VO vs VYM: 22% overlap
Vanguard Mid-Cap ETF and Vanguard High Dividend Yield ETF share 22.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VO and VYM hold 134 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VO | in VYM | Δ |
|---|---|---|---|
| CASH | 0.5% | 0.5% | 0.0% |
| NEM | 0.5% | 0.4% | 0.1% |
| CMI | 1.0% | 0.4% | 0.5% |
| WMB | 0.4% | 0.4% | 0.1% |
| JCI | 0.4% | 0.4% | 0.1% |
| RCL | 0.7% | 0.3% | 0.4% |
| VLO | 0.7% | 0.3% | 0.4% |
| MPC | 0.7% | 0.3% | 0.4% |
| AEP | 0.4% | 0.3% | 0.1% |
| CRH | 0.7% | 0.3% | 0.4% |
Where VO and VYM differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | VO | VYM | Δ |
|---|---|---|---|
| Financials | 14.0% | 20.9% | −6.9pp |
| Industrials | 19.6% | 13.2% | +6.4pp |
| Health Care | 7.8% | 13.1% | −5.3pp |
| Real Estate | 5.1% | 0.0% | +5.0pp |
| Consumer Staples | 4.9% | 8.0% | −3.2pp |
| Utilities | 8.4% | 5.7% | +2.7pp |
| Consumer Discretionary | 8.9% | 6.4% | +2.5pp |
| Energy | 7.3% | 8.5% | −1.2pp |
Δ is VO minus VYM, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
54.7% of VO by weight, held in no part of VYM.
78.0% of VYM by weight, held in no part of VO.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VO | VYM | |
|---|---|---|
| Top 10 holdings | 9.5% | 26.0% |
| Positions held | 283 | 606 |
| Cost per $10,000 held, per year | $3 | $4 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do VO and VYM overlap?
VO and VYM overlap 22.0% by portfolio weight — moderate overlap. They share 134 holdings. The figure comes from current issuer holdings files (VO as of 2026-06-30, VYM as of 2026-06-30).
How is the overlap between VO and VYM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VO holds a stock at 6% and VYM holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both VO and VYM?
That depends on your goals — we state facts, not advice. At 22.0% overlap, each fund still contributes meaningfully distinct exposure.
What does VO own that VYM doesn't?
VO holds 283 positions and VYM holds 606; 149 of VO's positions don't appear in VYM at all, and they are 54.7% of VO by weight.
You probably hold more than two funds
This page compares VO and VYM. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch VO vs VYM
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, VO as of 2026-06-30, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.