Totally! You can also use something like VIG or VDADX if you're restricted in terms of offerings.
I personally account for that in my planning. But many folks have their money in 401k funds in generic broad market securities -- often with high fees on top of it!
Ok so they sort of have something in common...but I'm not sure it's good advice to say one can be used to replace the other due to their very different overall strategies.
