VHYAX vs. VYMI

Last updated Jun 23, 2026

VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) and VYMI (Vanguard International High Dividend Yield ETF) are both funds - VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index, while VYMI is a Dividend fund tracking the FTSE All-World ex US High Dividend Yield Index. Both are passively managed. Over the past 5 years, VHYAX returned 12.39%/yr vs 12.87%/yr for VYMI. A 0.75 correlation means they provide meaningful diversification when combined. VHYAX charges 0.08%/yr vs 0.07%/yr for VYMI.

Performance

VHYAX vs. VYMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) and Vanguard International High Dividend Yield ETF (VYMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHYAX achieves a 11.58% return, which is significantly lower than VYMI's 12.76% return.

VHYAX

• 1D: 0.06%
• 1M: 0.34%
• YTD: 11.58%
• 6M: 10.99%
• 1Y: 25.03%
• 3Y*: 17.41%
• 5Y*: 12.39%
• 10Y*: —

VYMI

• 1D: 0.20%
• 1M: 0.96%
• YTD: 12.76%
• 6M: 13.32%
• 1Y: 32.82%
• 3Y*: 22.36%
• 5Y*: 12.87%
• 10Y*: 11.35%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VHYAX vs. VYMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	11.58%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%
VYMI Vanguard International High Dividend Yield ETF	12.76%	38.05%	7.06%	17.07%	-7.02%	15.39%	-1.11%	10.32%

Correlation

The correlation between VHYAX and VYMI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.75

The correlation between VHYAX and VYMI has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

VHYAX vs. VYMI - Sectors Allocation Comparison

Sectors	VHYAX	VYMI
Technology	20.3%	5.2%
Financial Services	19.9%	40.7%
Healthcare	12.2%	6.5%
Industrials	11.8%	6.2%
Energy	9.1%	8.6%
Consumer Defensive	8.0%	6.7%
Consumer Cyclical	6.6%	6.4%
Utilities	5.4%	5.0%
Basic Materials	3.4%	6.9%
Communication Services	3.4%	3.7%
Real Estate	0.0%	1.3%

Return for Risk

VHYAX vs. VYMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VHYAX

VHYAX Risk / Return Rank: 80
VHYAX Sharpe Ratio Rank: 80
VHYAX Sortino Ratio Rank: 79
VHYAX Omega Ratio Rank: 74
VHYAX Calmar Ratio Rank: 84
VHYAX Martin Ratio Rank: 82

VYMI

VYMI Risk / Return Rank: 76
VYMI Sharpe Ratio Rank: 81
VYMI Sortino Ratio Rank: 80
VYMI Omega Ratio Rank: 80
VYMI Calmar Ratio Rank: 67
VYMI Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VHYAX vs. VYMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) and Vanguard International High Dividend Yield ETF (VYMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VHYAX	VYMI	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.50	-0.07
Sortino ratio: Return per unit of downside risk	3.45	3.38	+0.07
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	3.76	3.25	+0.50
Martin ratio: Return relative to average drawdown	14.10	12.76	+1.34

VHYAX vs. VYMI - Sharpe Ratio Comparison

The current VHYAX Sharpe Ratio is 2.42, which is comparable to the VYMI Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of VHYAX and VYMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VHYAX vs. VYMI - Drawdown Comparison

The maximum VHYAX drawdown since its inception was -35.14%, smaller than the maximum VYMI drawdown of -40.00%. Use the drawdown chart below to compare losses from any high point for VHYAX and VYMI.

Drawdown Indicators

	VHYAX	VYMI	Difference
Max Drawdown Largest peak-to-trough decline	-35.14%	-40.00%	+4.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	-10.14%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	-12.84%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-24.05%	+8.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.00%	—
Current Drawdown Current decline from peak	-1.19%	-0.75%	-0.44%
Average Drawdown Average peak-to-trough decline	-3.76%	-6.29%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.58%	-0.79%

Volatility

VHYAX vs. VYMI - Volatility Comparison

The current volatility for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) is 3.09%, while Vanguard International High Dividend Yield ETF (VYMI) has a volatility of 3.95%. This indicates that VHYAX experiences smaller price fluctuations and is considered to be less risky than VYMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHYAX	VYMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	3.95%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	11.13%	-3.40%
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	13.23%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	14.87%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	16.82%	+1.11%

VHYAX vs. VYMI - Expense Ratio Comparison

VHYAX has a 0.08% expense ratio, which is higher than VYMI's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VHYAX vs. VYMI - Dividend Comparison

VHYAX's dividend yield for the trailing twelve months is around 2.27%, less than VYMI's 3.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.27%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%
VYMI Vanguard International High Dividend Yield ETF	3.62%	3.68%	4.84%	4.58%	4.70%	4.30%	3.22%	4.20%	4.29%	3.21%	2.39%

Frequently Asked Questions

Can I hold both VHYAX and VYMI in my portfolio?

VHYAX and VYMI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHYAX or VYMI?

VYMI has higher volatility (3.95%) compared to VHYAX (3.09%). In terms of maximum drawdown, VHYAX dropped -35.14% vs VYMI's -40.00%.

Which has better risk-adjusted returns?

VYMI currently has the higher Sharpe Ratio (2.50 vs 2.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.