Vanguard High Dividend Yield ETF (VYM) Valuation

NYSE Arca: VYMP/E, earnings yield and other ratios of the holdings combined.

VYM valuation today

Holdings combined · company data as of Oct 26, 2026
P/E (TTM)
21.3
trailing earnings
Forward P/E
14.6
analyst estimates
Price / sales
2.13
Price / book
3.20
EV / EBITDA
13.5
Earnings yield
4.69%
inverse of P/E
Dividend yield
2.34%
of the holdings
Return on equity
15.0%
combined
Net margin
10.0%
combined
Beta
0.81
weighted, vs S&P 500

VYM valuation vs other stock ETFs

P/E (TTM)Forward P/E
VYM valuation compared with other stock ETFs
ETFP/EFwd P/EP/SP/BDiv. yieldROENet marginLoss-makers
VYM21.314.62.133.202.34%15.0%10.0%2.3%
SPY25.919.93.675.471.08%21.1%14.2%1.9%
QQQ34.223.45.939.270.58%27.1%17.4%6.9%
DIA20.918.43.165.521.55%26.4%15.1%0.0%
VTI28.219.43.315.001.07%17.7%11.8%4.6%
IWMn/m13.91.252.031.38%−1.7%−1.0%28.1%

Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.

VYM valuation by sector

P/E (TTM)Forward P/E
VYM valuation by sector
SectorWeightP/EFwd P/EP/SP/BDiv. yieldROE
Financial Services20.7%13.411.62.671.882.35%14.0%
Technology17.3%29.718.54.947.361.45%24.8%
Healthcare13.7%38.015.11.524.632.48%12.2%
Industrials11.2%25.219.22.235.131.77%20.3%
Energy9.8%19.512.61.742.412.31%12.3%
Consumer Defensive8.3%26.017.31.755.563.26%21.4%
Consumer Cyclical6.0%24.915.11.275.272.88%21.2%
Utilities5.0%19.015.72.741.963.35%10.3%
Communication Services3.2%12.09.71.311.674.10%14.0%
Basic Materials3.2%37.315.22.113.011.76%8.1%
Real Estate0.0%13.58.40.541.002.14%7.4%
Services0.0%14.215.31.602.992.71%21.0%

VYM earnings yield vs bond yields

VYM earnings yield (forward)
6.83%
VYM earnings yield (trailing)
4.69%
VYM dividend yield
2.34%
Bond market yield (AGG)
5.33%
T-bill yield (BIL)
3.91%

Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.

How VYM weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

VYM largest holdings: valuation

VYM largest holdings valuation
SymbolCompanyWeightP/EFwd P/EP/SDiv. yieldShare of earnings
AVGOBroadcom Inc.6.66%43.319.417.60.79%3.35%
JPMJPMorgan Chase & Co.3.68%14.213.54.71.94%5.62%
XOMExxon Mobil Corporation2.81%23.014.82.02.30%2.66%
JNJJohnson & Johnson2.60%38.821.06.22.10%1.46%
ABBVAbbVie Inc.1.95%80.616.47.82.42%0.53%
CSCOCisco Systems, Inc.1.84%32.219.86.71.56%1.24%
CVXChevron Corporation1.56%21.215.22.13.16%1.60%
BACBank of America Corporation1.53%12.210.83.12.50%2.73%
CATCaterpillar Inc.1.49%31.525.44.50.89%1.03%
KOThe Coca-Cola Company1.48%28.225.38.12.26%1.14%
PGThe Procter & Gamble Company1.46%24.121.24.32.73%1.32%
MRKMerck & Co., Inc.1.45%115.815.35.42.33%0.27%
UNHUnitedHealth Group Incorporated1.35%25.816.60.82.31%1.14%
PMPhilip Morris International Inc.1.29%29.520.97.53.12%0.96%
HDThe Home Depot, Inc.1.20%21.519.81.83.01%1.21%
TXNTexas Instruments Incorporated1.05%42.127.513.02.20%0.54%
RTXRTX Corporation1.04%34.124.62.81.51%0.66%
GSThe Goldman Sachs Group, Inc.1.04%12.712.83.62.27%1.78%
ORCLOracle Corporation1.02%20.117.85.41.56%1.11%
WFCWells Fargo & Company1.00%11.810.23.02.38%1.84%
AMGNAmgen Inc.0.93%26.916.76.12.33%0.75%
IBMInternational Business Machines Corporation0.90%20.617.43.22.91%0.95%
LINLinde plc0.88%32.223.66.51.28%0.60%
CCitigroup Inc.0.88%12.110.22.52.16%1.58%
MSMorgan Stanley0.87%14.314.93.62.55%1.33%

Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.

About VYM valuation

Adding up its 580 holdings with company data, VYM trades at 21.3 times trailing earnings and 14.6 times analysts' forward estimates, with a price-to-book ratio of 3.20 and a dividend yield of 2.34%. Its earnings yield of 4.69% is 0.64 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 25.6% of the fund and earn 21.4% of its combined profit. By sector, Healthcare is the most expensive at 38.0 times earnings and Communication Services the cheapest at 12.0. Companies that lost money over the past year are 2.3% of the covered weight.

How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

Related: VYM chart, VYM performance, VYM holdings, VYM dividends.

VYM valuation FAQ

What is the P/E ratio of VYM?

Based on its holdings, VYM has a trailing P/E of 21.3 and a forward P/E of 14.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of VYM?

The trailing earnings yield is 4.69% (1 ÷ P/E) and the forward earnings yield 6.83%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is VYM more expensive than the S&P 500?

VYM trades at 21.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.6 and 19.9.

What is the price-to-book ratio of VYM?

The holdings of VYM trade at 3.20 times book value, with a combined return on equity of 15.0%.

Which sector in VYM has the highest P/E?

Healthcare has the highest P/E at 38.0 and Communication Services the lowest at 12.0.