Vanguard High Dividend Yield Index Fund ETF Shares(VYM)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is relatively balanced, with no single sector dominating the mix. However, technology and financial services sectors do have notable weightings of 19.3% and 17.3%, respectively. The presence of large-cap technology stocks such as AVGO and CSCO suggests that the fund has a significant exposure to growth-oriented companies within this sector. In contrast, the allocation to energy and consumer defensive sectors is relatively lower.
The weighted P/E ratio of 21.9x indicates that the portfolio's valuation posture is slightly above the market average. The top holdings, particularly AVGO, JPM, and XOM, contribute significantly to the fund's overall valuation metrics. A macro environment characterized by stable interest rates and moderate economic growth would likely be favorable for this portfolio, as it would allow the fund's dividend-paying stocks to thrive. However, a sharp increase in interest rates or a recession could potentially be unfavorable, as it may impact the fund's ability to generate returns through dividend income.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:18:30.541841+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The Vanguard High Dividend Yield Index Fund maintains a strong alignment with its stated objective of capturing high-dividend-paying stocks, yet the composition reveals significant exposure to sectors that do not traditionally define narrow thematic categories. While the fund name implies a focus on yield generation rather than specific industry trends, the holdings list includes major technology giants like Broadcom and Cisco alongside established financial institutions and energy producers. This mix suggests the fund relies heavily on large-cap value stocks known for consistent payouts across diverse industries, which may dilute exposure to pure-play dividend aristocrats in favor of broader market leaders capable of sustaining high yields through scale rather than sector-specific fundamentals.
Sector coherence is evident as the weightings reflect a diversified portfolio anchored by financial services and healthcare, both of which are historically strong contributors to total return via dividends. However, the substantial allocation to technology at nearly 17% indicates that the fund's yield profile is significantly influenced by mega-cap tech firms rather than traditional utilities or consumer staples alone. This concentration in large-cap growth stocks within dividend lists differentiates the vehicle from a true value index but keeps it distinct from broad market benchmarks through its explicit exclusion of low-yield small caps and speculative assets. The top-10 concentration remains moderate, ensuring that no single holding dominates the risk profile while maintaining exposure to companies with robust cash flow generation capabilities essential for sustaining high dividend distributions over time.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 01:29:35.492108+00
🏢 Sector Analysis
AI GeneratedThe Vanguard High Dividend Yield Index Fund exhibits a sector allocation that diverges from traditional high-yield portfolios by maintaining significant exposure to growth-oriented industries. While Financial Services, Technology, and Healthcare collectively account for nearly half of the portfolio's weight, this distribution suggests an investment thesis focused on capturing dividend income from large-cap companies with established market positions rather than strictly adhering to defensive sectors like Utilities or Consumer Staples. The substantial presence in Technology, represented by a single top holding contributing over 8% to the fund, indicates that yield generation is being sourced partly through capital-intensive firms capable of returning cash despite higher valuations, challenging the notion that high dividend funds are exclusively composed of low-growth utilities and energy stocks.
Concentration risk appears moderate given the Top-10 holdings represent only 25.6% of assets, yet the reliance on a few mega-cap leaders within specific sectors creates nuanced exposure patterns. The dominance of Broadcom in Technology implies that sector performance is heavily influenced by this single entity, while Financial Services and Energy provide broader diversification through larger holding counts relative to their weightings. This structure reflects a factor tilt toward large-capitalization value characteristics, as the fund prioritizes companies with sufficient scale to sustain high payouts without relying on smaller, potentially more volatile issuers. The inclusion of Industrials and Consumer Cyclical sectors further signals an attempt to balance yield stability with exposure to economic expansion drivers, positioning the fund to participate in broader market rallies while maintaining a focus on cash flow generation across diverse industrial applications.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 04:08:32.429325+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VYM's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VYM's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 479 | 97.9% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 255 | 92.3% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 253 | 92.2% |
| QUSQUS | $1B | — | 242 | 92.0% |
| SPLGSPLG | $97B | — | 256 | 91.3% |
98% of VYM's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VYM's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVYM's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 97% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 88% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VYM collectively pay out 79% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 71% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVYM is up 21.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +36.9%. Despite earnings growth, valuations have contracted by 15.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 87% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VYM's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VYM's analyzed weight, 57% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 43% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 77% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDVYM's top holding AVGO at 8.5% is above the 8% elevated-concentration threshold. The effective number of stocks is 68 vs. the actual count of 50.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VYM has a Passive Crowding Score of 41/100. On average, 12.3% of the market capitalization of VYM's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 47 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | AVGO | Broadcom Inc. Technology | 8.51% | 66.3x | 8/9 |
| 2 | JPM | JPMorgan Chase & Co. Financial Services | 3.14% | 16.1x | 3/9 |
| 3 | XOM | Exxon Mobil Corp. Energy | 2.53% | 23.2x | 5/9 |
| 4 | JNJ | Johnson & Johnson Healthcare | 2.24% | 29.9x | 4/9 |
| 5 | CSCO | Cisco Systems Inc. Technology | 1.98% | 38.4x | 8/9 |
| 6 | CAT | Caterpillar Inc. Industrials | 1.67% | 46.0x | 6/9 |
| 7 | ABBV | AbbVie Inc. Healthcare | 1.59% | 123.6x | 7/9 |
| 8 | ORCL | Oracle Corp. Technology | 1.57% | 24.8x | 5/9 |
| 9 | UNH | UnitedHealth Group Inc. Healthcare | 1.43% | 32.6x | 6/9 |
| 10 | CVX | Chevron Corp. Energy | 1.41% | 29.9x | 6/9 |
| 11 | BAC | Bank of America Corp. Financial Services | 1.40% | 14.7x | 5/9 |
| 12 | PG | Procter & Gamble Co. Consumer Defensive | 1.39% | 21.5x | 6/9 |
| 13 | HD | Home Depot Inc. Consumer Cyclical | 1.30% | 23.9x | 4/9 |
| 14 | KO | Coca-Cola Co. Consumer Defensive | 1.27% | 26.0x | 7/9 |
| 15 | MRK | Merck & Co. Inc. Healthcare | 1.22% | 35.3x | 4/9 |
Historical Holdings Snapshots
Browse how VYM’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-15
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
2026-07-14
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
2026-07-13
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
2026-07-12
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
2026-07-11
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
2026-07-10
15 holdings · 32.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AVGO | 8.51% | 18,283,233 | $8.2B |
| 2 | JPM | 3.14% | 10,076,229 | $3.0B |
| 3 | XOM | 2.53% | 16,724,968 | $2.4B |
| 4 | JNJ | 2.24% | 9,526,666 | $2.1B |
| 5 | CSCO | 1.98% | 15,756,939 | $1.9B |
| 6 | CAT | 1.67% | 1,833,058 | $1.6B |
| 7 | ABBV | 1.59% | 7,013,377 | $1.5B |
| 8 | ORCL | 1.57% | 6,664,167 | $1.5B |
| 9 | UNH | 1.43% | 3,602,488 | $1.4B |
| 10 | CVX | 1.41% | 7,416,559 | $1.4B |
| 11 | BAC | 1.40% | 25,999,925 | $1.3B |
| 12 | PG | 1.39% | 9,298,986 | $1.3B |
| 13 | HD | 1.30% | 3,941,864 | $1.3B |
| 14 | KO | 1.27% | 15,394,836 | $1.2B |
| 15 | MRK | 1.22% | 9,838,598 | $1.2B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove VYM Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of VYM is trading below its 50-day moving average but above the 200-day moving average, suggesting a potential consolidation phase within an ongoing uptrend. With an RSI value of 34, which falls into oversold territory, this indicates that the security may be experiencing near-term selling pressure but could potentially see reduced downward momentum in the coming period.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VYM’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-14.
SecuritiesDB is for informational purposes only. Not investment advice.