VOO vs. VHYAX

Last updated Jun 16, 2026

VOO (Vanguard S&P 500 ETF) and VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index. Both are passively managed. Over the past 5 years, VOO returned 13.93%/yr vs 11.56%/yr for VHYAX. Their correlation of 0.81 suggests significant overlap in exposure. VOO charges 0.03%/yr vs 0.08%/yr for VHYAX.

Performance

VOO vs. VHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOO achieves a 10.99% return, which is significantly lower than VHYAX's 12.41% return.

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

VHYAX

• 1D: 0.81%
• 1M: 2.98%
• YTD: 12.41%
• 6M: 11.32%
• 1Y: 25.93%
• 3Y*: 18.05%
• 5Y*: 11.56%
• 10Y*: —

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

VOO vs. VHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VOO Vanguard S&P 500 ETF	10.99%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	20.38%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	12.41%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%

Correlation

The correlation between VOO and VHYAX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.81

The correlation between VOO and VHYAX shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

VOO vs. VHYAX - Sectors Allocation Comparison

Sectors	VOO	VHYAX
Technology	35.6%	17.7%
Financial Services	11.6%	20.5%
Communication Services	11.1%	3.5%
Consumer Cyclical	10.1%	6.7%
Healthcare	8.5%	12.2%
Industrials	8.0%	12.1%
Consumer Defensive	4.9%	8.1%
Energy	3.5%	9.8%
Utilities	2.8%	5.7%
Real Estate	1.9%	0.0%
Basic Materials	1.8%	3.5%

Return for Risk

VOO vs. VHYAX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

VHYAX

VHYAX Risk / Return Rank: 82
VHYAX Sharpe Ratio Rank: 82
VHYAX Sortino Ratio Rank: 81
VHYAX Omega Ratio Rank: 76
VHYAX Calmar Ratio Rank: 86
VHYAX Martin Ratio Rank: 85

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.

VOO vs. VHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). 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.

	VOO	VHYAX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.35	-0.07
Sortino ratio: Return per unit of downside risk	3.07	3.34	-0.27
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	3.15	3.67	-0.51
Martin ratio: Return relative to average drawdown	14.25	13.79	+0.46

VOO vs. VHYAX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.28, which is comparable to the VHYAX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of VOO and VHYAX, 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

VOO vs. VHYAX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, roughly equal to the maximum VHYAX drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for VOO and VHYAX.

Drawdown Indicators

	VOO	VHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-35.14%	+1.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-6.75%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-14.42%	-4.27%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-15.87%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-0.63%	-0.45%	-0.18%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.76%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.80%	+0.17%

Volatility

VOO vs. VHYAX - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 4.61% compared to Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) at 3.38%. This indicates that VOO's price experiences larger fluctuations and is considered to be riskier than VHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOO	VHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	3.38%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	7.87%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	10.53%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	14.03%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	17.95%	+0.10%

VOO vs. VHYAX - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than VHYAX's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOO vs. VHYAX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, less than VHYAX's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.17%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and VHYAX in my portfolio?

VOO and VHYAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or VHYAX?

VOO has higher volatility (4.61%) compared to VHYAX (3.38%). In terms of maximum drawdown, VOO dropped -33.99% vs VHYAX's -35.14%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.35 vs 2.28), 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.