 22 | 7 of 21 | 11 of 19 | 5 of 16 | 4 of 15 | 4 of 13 | 12 of 13 | 9 of 13 | 7 of 13 | 4 of 13 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 of 19 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% |
| VTV Vanguard Morningstar Value ETF | 7 of 19 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% | +14.5% | +19.9% | −35.9% | −0.1% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 7 of 19 | +15.5% | +19.4% | +9.9% | −3.8% | +25.6% | +4.6% | +28.5% | −5.8% | +16.7% | +15.5% | −1.2% | +14.3% | +27.4% | +12.1% | +9.4% | +14.9% | +17.4% | −35.1% | +2.4% |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 5 of 19 | +14.8% | +18.0% | +3.0% | +6.7% | +26.1% | −4.3% | +24.4% | −6.0% | +12.0% | +20.7% | +2.6% | +13.2% | +22.6% | +9.1% | +14.5% | +16.1% | +13.4% | −31.1% | −11.7% |
| RDVY First Trust Rising Dividend Achievers ETF | 7 of 11 | +18.9% | +16.4% | +20.4% | −13.3% | +31.2% | +13.5% | +37.7% | −10.0% | +22.8% | +21.9% | −3.0% | — | — | — | — | — | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 6 of 12 | +12.7% | +22.3% | +30.9% | −20.5% | +26.9% | +17.0% | +33.9% | −5.7% | +22.3% | +9.2% | +5.4% | +11.7% | — | — | — | — | — | — | — |
| DTD WisdomTree U.S. Total Dividend Fund | 7 of 19 | +14.2% | +18.3% | +10.6% | −3.8% | +26.2% | +2.4% | +28.2% | −6.5% | +15.9% | +16.7% | −1.5% | +14.3% | +28.1% | +12.4% | +8.4% | +16.4% | +19.5% | −34.8% | +1.2% |
| VYMI Vanguard International High Dividend Yield ETF | 3 of 9 | +38.0% | +7.1% | +17.1% | −7.0% | +15.4% | −1.1% | +18.5% | −12.7% | +22.4% | — | — | — | — | — | — | — | — | — | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 5 of 12 | +12.2% | +16.8% | +18.7% | −6.3% | +24.5% | +13.8% | +29.5% | −5.4% | +25.7% | +12.2% | −0.3% | +13.8% | — | — | — | — | — | — | — |
| DGRO iShares Core Dividend Growth ETF | 5 of 11 | +15.7% | +16.6% | +10.5% | −7.9% | +26.6% | +9.5% | +29.9% | −2.4% | +23.0% | +15.2% | −1.2% | — | — | — | — | — | — | — | — |
| SCHD Schwab U.S. Dividend Equity ETF | 5 of 14 | +4.3% | +11.7% | +4.5% | −3.3% | +29.8% | +15.0% | +27.3% | −5.6% | +20.8% | +16.2% | −0.4% | +11.4% | +32.8% | +11.1% | — | — | — | — | — |
| HDV iShares Core High Dividend ETF | 2 of 14 | +11.9% | +14.1% | +1.8% | +7.1% | +19.6% | −6.5% | +20.1% | −3.0% | +13.5% | +15.9% | −0.3% | +12.6% | +23.8% | +9.6% | — | — | — | — | — |
| DHS WisdomTree U.S. High Dividend Fund | 5 of 19 | +12.9% | +17.5% | −0.2% | +8.0% | +23.2% | −5.7% | +22.6% | −7.4% | +10.0% | +17.8% | −0.6% | +15.2% | +24.5% | +11.1% | +14.2% | +17.7% | +17.1% | −39.0% | −4.6% |
| VIG Vanguard Dividend Appreciation ETF | 8 of 19 | +14.2% | +17.0% | +14.5% | −9.8% | +23.8% | +15.4% | +29.6% | −2.1% | +22.2% | +12.0% | −1.9% | +10.1% | +28.9% | +11.6% | +6.2% | +14.7% | +19.6% | −26.7% | +5.6% |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 6 of 12 | +6.8% | +6.7% | +8.1% | −6.5% | +25.4% | +8.3% | +27.4% | −3.2% | +21.0% | +11.7% | +0.4% | +15.5% | — | — | — | — | — | — | — |
| DVY iShares Select Dividend ETF | 6 of 19 | +11.6% | +16.2% | +1.1% | +1.8% | +31.7% | −4.9% | +22.6% | −6.3% | +14.8% | +21.6% | −2.1% | +14.8% | +28.9% | +10.5% | +11.8% | +17.8% | +11.2% | −32.9% | −5.7% |
| SDY State Street SPDR S&P Dividend ETF | 6 of 19 | +8.2% | +8.4% | +2.6% | −0.5% | +25.3% | +1.7% | +23.3% | −2.8% | +15.8% | +20.3% | −0.8% | +13.8% | +30.1% | +11.6% | +7.2% | +16.4% | +19.2% | −22.9% | −8.0% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 7 of 19 | +0.2% | +9.8% | +16.0% | −10.9% | +26.5% | −4.3% | +20.3% | −12.8% | +7.0% | +31.5% | −5.3% | +7.7% | +36.6% | +17.6% | −2.0% | +26.9% | +22.5% | −28.2% | −12.6% |
| JEPI JPMorgan Equity Premium Income ETF | 1 of 5 | +8.1% | +12.6% | +9.8% | −3.5% | +21.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FVD First Trust Value Line Dividend Index Fund | 8 of 19 | +8.2% | +10.0% | +4.1% | −5.3% | +25.1% | 0.0% | +26.5% | −3.5% | +12.4% | +20.0% | +1.2% | +15.9% | +26.8% | +11.2% | +8.9% | +16.1% | +19.1% | −22.9% | −4.3% |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 4 of 13 | +3.4% | +18.1% | +1.3% | +0.6% | +25.0% | −10.0% | +20.3% | −6.2% | +11.9% | +22.4% | +5.1% | +20.0% | +20.8% | — | — | — | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 8 of 19 | +3.4% | +13.9% | +13.7% | −4.8% | +30.3% | −5.5% | +23.3% | −8.2% | +13.5% | +20.4% | −1.1% | +15.3% | +33.4% | +13.6% | +5.3% | +21.7% | +32.1% | −32.3% | −5.9% |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 3 of 10 | +4.7% | +15.3% | +3.9% | −1.2% | +32.7% | −11.6% | +21.2% | −4.9% | +12.7% | +24.6% | — | — | — | — | — | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 4 of 19 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% | +6.6% |
Risk and diversification
How VYM has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VYM's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VYM's five deepest drawdowns since it began trading in 2006, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VYM began trading on November 16, 2006, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- The slowest recovery came after VYM fell 57.0% from October 2007 to March 2009; it did not regain that peak until March 2012, three years later.
- In three of VYM's five worst declines, it fell less than the S&P 500 did over the same dates.
Green means VYM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VYM fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −57.0% | −54.7% | Oct 2007 | Mar 2009 | 17 months | Mar 2012 | 3 years |
| Covid crash | −35.2% | −32.4% | Jan 2020 | Mar 2020 | 2 months | Dec 2020 | 9 months |
| Late-2018 sell-off | −16.2% | −16.7% | Jan 2018 | Dec 2018 | 11 months | Apr 2019 | 4 months |
| 2022 bear market | −15.8% | −19.0% | Apr 2022 | Sep 2022 | 5 months | Nov 2022 | 2 months |
| No named crash | −14.5% | −18.8% | Feb 2025 | Apr 2025 | 2 months | Jun 2025 | 2 months |
How did VYM do in stock market crashes?
This section measures how far VYM, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VYM began trading on November 16, 2006, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- Among its popular alternatives, AGG held up best, falling less than VYM in all nine crashes they both traded through.
- VYM fell less than the S&P 500 in four of the nine crashes it has traded through. The clearest case was the 2022 bear market, when VYM fell 15.8% and the S&P 500 fell 24.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VYM.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VYM This pageVanguard High Dividend Yield ETF | — | −3.9% | −15.8% | −34.6% | −16.1% | −6.3% | −10.9% | −14.3% | −1.1% | −57.0% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 2 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VTV Vanguard Morningstar Value ETF | 0 of 9 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 0 of 9 | −3.4% | −16.3% | −35.5% | −16.8% | −6.3% | −10.9% | −14.2% | −1.2% | −57.9% | — |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 3 of 9 | −4.8% | −16.4% | −39.7% | −12.9% | −6.2% | −9.1% | −11.5% | −1.0% | −64.7% | — |
| RDVY First Trust Rising Dividend Achievers ETF | 1 of 6 | −6.8% | −25.3% | −40.4% | −21.9% | −5.8% | −18.6% | — | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 2 of 6 | −3.3% | −27.5% | −34.1% | −20.5% | −6.1% | −11.2% | — | — | — | — |
| DTD WisdomTree U.S. Total Dividend Fund | 1 of 9 | −3.9% | −16.1% | −37.0% | −17.6% | −5.8% | −11.0% | −14.6% | −1.6% | −58.2% | — |
| VYMI Vanguard International High Dividend Yield ETF | 2 of 5 | −3.3% | −24.0% | −36.1% | −13.0% | −5.9% | — | — | — | — | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 2 of 6 | −3.2% | −17.3% | −31.9% | −18.6% | −6.6% | −11.8% | — | — | — | — |
| DGRO iShares Core Dividend Growth ETF | 0 of 6 | −3.4% | −19.3% | −34.8% | −16.7% | −6.3% | −10.6% | — | — | — | — |
| SCHD Schwab U.S. Dividend Equity ETF | 1 of 6 | −4.5% | −16.9% | −32.8% | −17.1% | −6.5% | −10.5% | — | — | — | — |
| HDV iShares Core High Dividend ETF | 4 of 7 | −2.2% | −15.4% | −35.3% | −12.9% | −6.8% | −9.8% | −10.9% | — | — | — |
| DHS WisdomTree U.S. High Dividend Fund | 4 of 9 | −5.0% | −15.3% | −37.0% | −14.2% | −6.1% | −10.3% | −12.8% | −1.2% | −67.2% | — |
| VIG Vanguard Dividend Appreciation ETF | 4 of 9 | −3.1% | −20.4% | −31.6% | −17.3% | −6.3% | −10.1% | −15.6% | −1.4% | −46.8% | — |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 4 of 6 | −3.0% | −17.9% | −35.1% | −15.3% | −5.8% | −9.8% | — | — | — | — |
| DVY iShares Select Dividend ETF | 3 of 9 | −5.4% | −17.3% | −41.0% | −15.3% | −5.7% | −9.1% | −14.5% | −1.4% | −61.1% | — |
| SDY State Street SPDR S&P Dividend ETF | 5 of 9 | −3.7% | −15.2% | −36.6% | −14.2% | −5.3% | −10.0% | −14.8% | −1.6% | −52.8% | — |
| DES WisdomTree U.S. SmallCap Dividend Fund | 1 of 9 | −7.7% | −21.6% | −42.8% | −21.8% | −5.0% | −15.8% | −21.3% | −2.9% | −64.1% | — |
| JEPI JPMorgan Equity Premium Income ETF | 2 of 2 | −2.6% | −13.7% | — | — | — | — | — | — | — | — |
| FVD First Trust Value Line Dividend Index Fund | 5 of 9 | −2.7% | −16.4% | −35.1% | −12.9% | −5.2% | −9.1% | −14.2% | −1.4% | −49.9% | — |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 3 of 6 | −4.7% | −19.5% | −40.3% | −12.5% | −5.4% | −8.8% | — | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 1 of 9 | −7.6% | −15.8% | −46.6% | −18.9% | −5.1% | −12.0% | −20.2% | −3.0% | −60.2% | — |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 2 of 5 | −6.6% | −20.3% | −46.1% | −13.4% | −5.4% | — | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 9 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
How closely does VYM move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VYM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- VYMI took just 80% of the S&P 500's losses, against 88% for VYM, while still keeping 75% of its gains.
- Over the past 10 years, VYM captured 81% of the S&P 500's gains in rising months and 88% of its losses in falling months, with a beta of 0.82. Its share of the market's losses was slightly larger than its share of the gains.
- Eight of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VYM's 0.93, led by DGRW, VIG and DGRO.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VYM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VYM This pageVanguard High Dividend Yield ETF | 81% | 88% | 0.93 | 0.82 |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 91% | 93% | 0.99 | 0.88 |
| VIG Vanguard Dividend Appreciation ETF | 85% | 86% | 0.99 | 0.84 |
| DGRO iShares Core Dividend Growth ETF | 88% | 90% | 0.98 | 0.86 |
| QUAL iShares MSCI USA Quality Factor ETF | 98% | 102% | 0.96 | 1.00 |
| VTV Vanguard Morningstar Value ETF | 86% | 91% | 0.95 | 0.86 |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 85% | 89% | 0.95 | 0.85 |
| RDVY First Trust Rising Dividend Achievers ETF | 107% | 112% | 0.95 | 1.10 |
| SCHD Schwab U.S. Dividend Equity ETF | 86% | 91% | 0.95 | 0.82 |
| VYMI Vanguard International High Dividend Yield ETF | 75% | 80% | 0.93 | 0.74 |
| DTD WisdomTree U.S. Total Dividend Fund | 85% | 92% | 0.92 | 0.87 |
| FDL First Trust Morningstar Dividend Leaders Index Fund | 79% | 86% | 0.91 | 0.77 |
| HDV iShares Core High Dividend ETF | 71% | 80% | 0.89 | 0.71 |
| DHS WisdomTree U.S. High Dividend Fund | 71% | 81% | 0.87 | 0.74 |
| DVY iShares Select Dividend ETF | 76% | 88% | 0.87 | 0.81 |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 80% | 97% | 0.83 | 0.84 |
| SDY State Street SPDR S&P Dividend ETF | 75% | 91% | 0.83 | 0.80 |
| FVD First Trust Value Line Dividend Index Fund | 68% | 82% | 0.83 | 0.72 |
| DON WisdomTree U.S. MidCap Dividend Fund | 84% | 110% | 0.76 | 1.01 |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 78% | 103% | 0.76 | 0.91 |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 67% | 90% | 0.75 | 0.78 |
| DES WisdomTree U.S. SmallCap Dividend Fund | 84% | 119% | 0.71 | 1.05 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
What diversifies VYM?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VYM's. Because such investments tend not to fall at the same time, pairing VYM with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VYM into DBMF would have cut the portfolio's volatility by 21% over the past 5 years while keeping its annual return (+11.6% for VYM alone, +11.7% for the mix).
- Among large ETFs, DXJ, SMH and GLD have moved largely independently of VYM over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- FIX made money in two of the three calendar years in which VYM lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VYM lost money. The last two columns show a portfolio that is 80% VYM and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| VYM Vanguard High Dividend Yield ETF (this page) | 1.00 | +71.1% | 0.85 | −0.4% | −5.9% | −31.9% | 13.9% | +11.6% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.47 | +225% | 1.34 | +6.0% | −19.8% | −20.8% | 12.5% | +14.7% |
| SMH TechnologyVanEck Semiconductor ETF | 0.46 | +323% | 0.97 | −33.5% | −9.1% | −44.7% | 15.6% | +17.2% |
| GLD CommoditiesSPDR Gold Shares | 0.26 | +126% | 0.96 | −0.8% | −1.9% | +4.9% | 12.5% | +13.3% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.48 | +153% | 0.89 | −28.9% | −9.9% | −45.3% | 14.3% | +14.0% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.18 | +59.7% | 0.82 | +21.6% | — | — | 11.0% | +11.7% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.30 | +66.4% | 0.81 | +2.5% | −8.7% | −19.1% | 12.0% | +11.7% |
| IYW Broad MarketiShares U.S. Technology ETF | 0.49 | +138% | 0.79 | −34.8% | −1.0% | −43.1% | 14.1% | +13.9% |
| GDX MaterialsVanEck Gold Miners ETF | 0.38 | +181% | 0.73 | −9.0% | −8.8% | −26.1% | 15.7% | +15.4% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| VYM Vanguard High Dividend Yield ETF (this page) | 1.00 | +71.1% | 0.85 | −0.4% | −5.9% | −31.9% | 13.9% | +11.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.37 | +479% | 1.55 | +54.1% | −24.5% | −39.6% | 14.0% | +17.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.38 | +3,143% | 1.47 | +1.3% | −16.3% | −20.5% | 19.0% | +29.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.47 | +1,636% | 1.46 | +17.0% | +0.8% | −15.2% | 17.3% | +25.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.35 | +413% | 1.44 | +51.8% | −28.4% | −40.4% | 13.8% | +16.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.44 | +690% | 1.41 | +86.6% | −8.2% | — | 15.2% | +19.0% |
Common questions
What was VYM's worst drawdown?
VYM's deepest decline since it began trading in 2006 was 57.0%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high. Because VYM launched in November 2006, that record does not include the dot-com bust.
What were VYM's best and worst years?
Over 19 full calendar years, VYM's best year was 2013, when it returned 30.1%. Its worst was 2008, with a return of -31.9%.
Is there a better investment than VYM?
Among VYM's popular alternatives, HDV earned more than VYM with less volatility over the past 5 years: 12.9% a year at 13.0% volatility, against 11.3% a year at 13.8%. Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than VYM over the past 5 years with similar volatility: 16.1% a year at 15.1% volatility, against 11.3% a year at 13.8%.
Is VYM more volatile than the S&P 500?
No. VYM's volatility over the past 5 years was 13.8%, 80% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VYM's return lands within 13.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VYM's Sharpe ratio?
VYM's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so VYM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VYM with the S&P 500?
Over the past 5 years, VYM's monthly returns had a correlation of 0.82 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VYM instead: the lower it is, the more that option would diversify a VYM holding.
What are the best alternatives to VYM?
Of the 23 popular alternatives we compared, seven outperformed VYM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VTV, DLN and FDL.
Did VYM outperform the S&P 500?
VYM finished ahead of the S&P 500 (SPY) in four of 19 full calendar years. In 2025, it returned +15.4%, against +17.7% for the index.
How did VYM do in stock market crashes?
VYM fell less than the S&P 500 (SPY) in four of the nine major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when VYM fell 15.8% and the S&P 500 fell 24.5%.
What diversifies VYM?
These had a low correlation with VYM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.47), SMH (correlation 0.46) and GLD (correlation 0.26); among large stocks, CAH (correlation 0.37), CLS (correlation 0.38) and FIX (correlation 0.47). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VYM's. Returns within 0.5 points or 3% of VYM's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VYM
- VTVVanguard Morningstar Value ETF
- QUALiShares MSCI USA Quality Factor ETF
DGROiShares Core Dividend Growth ETF
SCHDSchwab U.S. Dividend Equity ETF
VIGVanguard Dividend Appreciation ETF
JEPIJPMorgan Equity Premium Income ETF
AGGiShares Core U.S. Aggregate Bond ETF
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