There is a total of 97 Vanguard ETFs you can buy on U.S. stock exchanges. Many investors use Vanguard ETFs for their extremely low investment fees, and the company offers some of the most popular dividend-focused ETFs in the world.

Although most Vanguard ETFs pay dividends to one extent or another, there is a lot more you should consider than just dividend yield. With that in mind, here's which of the Vanguard ETFs pay the highest dividend yields right now and which one I prefer instead of the highest payers.

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What is the highest-yielding Vanguard ETF?

According to its website, there are 97 Vanguard exchange-traded funds, or ETFs, available to trade on U.S. stock exchanges. And because they invest in baskets of stocks or fixed-income investments, most -- even the growth-oriented ETFs -- distribute income to shareholders.

Not surprisingly, the highest-yielding Vanguard ETFs are fixed income (bond) funds. As of this writing, the Vanguard ETF with the highest distribution yield is the Vanguard Emerging Markets Government Bond ETF (VWOB 0.47%), which pays about 6.1% annually. In all, the seven highest-yielding Vanguard ETFs are bond funds.

If you're looking at stocks, the highest-yielding Vanguard ETF is the Vanguard International Real Estate ETF (VNQI 0.29%), which invests in real estate investment trusts, or REITs. It's based outside the United States and has a yield of more than 4.5%.

What is the best Vanguard ETF to buy now?

First, the best Vanguard ETF to buy depends on your investment goals and risk tolerance. One of the high-paying bond ETFs could be the best choice if you're retired and rely on your portfolio for income. Conversely, if you are in your 20s and have a high-risk tolerance, one of the more growth-oriented Vanguard ETFs like the Vanguard Growth Index Fund ETF (VUG 0.01%) could be appropriate for you.

The short answer is that it's tough to call any Vanguard ETF the best for everyone, because different investors have different needs.

My favorite Vanguard ETF to buy now?

With that in mind, my favorite Vanguard ETF to buy right now isn't the highest-yielding stock ETF, but it's close. It's the Vanguard International High Dividend Yield ETF (VYMI 0.46%).

As the name suggests, it invests in a portfolio of companies based outside of the United States that are expected to pay above-average dividend yields. But you might be surprised at how many of them you're familiar with -- top holdings include Toyota (NYSE: TM), Novartis (NYSE: NVS), and Nestle (OTC: NSRG.Y).

The Vanguard International High Dividend Yield ETF owns about 1,500 stocks altogether, and no single company makes up more than 1.7% of the assets. It has a dividend yield of about 4%, and although the fund is near a 52-week high, it still looks remarkably cheap.

The average stock in the Vanguard International High Dividend Yield ETF trades for just 12 times earnings and 1.4 times book value. For the U.S. counterpart Vanguard High Dividend Yield ETF (VYM 0.73%), the average company trades for a price-to-earnings (P/E) ratio of 19.8% and 2.9 times book value despite having slower earnings growth than the average stock in the international fund.

Like most Vanguard ETFs, the Vanguard International High Dividend Yield ETF has a 0.17% expense ratio, which isn't the cheapest in the Vanguard universe, but it is well below the industry average, especially for a specialized dividend ETF like this.

Of course, there are serious risks involved with investing in international stocks. There are political risks, foreign exchange risks, tariff risks, and more. But the Vanguard International High Dividend Yield ETF simply looks like an excellent value for long-term investors right now, even though there are higher-yielding Vanguard ETFs in the market.