Underlying Index Performance: VYM tracks the FTSE High Dividend Yield Index. Its price moves closely with this index's performance. A rise in the index generally pushes VYM's price higher, and vice versa.

Dividend Yields: As a dividend-focused ETF, VYM's price is sensitive to changes in dividend yields of its constituent stocks. Higher yields make VYM more attractive, potentially increasing demand and price.

Interest Rates: Rising interest rates can make bonds more attractive compared to dividend stocks, potentially reducing demand for VYM and its price. Lower interest rates might have the opposite effect.

Market Sentiment: Overall market sentiment towards dividend stocks and the broader equity market affects VYM. Positive sentiment can drive prices up, while negative sentiment can lead to price declines.

ETF Supply and Demand: Basic supply and demand for VYM shares influence its price. High demand can drive the price above its net asset value (NAV), while high supply can push it below.