Relative Intelligence · Dividend Growth
How Vanguard Dividend Appreciation ETF (VIG) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VIG alone. It places VIG (Vanguard Dividend Appreciation ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VIG stands in the market, and of the alternatives worth a closer look.
Period covered: VIG's full trading record, from May 2006 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about VIG
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowNot every peer went the same way. Over the past 3 months, SCHD (Schwab U.S. Dividend Equity ETF) rose 8.5% and RDVY (First Trust Rising Dividend Achievers ETF) fell 0.3%. Over the past 3 months, VIG rose 3.6% against 2.5% for the S&P 500. Consistency ↓
- Fund or market?VIG rose 3.6% over the past 3 months, 2.5 points ahead of the dividend growth ETF VYM (Vanguard High Dividend Yield ETF), which rose 1.2%. The S&P 500 rose 2.5%. Last month cut against the tape: VIG rose 3.4% while the S&P 500 fell 1.2%.
- Long termVIG turned $10,000 into $35,800 over the past decade, against $41,600 in the S&P 500. That said, its 10-year return of 258% puts it ahead of 84% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 316%. Growth of $10,000 ↓
- In a crashVIG fell less than the S&P 500 in four of the last four sell-offs, including the 2022 bear market (20.4% against 24.5%). In the 2022 bear market, VIG fell 20.4%, against 24.5% for the S&P 500. That was more than SCHD (Schwab U.S. Dividend Equity ETF, 16.9%) but less than RDVY (First Trust Rising Dividend Achievers ETF, 25.3%). Crash tests ↓
- DiversificationVIG is more of the same, not a cushion: a correlation of 0.93 with the S&P 500 over 5 years and 0.93 with the total US market, more closely than 88% of ETFs with at least $100 million in assets. When the S&P 500 had a down month, VIG usually fell with it (19 of 22 months). By year ↓
- Better options
- Popular alternatives
- HDV (iShares Core High Dividend ETF) earned more than VIG with less volatility over the past 5 years: 13.3% a year at 13.0% volatility, against 10.4% a year at 14.1%.
- Nearby categories and themes
- DJD (Invesco Dow Jones Industrial Average Dividend ETF, high dividend yield) earned more than VIG with less volatility over the past 5 years: 12.5% a year at 13.3% volatility, against 10.4% a year at 14.1%.
- Whole market
- Few investments have done better on both counts: only five of the 3,641 stocks and funds worth at least $500 million earned more than VIG with less volatility over the past 5 years, among them HDV (iShares Core High Dividend ETF), DLN (WisdomTree U.S. LargeCap Dividend Fund) and LVHI (Franklin International Low Volatility High Dividend Index ETF).
How much would $10,000 in VIG have grown?
This chart tracks a hypothetical $10,000 investment in VIG over the past 20 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VIG over the same span and VIG's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: VIG began trading on May 2, 2006, so the chart cannot reach back to the dot-com bust. It covers the most recent 20 years of VIG's record, starting at the end of September 2006.
- $10,000 invested in VIG at the end of September 2006 would have grown to $67,805 by September 2026, less than the $82,294 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of VIG, and NVDA finished highest, at $5,084,012.
Choose a period
From the end of September 2006 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 578 of the 1,666 stocks and funds worth at least $500 million that traded the whole period ended ahead of VIG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$5M+50,740% total · +36.6% a year
- AAPL$1M+14,379% total · +28.2% a year
- GOOG$343,481+3,335% total · +19.3% a year
- RY$94,834+848% total · +11.9% a year
- WM$93,841+838% total · +11.8% a year
- SPY (S&P 500)$82,294+723% total · +11.1% a year
- VIG$67,805+578% total · +10.0% a year
- DLN$58,979+490% total · +9.3% a year
- VTV$57,135+471% total · +9.1% a year
- DHS$42,493+325% total · +7.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,262 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of VIG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- FDVV$19,329+93.3% total · +14.1% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- DIVB$18,752+87.5% total · +13.4% a year
- VTV$17,967+79.7% total · +12.4% a year
- RDVY$17,940+79.4% total · +12.4% a year
- HDV$17,689+76.9% total · +12.1% a year
- DHS$17,454+74.5% total · +11.8% a year
- DJD$17,186+71.9% total · +11.4% a year
- DGRO$16,817+68.2% total · +11.0% a year
- VIG$16,653+66.5% total · +10.7% a year
VIG at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VIG began trading on May 2, 2006, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- VIG is trading within 1% of its all-time high.
- VIG's deepest decline since it began trading in 2006 was 46.8%, from October 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 19 full calendar years, VIG's best was 2019, when it returned 29.6%, and its worst was 2008, when it lost 26.7%. It lost money in four of those years.
The fund
- Issuer
- Vanguard
- Began trading
- May 2006
- Expense ratio
- 0.04%per year
- Assets
- $128B
- Category
- Dividend & Income
Returns
- Past 1 year
- +15.2%total return
- Past 3 years
- +69.2%+19.2% a year
- Past 5 years
- +63.9%+10.4% a year
- Past 10 years
- +258%+13.6% a year
- Best calendar year
- +29.6%2019
- Worst calendar year
- −26.7%2008
- Losing years
- 4 of 19full calendar years
Risk
- Volatility
- 14.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.77return per unit of risk, 5 years
- Worst decline ever
- −46.8%Oct 2007 to Mar 2009
- From its all-time high
- At its highwithin 1%
VIG against the whole market
Where VIG ranks among every stock and fund, and what across the market has done better.
How does VIG rank among all ETFs?
This section ranks VIG on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VIG stacks up against its peers, these rankings show where it stands in the market as a whole.
- VIG's 10-year return ranks in the top 16% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VIG | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.2% | 843 of 2,488 | top 34% |
| 3-year return | +69.2% | 800 of 1,950 | top 41% |
| 5-year return | +63.9% | 462 of 1,563 | top 30% |
| 10-year return | +258% | 150 of 958 | top 16% |
| Volatility, 5 years | 14.1% | 557 of 1,563 | top 36% |
| Sharpe ratio, 5 years | 0.77 | 382 of 1,563 | top 24% |
| Worst decline, past 10 years | −31.7% | 221 of 951 | top 23% |
What has beaten VIG on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VIG sits where the dashed lines cross. Anything in the green box above and to the left earned more than VIG with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Five ETFs worth at least $500 million sit in the green region: each earned more than VIG over the past 5 years with smaller price swings. That is fewer than 1% of the 3,641 screened. Few investments beat it on both counts.
- Among those with at least half VIG's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 22% less than VIG's 14.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.77 for VIG.
- Among VIG's popular alternatives, HDV and DLN are in the region. HDV earned 13.3% a year against 10.4% a year for VIG, at 13.0% volatility, 8% less than VIG's 14.1%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VIG. 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
Is there a better investment than VIG?
Investments that beat VIG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VIG's popular alternatives, HDV earned more than VIG with less volatility over the past 5 years: 13.3% a year at 13.0% volatility, against 10.4% a year at 14.1%.
- Looking beyond its popular alternatives, DJD (high dividend yield) earned more than VIG with less volatility over the past 5 years: 12.5% a year at 13.3% volatility, against 10.4% a year at 14.1%.
- Few investments have done better on both counts: only five of the 3,641 stocks and funds worth at least $500 million earned more than VIG with less volatility over the past 5 years, among them HDV, DLN and LVHI.
How this works
The table below lists investments that beat VIG over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VIG's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VIG follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VIG's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VIG's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VIG's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VIG?lower diversifies more | Expenseper year | |||
| VIGVanguard Dividend Appreciation ETF · this page | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 1.00 | 0.04% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.93 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against VIG. 7 of 25 passed at least one test. | |||||||||
HDViShares Core High Dividend ETF · High Dividend Yield | Higher return, lower volatilityHigher return in most periods | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.77 | 0.08% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return in most periods | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.95 | 0.03% | |
 DGROiShares Core Dividend Growth ETF · Dividend Growth | Higher return in most periods | +11.1% | 13.7% | 0.84 | −35.1% | +270% | 0.98 | 0.08% | |
DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Higher return in most periods | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.78 | 0.38% | |
FDVVFidelity High Dividend ETF · High Dividend Yield | Higher return, similar volatility | +13.4% | 14.6% | 0.94 | −40.2% | +255% | 0.93 | 0.15% | |
| Same and neighboring categories, and shared themesbest 4 shownEverything else in Dividend Growth and US Dividend Equity and the categories next to it (High Dividend Yield, Covered Call Income), plus VIG's specific themes. 5 of 38 passed at least one test. | |||||||||
DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Higher return, lower volatilityHigher return in most periods | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.89 | 0.07% | |
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Higher return, similar volatilityHigher return in most periods | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.74 | 0.43% | |
RDIVInvesco S&P Ultra Dividend Revenue ETF · US Dividend Equity | Higher return in most periods | +12.7% | 17.4% | 0.78 | −50.0% | +187% | 0.79 | 0.39% | |
FDRRFidelity Dividend ETF for Rising Rates · US Dividend Equity | Higher return in most periods | +12.7% | 15.0% | 0.88 | −36.5% | +264% | 0.94 | 0.15% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 92 of 3,589 passed at least one test. | |||||||||
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.92 | 0.31% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return in most periods | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.63 | — | |
 MPLXMPLX Lp · Oil & Gas Midstream | On the frontierHigher return in most periods | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.54 | — | |
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 15.1% | 1.06 | −41.3% | — | 0.93 | 0.56% | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | On the frontierHigher return, lower volatility | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.69 | 0.40% | |
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.89 | 0.79% | |
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.84 | 0.85% | |
 WMWaste Management, Inc. · Waste Management | Smaller losses in recent crashes | +9.5% | 19.3% | 0.57 | −30.1% | +357% | 0.48 | — | |
What these numbers mean for VIG
- Annual return
- VIG returned 10.4% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $16,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VIG's volatility over the past 5 years was 14.1%, 82% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VIG's return lands within 14.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VIG's Sharpe ratio over the past 5 years was 0.77, against 0.78 for the S&P 500, so VIG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VIG's worst fall from a peak to a low over the past 10 years was 31.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 31.7% fall takes a 46.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VIG's monthly returns had a correlation of 0.93 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VIG instead: the lower it is, the more that option would diversify a VIG holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than VIG with less volatility
Out of 3,641 tested over 5 years. Best first; funds that hold the same thing are listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VIG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Whole market | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.92 | 0.31% |
| 2 | HDViShares Core High Dividend ETF · High Dividend Yield | Popular alternative | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.77 | 0.08% |
| 3 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Same or nearby category | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.89 | 0.07% |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.69 | 0.40% |
| 5 | DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity | Popular alternative | +12.3% | 13.2% | 0.95 | −35.8% | +231% | 0.97 | 0.28% |
VIG against its popular alternatives
The investments people most often weigh against VIG, compared period by period and year by year.
How do VIG's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VIG, which divides the map into what did better or worse on each measure.
- Nine of the 25 popular alternatives, led by HDV, DHS and DLN, were both more rewarding and calmer than VIG over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VIG returned 10.4% a year, less than the S&P 500's 12.5%, with lower volatility (14.1% against 17.2%).
Green points earned more than VIG with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| DIVB iShares Core Dividend ETF | +14.6% | 15.5% |
| FDVV Fidelity High Dividend ETF | +13.4% | 14.6% |
| HDV iShares Core High Dividend ETF | +13.3% | 13.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| DHS WisdomTree U.S. High Dividend Fund | +12.4% | 13.9% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | +12.3% | 13.2% |
| VTV Vanguard Morningstar Value ETF | +12.2% | 13.7% |
| DTD WisdomTree U.S. Total Dividend Fund | +11.8% | 13.5% |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | +11.7% | 14.0% |
| VYM Vanguard High Dividend Yield ETF | +11.6% | 13.8% |
| RDVY First Trust Rising Dividend Achievers ETF | +11.3% | 18.8% |
| QUAL iShares MSCI USA Quality Factor ETF | +11.2% | 17.3% |
| DGRO iShares Core Dividend Growth ETF | +11.1% | 13.7% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | +10.9% | 11.9% |
| VIG This pageVanguard Dividend Appreciation ETF | +10.4% | 14.1% |
| SCHD Schwab U.S. Dividend Equity ETF | +10.2% | 14.4% |
| DVY iShares Select Dividend ETF | +10.1% | 15.1% |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | +8.3% | 16.0% |
| PEY Invesco High Yield Equity Dividend Achievers ETF | +8.1% | 16.5% |
| SDY State Street SPDR S&P Dividend ETF | +8.1% | 14.0% |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | +7.9% | 14.3% |
| USMV iShares MSCI USA Min Vol Factor ETF | +7.7% | 12.3% |
| DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund | +7.1% | 20.1% |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | +7.0% | 14.5% |
| FVD First Trust Value Line Dividend Index Fund | +6.5% | 12.8% |
| VIGI Vanguard International Dividend Appreciation ETF | +5.1% | 14.5% |
| BND Vanguard Total Bond Market ETF | −0.2% | 6.1% |
Has VIG consistently beaten its popular alternatives?
This section compares VIG with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VIG helps separate lasting outperformance from a single strong stretch.
- Five of the 25 popular alternatives, led by DGRO, HDV and DIVB, outperformed VIG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- DGRO outperformed VIG in every long-term period and in all but one short-term period, the most consistent record in the group.
- DIVO earned more for the risk it took than VIG (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than VIG over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VIG Vanguard Dividend Appreciation ETF (this page) | — | +3.4% | +3.6% | +8.8% | +12.5% | +15.2% | +69.2% | +63.9% | +258% | 14.1% | 0.77 | −31.7% | 0.04% | $128B | — |
| DGRO QualifiediShares Core Dividend Growth ETF | 5/5 short3/3 longAll-weather | +4.3% | +4.5% | +11.1% | +16.6% | +20.1% | +77.8% | +69.6% | +270% | 13.7% | 0.84 | −35.1% | 0.08% | $44B | 88% |
| HDV QualifiediShares Core High Dividend ETF | 5/5 short2/3 long | +7.2% | +8.6% | +17.1% | +27.9% | +29.0% | +76.5% | +86.8% | +177% | 13.0% | 1.03 | −37.0% | 0.08% | $16B | 41% |
| DIVB QualifiediShares Core Dividend ETF | 5/5 short2/3 long | +7.9% | +13.5% | +29.0% | +36.4% | +41.0% | +115% | +97.3% | — | 15.5% | 0.96 | −36.9% | 0.05% | $2.1B | — |
| VTV QualifiedVanguard Morningstar Value ETF | 3/5 short2/3 long | +2.7% | +3.8% | +12.7% | +19.3% | +23.9% | +80.9% | +78.0% | +237% | 13.7% | 0.91 | −36.8% | 0.03% | $252B | 85% |
| DHS QualifiedWisdomTree U.S. High Dividend Fund | 3/5 short2/3 long | +3.6% | +2.3% | +9.9% | +18.6% | +21.7% | +74.7% | +79.2% | +159% | 13.9% | 0.91 | −37.4% | 0.38% | $1.6B | 69% |
| RDVY Dividend & IncomeFirst Trust Rising Dividend Achievers ETF | 2/5 short3/3 long | +0.3% | −0.3% | +6.9% | +14.3% | +20.2% | +89.1% | +71.0% | +321% | 18.8% | 0.67 | −40.6% | 0.47% | $25B | 71% |
| QUAL Broad MarketiShares MSCI USA Quality Factor ETF | 2/5 short3/3 long | +0.7% | +3.5% | +8.8% | +13.4% | +16.3% | +76.1% | +69.8% | +290% | 17.3% | 0.70 | −34.1% | 0.15% | $48B | 73% |
| DLN Dividend & IncomeWisdomTree U.S. LargeCap Dividend Fund | 2/5 short2/3 long | +1.6% | +2.7% | +8.6% | +14.9% | +17.6% | +77.0% | +78.3% | +231% | 13.2% | 0.95 | −35.8% | 0.28% | $6.3B | 81% |
| DTD Dividend & IncomeWisdomTree U.S. Total Dividend Fund | 2/5 short2/3 long | +1.6% | +2.0% | +8.2% | +14.6% | +17.3% | +74.9% | +74.7% | +216% | 13.5% | 0.90 | −37.3% | 0.28% | $1.7B | 79% |
| VYM Dividend & IncomeVanguard High Dividend Yield ETF | 2/5 short2/3 long | +2.5% | +1.2% | +6.3% | +14.3% | +18.5% | +75.9% | +72.8% | +209% | 13.8% | 0.87 | −35.2% | 0.04% | $96B | 85% |
| DGRW Dividend & IncomeWisdomTree U.S. Quality Dividend Growth Fund | 0/5 short2/3 long | +0.3% | +3.5% | +6.0% | +11.4% | +12.7% | +65.3% | +74.0% | +271% | 14.0% | 0.87 | −32.0% | 0.28% | $17B | 76% |
| FDVV Dividend & IncomeFidelity High Dividend ETF | 0/5 short2/3 long | +0.3% | +0.5% | +7.8% | +11.9% | +15.1% | +81.6% | +87.9% | +255% | 14.6% | 0.94 | −40.2% | 0.15% | $10B | 69% |
| SCHD Dividend & IncomeSchwab U.S. Dividend Equity ETF | 5/5 short1/3 long | +5.8% | +8.5% | +16.0% | +30.8% | +35.7% | +72.3% | +62.8% | +256% | 14.4% | 0.75 | −33.4% | 0.06% | $115B | 68% |
| DVY Dividend & IncomeiShares Select Dividend ETF | 3/5 short1/3 long | +4.2% | +1.3% | +8.9% | +16.8% | +19.3% | +75.0% | +61.9% | +178% | 15.1% | 0.72 | −41.6% | 0.38% | $23B | 54% |
| DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF | 0/5 short1/3 long | +1.8% | +4.1% | +7.2% | +11.3% | +14.5% | +64.2% | +67.8% | — | 11.9% | 0.94 | −30.0% | 0.56% | $8.0B | 81% |
| NOBL Dividend & IncomeProShares - S&P 500 Dividend Aristocrats ETF | 5/5 short0/3 long | +6.2% | +5.0% | +10.6% | +14.6% | +17.2% | +47.8% | +40.4% | +178% | 14.5% | 0.54 | −35.4% | 0.35% | $12B | 62% |
| SDY Dividend & IncomeState Street SPDR S&P Dividend ETF | 5/5 short0/3 long | +6.7% | +4.3% | +10.0% | +16.4% | +17.4% | +55.9% | +47.6% | +163% | 14.0% | 0.63 | −36.7% | 0.35% | $21B | 63% |
| PEY Dividend & IncomeInvesco High Yield Equity Dividend Achievers ETF | 4/5 short0/3 long | +4.2% | +1.0% | +13.4% | +23.1% | +21.5% | +54.1% | +47.7% | +141% | 16.5% | 0.56 | −41.5% | 0.68% | $1.1B | 63% |
| USMV Broad MarketiShares MSCI USA Min Vol Factor ETF | 3/5 short0/3 long | +4.7% | +7.9% | +10.7% | +11.7% | +10.9% | +52.3% | +44.8% | +179% | 12.3% | 0.66 | −33.1% | 0.15% | $24B | 81% |
| SPYD Dividend & IncomeState Street SPDR Portfolio S&P 500 High Dividend ETF | 3/5 short0/3 long | +4.1% | −0.3% | +8.7% | +15.8% | +16.6% | +67.7% | +48.7% | +131% | 16.0% | 0.58 | −46.4% | 0.07% | $7.3B | 49% |
| DGRS Dividend & IncomeWisdomTree U.S. SmallCap Quality Dividend Growth Fund | 2/5 short0/3 long | +0.7% | −3.3% | +3.2% | +16.8% | +17.7% | +58.7% | +41.0% | +140% | 20.1% | 0.44 | −44.8% | 0.38% | $378M | 58% |
| FVD Dividend & IncomeFirst Trust Value Line Dividend Index Fund | 1/5 short0/3 long | +5.5% | +3.4% | +7.8% | +11.5% | +12.5% | +49.4% | +37.0% | +139% | 12.8% | 0.56 | −35.3% | 0.62% | $7.9B | 66% |
| VIGI InternationalVanguard International Dividend Appreciation ETF | 1/5 short0/3 long | +2.2% | +4.7% | +9.0% | +9.5% | +11.5% | +50.5% | +28.5% | +127% | 14.5% | 0.42 | −31.0% | 0.07% | $9.2B | 79% |
| SPHD Dividend & IncomeInvesco S&P 500 High Dividend Low Volatility ETF | 1/5 short0/3 long | +4.6% | −0.1% | +7.6% | +11.8% | +11.2% | +55.9% | +46.3% | +107% | 14.3% | 0.61 | −41.4% | 0.30% | $3.2B | — |
| BND BondsVanguard Total Bond Market ETF | 0/5 short0/3 long | +0.3% | −0.7% | −1.7% | −1.0% | −1.4% | +16.3% | −1.0% | +14.3% | 6.1% | 0.00 | −18.6% | 0.03% | $389B | — |
How did VIG do year by year?
This table shows each investment's total return in every full calendar year since 2007, along with where VIG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VIG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VIG began trading on May 2, 2006, so the table starts with 2007, its first full calendar year, and cannot show how it fared during the dot-com bust.
- VIG finished ahead of the S&P 500 in four of its 19 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, VIG finished in the top quarter in seven of 19 years and in the bottom quarter in four. In 2025, it ranked 11 of 26.
- Among its popular alternatives, FDVV came out ahead of VIG most often, in six of the nine years both traded.
Newest year first. Green marks a year in which the fund came out ahead of VIG; gray means the two finished within a fraction of a point. The rank row places VIG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VIG | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VIG This pageVanguard Dividend Appreciation ETF | — | +14.2% | +17.0% | +14.5% | −9.8% | +23.8% | +15.4% | +29.6% | −2.1% | +22.2% | +12.0% | −1.9% | +10.1% | +28.9% | +11.6% | +6.2% | +14.7% | +19.6% | −26.7% | +5.6% |
| Rank among alternatives | Top quarter in 7 of 19 | 11 of 26 | 9 of 26 | 7 of 26 | 20 of 26 | 19 of 26 | 2 of 26 | 5 of 26 | 4 of 26 | 6 of 25 | 18 of 22 | 18 of 21 | 17 of 19 | 7 of 15 | 5 of 14 | 10 of 11 | 8 of 11 | 2 of 11 | 4 of 11 | 1 of 10 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 of 19 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% |
| DGRO iShares Core Dividend Growth ETF | 6 of 11 | +15.7% | +16.6% | +10.5% | −7.9% | +26.6% | +9.5% | +29.9% | −2.4% | +23.0% | +15.2% | −1.2% | — | — | — | — | — | — | — | — |
| HDV iShares Core High Dividend ETF | 4 of 14 | +11.9% | +14.2% | +1.7% | +7.0% | +19.6% | −6.5% | +20.2% | −3.0% | +13.3% | +15.8% | −0.3% | +12.6% | +23.7% | +9.6% | — | — | — | — | — |
| DIVB iShares Core Dividend ETF | 4 of 8 | +15.1% | +18.6% | +13.3% | −10.5% | +31.3% | +10.8% | +32.7% | −8.2% | — | — | — | — | — | — | — | — | — | — | — |
| VTV Vanguard Morningstar Value ETF | 8 of 19 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% | +14.5% | +19.9% | −35.9% | −0.1% |
| DHS WisdomTree U.S. High Dividend Fund | 7 of 19 | +12.9% | +17.5% | −0.2% | +8.0% | +23.2% | −5.7% | +22.6% | −7.4% | +10.0% | +17.8% | −0.6% | +15.2% | +24.5% | +11.1% | +14.2% | +17.7% | +17.1% | −39.0% | −4.6% |
| RDVY First Trust Rising Dividend Achievers ETF | 5 of 11 | +18.9% | +16.4% | +20.4% | −13.3% | +31.2% | +13.5% | +37.7% | −10.0% | +22.8% | +21.9% | −3.0% | — | — | — | — | — | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 7 of 12 | +12.7% | +22.3% | +30.9% | −20.5% | +26.9% | +17.0% | +33.9% | −5.7% | +22.3% | +9.2% | +5.4% | +11.7% | — | — | — | — | — | — | — |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 8 of 19 | +15.5% | +19.4% | +9.9% | −3.8% | +25.6% | +4.6% | +28.5% | −5.8% | +16.7% | +15.5% | −1.2% | +14.3% | +27.4% | +12.1% | +9.4% | +14.9% | +17.4% | −35.1% | +2.4% |
| DTD WisdomTree U.S. Total Dividend Fund | 8 of 19 | +14.2% | +18.3% | +10.6% | −3.8% | +26.2% | +2.4% | +28.2% | −6.5% | +15.9% | +16.7% | −1.5% | +14.3% | +28.1% | +12.4% | +8.4% | +16.4% | +19.5% | −34.8% | +1.2% |
| VYM Vanguard High Dividend Yield ETF | 10 of 19 | +15.4% | +17.6% | +6.6% | −0.4% | +26.2% | +1.1% | +24.1% | −5.9% | +16.4% | +17.0% | +0.3% | +13.6% | +30.1% | +12.7% | +10.5% | +14.2% | +17.1% | −31.9% | +1.4% |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 5 of 12 | +12.2% | +16.8% | +18.7% | −6.3% | +24.5% | +13.8% | +29.5% | −5.4% | +25.7% | +12.2% | −0.3% | +13.8% | — | — | — | — | — | — | — |
| FDVV Fidelity High Dividend ETF | 6 of 9 | +17.1% | +21.8% | +18.0% | −4.2% | +29.3% | +2.8% | +23.9% | −1.2% | +14.0% | — | — | — | — | — | — | — | — | — | — |
| SCHD Schwab U.S. Dividend Equity ETF | 6 of 14 | +4.3% | +11.7% | +4.5% | −3.3% | +29.8% | +15.0% | +27.3% | −5.6% | +20.8% | +16.2% | −0.4% | +11.4% | +32.8% | +11.1% | — | — | — | — | — |
| DVY iShares Select Dividend ETF | 6 of 19 | +11.6% | +16.2% | +1.1% | +1.8% | +31.7% | −4.9% | +22.6% | −6.3% | +14.8% | +21.6% | −2.1% | +14.8% | +28.9% | +10.5% | +11.8% | +17.8% | +11.2% | −32.9% | −5.7% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 2 of 9 | +17.4% | +16.2% | +7.0% | −1.5% | +22.9% | +12.4% | +24.9% | −3.2% | +21.4% | — | — | — | — | — | — | — | — | — | — |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 4 of 12 | +6.8% | +6.7% | +8.1% | −6.5% | +25.4% | +8.3% | +27.4% | −3.2% | +21.0% | +11.7% | +0.4% | +15.5% | — | — | — | — | — | — | — |
| SDY State Street SPDR S&P Dividend ETF | 9 of 19 | +8.2% | +8.4% | +2.6% | −0.5% | +25.3% | +1.7% | +23.3% | −2.8% | +15.8% | +20.3% | −0.8% | +13.8% | +30.1% | +11.6% | +7.2% | +16.4% | +19.2% | −22.9% | −8.0% |
| PEY Invesco High Yield Equity Dividend Achievers ETF | 8 of 19 | +0.6% | +5.2% | +7.3% | +2.4% | +26.2% | −3.9% | +24.8% | −7.5% | +8.8% | +31.5% | +2.3% | +18.1% | +30.5% | +6.2% | +8.6% | +20.9% | +3.5% | −38.1% | −15.3% |
| USMV iShares MSCI USA Min Vol Factor ETF | 3 of 14 | +7.6% | +15.7% | +10.3% | −9.4% | +20.8% | +5.7% | +27.7% | +1.4% | +18.9% | +10.6% | +5.5% | +16.3% | +25.1% | +10.8% | — | — | — | — | — |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 3 of 10 | +4.7% | +15.3% | +3.9% | −1.2% | +32.7% | −11.6% | +21.2% | −4.9% | +12.7% | +24.6% | — | — | — | — | — | — | — | — | — |
| DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund | 2 of 12 | −0.4% | +10.1% | +21.1% | −13.1% | +23.1% | +7.9% | +24.2% | −10.7% | +6.3% | +30.8% | −7.0% | +4.5% | — | — | — | — | — | — | — |
| FVD First Trust Value Line Dividend Index Fund | 8 of 19 | +8.2% | +10.0% | +4.1% | −5.3% | +25.1% | 0.0% | +26.5% | −3.5% | +12.4% | +20.0% | +1.2% | +15.9% | +26.8% | +11.2% | +8.9% | +16.1% | +19.1% | −22.9% | −4.3% |
| VIGI Vanguard International Dividend Appreciation ETF | 3 of 9 | +16.9% | +2.7% | +16.3% | −16.8% | +12.5% | +14.7% | +27.5% | −11.5% | +28.0% | — | — | — | — | — | — | — | — | — | — |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 6 of 13 | +3.4% | +18.1% | +1.3% | +0.6% | +25.0% | −10.0% | +20.3% | −6.2% | +11.9% | +22.4% | +5.1% | +20.0% | +20.8% | — | — | — | — | — | — |
| BND Vanguard Total Bond Market ETF | 4 of 18 | +7.1% | +1.4% | +5.7% | −13.1% | −1.9% | +7.7% | +8.8% | −0.1% | +3.6% | +2.5% | +0.6% | +5.8% | −2.1% | +3.9% | +7.9% | +6.2% | +3.6% | +6.9% | — |
Risk and diversification
How VIG has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VIG's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VIG's five deepest drawdowns since it began trading in 2006, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VIG began trading on May 2, 2006, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of VIG's worst declines, it fell less than the S&P 500 did over the same dates.
- The longest climb back to a previous high took 23 months, after VIG fell 46.8% from October 2007 to March 2009.
Green means VIG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VIG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −46.8% | −55.2% | Oct 2007 | Mar 2009 | 17 months | Feb 2011 | 23 months |
| Covid crash | −31.7% | −33.6% | Feb 2020 | Mar 2020 | 1 month | Aug 2020 | 5 months |
| 2022 bear market | −20.4% | −24.3% | Jan 2022 | Sep 2022 | 8 months | Dec 2023 | 15 months |
| Late-2018 sell-off | −17.3% | −19.3% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
| 2011 euro debt crisis | −16.9% | −18.4% | Jul 2011 | Oct 2011 | 3 months | Feb 2012 | 4 months |
How did VIG do in stock market crashes?
This section measures how far VIG, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VIG began trading on May 2, 2006, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- VIG fell less than the S&P 500 in six of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when VIG fell 46.8% and the S&P 500 fell 55.2%.
- Among its popular alternatives, BND held up best, falling less than VIG in all nine crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VIG.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VIG This pageVanguard Dividend Appreciation ETF | — | −3.1% | −20.4% | −31.6% | −17.3% | −6.3% | −10.1% | −15.6% | −1.4% | −46.8% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| DGRO iShares Core Dividend Growth ETF | 2 of 6 | −3.4% | −19.3% | −34.8% | −16.7% | −6.3% | −10.6% | — | — | — | — |
| HDV iShares Core High Dividend ETF | 4 of 7 | −2.3% | −15.4% | −35.4% | −12.9% | −6.8% | −9.8% | −10.9% | — | — | — |
| DIVB iShares Core Dividend ETF | 1 of 5 | −4.3% | −21.1% | −36.2% | −19.2% | −4.9% | — | — | — | — | — |
| VTV Vanguard Morningstar Value ETF | 1 of 9 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| DHS WisdomTree U.S. High Dividend Fund | 3 of 9 | −5.0% | −15.3% | −37.0% | −14.2% | −6.1% | −10.3% | −12.8% | −1.2% | −67.2% | — |
| RDVY First Trust Rising Dividend Achievers ETF | 1 of 6 | −6.8% | −25.3% | −40.4% | −21.9% | −5.8% | −18.6% | — | — | — | — |
| QUAL iShares MSCI USA Quality Factor ETF | 0 of 6 | −3.3% | −27.5% | −34.1% | −20.5% | −6.1% | −11.2% | — | — | — | — |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 2 of 9 | −3.4% | −16.3% | −35.5% | −16.8% | −6.3% | −10.9% | −14.2% | −1.2% | −57.9% | — |
| DTD WisdomTree U.S. Total Dividend Fund | 2 of 9 | −3.9% | −16.1% | −37.0% | −17.6% | −5.8% | −11.0% | −14.6% | −1.6% | −58.2% | — |
| VYM Vanguard High Dividend Yield ETF | 3 of 9 | −3.9% | −15.8% | −34.6% | −16.1% | −6.3% | −10.9% | −14.3% | −1.1% | −57.0% | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 1 of 6 | −3.2% | −17.3% | −31.9% | −18.6% | −6.6% | −11.8% | — | — | — | — |
| FDVV Fidelity High Dividend ETF | 2 of 5 | −3.5% | −20.2% | −40.2% | −15.0% | −5.6% | — | — | — | — | — |
| SCHD Schwab U.S. Dividend Equity ETF | 1 of 6 | −4.5% | −16.9% | −32.8% | −17.1% | −6.5% | −10.5% | — | — | — | — |
| DVY iShares Select Dividend ETF | 5 of 9 | −5.4% | −17.3% | −41.0% | −15.3% | −5.7% | −9.1% | −14.5% | −1.4% | −61.1% | — |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 4 of 5 | −2.6% | −13.7% | −29.7% | −15.1% | −5.4% | — | — | — | — | — |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 3 of 6 | −3.0% | −17.9% | −35.1% | −15.3% | −5.8% | −9.8% | — | — | — | — |
| SDY State Street SPDR S&P Dividend ETF | 4 of 9 | −3.7% | −15.2% | −36.6% | −14.2% | −5.3% | −10.0% | −14.8% | −1.6% | −52.8% | — |
| PEY Invesco High Yield Equity Dividend Achievers ETF | 4 of 9 | −4.4% | −16.0% | −41.1% | −16.3% | −5.2% | −10.7% | −13.6% | −1.5% | −71.4% | — |
| USMV iShares MSCI USA Min Vol Factor ETF | 4 of 6 | −2.2% | −17.0% | −33.0% | −12.7% | −6.2% | −9.5% | — | — | — | — |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 2 of 5 | −6.6% | −20.3% | −46.1% | −13.4% | −5.4% | — | — | — | — | — |
| DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund | 1 of 6 | −6.8% | −24.1% | −44.0% | −22.0% | −4.5% | −16.6% | — | — | — | — |
| FVD First Trust Value Line Dividend Index Fund | 5 of 9 | −2.7% | −16.4% | −35.1% | −12.9% | −5.2% | −9.1% | −14.2% | −1.4% | −49.9% | — |
| VIGI Vanguard International Dividend Appreciation ETF | 3 of 5 | −1.7% | −27.1% | −30.3% | −13.9% | −6.2% | — | — | — | — | — |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 4 of 6 | −4.7% | −19.5% | −40.3% | −12.5% | −5.4% | −8.8% | — | — | — | — |
| BND Vanguard Total Bond Market ETF | 9 of 9 | 0.0% | −14.6% | −8.7% | −1.1% | −0.9% | −1.5% | −1.1% | −0.2% | −9.3% | — |
How closely does VIG move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VIG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- None of the 23 popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than VIG's 0.99.
- USMV took just 75% of the S&P 500's losses, against 86% for VIG, while still keeping 70% of its gains.
- Over the past 10 years, VIG captured 85% of the S&P 500's gains in rising months and 86% of its losses in falling months, with a beta of 0.84. It took about the same share of the market's gains as of its losses.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VIG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VIG This pageVanguard Dividend Appreciation ETF | 85% | 86% | 0.99 | 0.84 |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 91% | 93% | 0.99 | 0.88 |
| DGRO iShares Core Dividend Growth ETF | 88% | 90% | 0.98 | 0.86 |
| QUAL iShares MSCI USA Quality Factor ETF | 98% | 102% | 0.96 | 1.00 |
| VTV Vanguard Morningstar Value ETF | 86% | 91% | 0.95 | 0.86 |
| RDVY First Trust Rising Dividend Achievers ETF | 107% | 112% | 0.95 | 1.10 |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 85% | 89% | 0.95 | 0.85 |
| SCHD Schwab U.S. Dividend Equity ETF | 86% | 91% | 0.95 | 0.82 |
| FDVV Fidelity High Dividend ETF | 92% | 98% | 0.94 | 0.95 |
| USMV iShares MSCI USA Min Vol Factor ETF | 70% | 75% | 0.94 | 0.70 |
| VYM Vanguard High Dividend Yield ETF | 81% | 88% | 0.93 | 0.82 |
| DTD WisdomTree U.S. Total Dividend Fund | 85% | 92% | 0.92 | 0.87 |
| HDV iShares Core High Dividend ETF | 71% | 80% | 0.89 | 0.71 |
| DHS WisdomTree U.S. High Dividend Fund | 71% | 81% | 0.87 | 0.74 |
| DVY iShares Select Dividend ETF | 76% | 88% | 0.87 | 0.81 |
| NOBL ProShares - S&P 500 Dividend Aristocrats ETF | 80% | 97% | 0.83 | 0.84 |
| SDY State Street SPDR S&P Dividend ETF | 75% | 91% | 0.83 | 0.80 |
| FVD First Trust Value Line Dividend Index Fund | 68% | 82% | 0.83 | 0.72 |
| PEY Invesco High Yield Equity Dividend Achievers ETF | 74% | 93% | 0.80 | 0.83 |
| VIGI Vanguard International Dividend Appreciation ETF | 70% | 88% | 0.80 | 0.73 |
| SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | 78% | 103% | 0.76 | 0.91 |
| DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund | 91% | 122% | 0.75 | 1.09 |
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | 67% | 90% | 0.75 | 0.78 |
| BND Vanguard Total Bond Market ETF | 13% | 19% | 0.69 | 0.15 |
What diversifies VIG?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VIG's. Because such investments tend not to fall at the same time, pairing VIG with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VIG into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+10.7% for VIG alone, +11.0% for the mix).
- Among large ETFs, XLE, GLD and DBA have moved largely independently of VIG over the past 5 years, with correlations of 0.39 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of VIG over the past 5 years, with correlations of 0.42 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VIG lost money. The last two columns show a portfolio that is 80% VIG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| VIG Vanguard Dividend Appreciation ETF (this page) | 1.00 | +63.9% | 0.77 | −9.8% | −2.1% | −1.9% | −26.7% | 13.6% | +10.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.39 | +178% | 0.94 | +64.4% | −18.2% | −21.5% | −39.0% | 13.8% | +13.6% |
| GLD CommoditiesSPDR Gold Shares | 0.22 | +120% | 0.93 | −0.8% | −1.9% | −10.7% | +4.9% | 12.1% | +12.5% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.21 | +66.7% | 0.81 | +2.5% | −8.7% | −17.2% | −19.1% | 11.6% | +11.0% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.23 | +57.5% | 0.80 | +21.6% | — | — | — | 10.6% | +11.0% |
| USO CommoditiesUnited States Oil Fund, LP | -0.01 | +180% | 0.74 | +29.0% | −19.6% | −46.0% | −56.3% | 13.2% | +14.3% |
| GDX MaterialsVanEck Gold Miners ETF | 0.35 | +165% | 0.70 | −9.0% | −8.8% | −24.7% | −26.1% | 15.3% | +14.7% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.11 | +51.1% | 0.69 | +0.5% | — | — | — | 11.2% | +10.5% |
| PDBC AlternativesInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 0.12 | +76.2% | 0.69 | +19.3% | −12.8% | −26.8% | — | 11.8% | +11.5% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|
| VIG Vanguard Dividend Appreciation ETF (this page) | 1.00 | +63.9% | 0.77 | −9.8% | −2.1% | −1.9% | −26.7% | 13.6% | +10.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.42 | +471% | 1.54 | +54.1% | −24.5% | +12.6% | −39.6% | 14.0% | +16.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.40 | +2,780% | 1.43 | +1.3% | −16.3% | −6.0% | −20.5% | 18.9% | +28.7% |
| MCK Medical - DistributionMcKesson Corporation | 0.32 | +397% | 1.41 | +51.8% | −28.4% | −4.5% | −40.4% | 13.4% | +15.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.30 | +660% | 1.39 | +86.6% | −8.2% | +17.4% | — | 14.3% | +18.3% |
| PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 0.15 | +721% | 1.32 | +55.4% | +27.7% | −41.1% | −55.6% | 14.1% | +18.2% |
Common questions
What was VIG's worst drawdown?
VIG's deepest decline since it began trading in 2006 was 46.8%, from October 2007 to March 2009. It took 23 months from the low to climb back to its old high. Because VIG launched in May 2006, that record does not include the dot-com bust.
What were VIG's best and worst years?
Over 19 full calendar years, VIG's best year was 2019, when it returned 29.6%. Its worst was 2008, with a return of -26.7%.
Is there a better investment than VIG?
Among VIG's popular alternatives, HDV earned more than VIG with less volatility over the past 5 years: 13.3% a year at 13.0% volatility, against 10.4% a year at 14.1%. Looking beyond its popular alternatives, DJD (high dividend yield) earned more than VIG with less volatility over the past 5 years: 12.5% a year at 13.3% volatility, against 10.4% a year at 14.1%.
Is VIG more volatile than the S&P 500?
No. VIG's volatility over the past 5 years was 14.1%, 82% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VIG's return lands within 14.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VIG's Sharpe ratio?
VIG's Sharpe ratio over the past 5 years was 0.77, against 0.78 for the S&P 500, so VIG earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VIG with the S&P 500?
Over the past 5 years, VIG's monthly returns had a correlation of 0.93 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VIG instead: the lower it is, the more that option would diversify a VIG holding.
What are the best alternatives to VIG?
Of the 25 popular alternatives we compared, five outperformed VIG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DGRO, HDV and DIVB.
Did VIG outperform the S&P 500?
VIG finished ahead of the S&P 500 (SPY) in four of 19 full calendar years. In 2025, it returned +14.2%, against +17.7% for the index.
How did VIG do in stock market crashes?
VIG fell less than the S&P 500 (SPY) in six of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when VIG fell 46.8% and the S&P 500 fell 55.2%.
What diversifies VIG?
These had a low correlation with VIG over the past 5 years and still earned a positive 5-year return: among large ETFs, XLE (correlation 0.39), GLD (correlation 0.22) and DBA (correlation 0.21); among large stocks, CAH (correlation 0.42), CLS (correlation 0.40) and MCK (correlation 0.32). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VIG's. Returns within 0.5 points or 3% of VIG's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VIG
- DGROiShares Core Dividend Growth ETF
- VTVVanguard Morningstar Value ETF
QUALiShares MSCI USA Quality Factor ETF
VYMVanguard High Dividend Yield ETF
SCHDSchwab U.S. Dividend Equity ETF
BNDVanguard Total Bond Market ETF
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