Vanguard High Dividend Yield ETF (VYM) Valuation
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
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VYM | 21.3 | 14.6 | 2.13 | 3.20 | 2.34% | 15.0% | 10.0% | 2.3% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −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
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 20.7% | 13.4 | 11.6 | 2.67 | 1.88 | 2.35% | 14.0% |
| Technology | 17.3% | 29.7 | 18.5 | 4.94 | 7.36 | 1.45% | 24.8% |
| Healthcare | 13.7% | 38.0 | 15.1 | 1.52 | 4.63 | 2.48% | 12.2% |
| Industrials | 11.2% | 25.2 | 19.2 | 2.23 | 5.13 | 1.77% | 20.3% |
| Energy | 9.8% | 19.5 | 12.6 | 1.74 | 2.41 | 2.31% | 12.3% |
| Consumer Defensive | 8.3% | 26.0 | 17.3 | 1.75 | 5.56 | 3.26% | 21.4% |
| Consumer Cyclical | 6.0% | 24.9 | 15.1 | 1.27 | 5.27 | 2.88% | 21.2% |
| Utilities | 5.0% | 19.0 | 15.7 | 2.74 | 1.96 | 3.35% | 10.3% |
| Communication Services | 3.2% | 12.0 | 9.7 | 1.31 | 1.67 | 4.10% | 14.0% |
| Basic Materials | 3.2% | 37.3 | 15.2 | 2.11 | 3.01 | 1.76% | 8.1% |
| Real Estate | 0.0% | 13.5 | 8.4 | 0.54 | 1.00 | 2.14% | 7.4% |
| Services | 0.0% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
VYM earnings yield vs bond yields
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
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | 6.66% | 43.3 | 19.4 | 17.6 | 0.79% | 3.35% |
| JPM | JPMorgan Chase & Co. | 3.68% | 14.2 | 13.5 | 4.7 | 1.94% | 5.62% |
| XOM | Exxon Mobil Corporation | 2.81% | 23.0 | 14.8 | 2.0 | 2.30% | 2.66% |
| JNJ | Johnson & Johnson | 2.60% | 38.8 | 21.0 | 6.2 | 2.10% | 1.46% |
| ABBV | AbbVie Inc. | 1.95% | 80.6 | 16.4 | 7.8 | 2.42% | 0.53% |
| CSCO | Cisco Systems, Inc. | 1.84% | 32.2 | 19.8 | 6.7 | 1.56% | 1.24% |
| CVX | Chevron Corporation | 1.56% | 21.2 | 15.2 | 2.1 | 3.16% | 1.60% |
| BAC | Bank of America Corporation | 1.53% | 12.2 | 10.8 | 3.1 | 2.50% | 2.73% |
| CAT | Caterpillar Inc. | 1.49% | 31.5 | 25.4 | 4.5 | 0.89% | 1.03% |
| KO | The Coca-Cola Company | 1.48% | 28.2 | 25.3 | 8.1 | 2.26% | 1.14% |
| PG | The Procter & Gamble Company | 1.46% | 24.1 | 21.2 | 4.3 | 2.73% | 1.32% |
| MRK | Merck & Co., Inc. | 1.45% | 115.8 | 15.3 | 5.4 | 2.33% | 0.27% |
| UNH | UnitedHealth Group Incorporated | 1.35% | 25.8 | 16.6 | 0.8 | 2.31% | 1.14% |
| PM | Philip Morris International Inc. | 1.29% | 29.5 | 20.9 | 7.5 | 3.12% | 0.96% |
| HD | The Home Depot, Inc. | 1.20% | 21.5 | 19.8 | 1.8 | 3.01% | 1.21% |
| TXN | Texas Instruments Incorporated | 1.05% | 42.1 | 27.5 | 13.0 | 2.20% | 0.54% |
| RTX | RTX Corporation | 1.04% | 34.1 | 24.6 | 2.8 | 1.51% | 0.66% |
| GS | The Goldman Sachs Group, Inc. | 1.04% | 12.7 | 12.8 | 3.6 | 2.27% | 1.78% |
| ORCL | Oracle Corporation | 1.02% | 20.1 | 17.8 | 5.4 | 1.56% | 1.11% |
| WFC | Wells Fargo & Company | 1.00% | 11.8 | 10.2 | 3.0 | 2.38% | 1.84% |
| AMGN | Amgen Inc. | 0.93% | 26.9 | 16.7 | 6.1 | 2.33% | 0.75% |
| IBM | International Business Machines Corporation | 0.90% | 20.6 | 17.4 | 3.2 | 2.91% | 0.95% |
| LIN | Linde plc | 0.88% | 32.2 | 23.6 | 6.5 | 1.28% | 0.60% |
| C | Citigroup Inc. | 0.88% | 12.1 | 10.2 | 2.5 | 2.16% | 1.58% |
| MS | Morgan Stanley | 0.87% | 14.3 | 14.9 | 3.6 | 2.55% | 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.