VCV vs VYM
Invesco California Value Municipal Income Trust vs Vanguard High Dividend Yield ETF
Which is better, VCV or VYM?
Municipal California against Large Cap Value.
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | VCV | VYM |
|---|---|---|
| Expense Ratio | 3.57% | 0.04%Best |
| AUM | $3,027.72 | $81.6B |
| Dividend Yield | 7.89% | 2.22% |
| Holdings | 345 | 613 |
| YTD Return | -7.77% | +12.29%Best |
| 1Y Return | -0.50% | +16.61%Best |
| 3Y Return (annualized) | +9.90% | +17.42%Best |
| 5Y Return (annualized) | -1.79% | +12.12%Best |
| Volatility (annualized) | 16.1% | 14.6%Best |
| Max Drawdown | -63.0% | -58.8%Best |
| $10,000 over 5 years | $9,136 | $17,718Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal California | Large Cap Value |
| Inception | Apr 30, 1993 | Nov 10, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 16, 2006 to Sep 17, 2026 (19.8 years).
VCV vs VYM growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 19.8 years both funds cover.
VCV vs VYM Performance
Invesco California Value Municipal Income Trust (VCV) is an ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year VCV returned -0.50% while VYM returned +16.61%. Year to date, VCV is down 7.77% versus a gain of 12.29% for VYM.
Over three years, VCV compounded at +9.90% per year against +17.42% for VYM; over five years the annualized figures are -1.79% and +12.12% respectively. Across the full 20-year window we track, VYM has the edge at +6.87% annualized vs -0.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VCV has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 14.6% for VYM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -63.0% for VCV and -58.8% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.26. They move largely independently of each other.
Fees and Cost Over Time
VCV charges 3.57% per year while VYM charges 0.04%. On a $10,000 position that is $357 vs $4 annually, a gap of $353 per year that compounds over a long holding period. On income, VCV currently yields 7.89% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 86 holdings in VCV and 557 in VYM, totalling 62.1% and 99.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 61 days apart, VCV as of May 31, 2026 and VYM as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 86 positions we hold weights for in VCV and 557 in VYM, against full books of 345 and 613.
You are not choosing between two funds in isolation.
Whichever of VCV and VYM you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, VCV or VYM?
VCV has an expense ratio of 3.57% while VYM charges 0.04%. VYM is the cheaper option, by $353 a year on a $10,000 investment.
Which performed better, VCV or VYM?
Over the past year VCV returned -0.50% vs +16.61% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (20 years), VCV annualized -0.80% vs +6.87% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VCV or VYM?
VCV has been the more volatile fund at 16.1% annualized versus 14.6% for VYM. Worst drawdown: VCV -63.0% vs VYM -58.8%.
Should I hold both VCV and VYM?
VCV and VYM have a monthly-return correlation of 0.26, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, VCV or VYM?
VCV yields 7.89% while VYM yields 2.22%, so VCV currently pays the higher dividend yield.
Is VYM better than VCV?
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.