ANCFX vs DIA: 18% overlap
American Funds Fundamental Investors A and SPDR Dow Jones Industrial Average ETF share 17.7% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 4 months apart — ANCFX as of 2026-03-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ANCFX and DIA hold 18 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ANCFX | in DIA | Δ |
|---|---|---|---|
| MSFT | 4.5% | 4.4% | 0.1% |
| AMZN | 2.8% | 2.7% | 0.1% |
| NVDA | 3.6% | 2.4% | 1.2% |
| GOOGL | 1.6% | 3.6% | 2.1% |
| AAPL | 1.5% | 3.7% | 2.2% |
| V | 1.2% | 4.0% | 2.8% |
| AMGN | 0.9% | 4.3% | 3.4% |
| UNH | 0.8% | 4.9% | 4.1% |
| CRM | 0.5% | 1.8% | 1.3% |
| JPM | 0.5% | 4.0% | 3.5% |
Where ANCFX and DIA differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | ANCFX | DIA | Δ |
|---|---|---|---|
| Financials | 8.1% | 28.6% | −20.5pp |
| Information Technology | 27.8% | 15.9% | +11.9pp |
| Unclassified | 9.3% | 0.0% | +9.3pp |
| Health Care | 6.2% | 13.6% | −7.4pp |
| Consumer Staples | 9.4% | 3.9% | +5.6pp |
| Industrials | 12.0% | 17.5% | −5.5pp |
| Communication Services | 9.0% | 4.7% | +4.2pp |
| Utilities | 2.1% | 0.0% | +2.1pp |
Δ is ANCFX minus DIA, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
80.0% of ANCFX by weight, held in no part of DIA.
28.3% of DIA by weight, held in no part of ANCFX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ANCFX | DIA | |
|---|---|---|
| Top 10 holdings | 34.1% | 56.2% |
| Positions held | 233 | 31 |
| Cost per $10,000 held, per year | $61 | $16 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do ANCFX and DIA overlap?
ANCFX and DIA overlap 17.7% by portfolio weight — moderate overlap. They share 18 holdings. The figure comes from current issuer holdings files (ANCFX as of 2026-03-31, DIA as of 2026-07-23).
How is the overlap between ANCFX and DIA calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ANCFX holds a stock at 6% and DIA holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both ANCFX and DIA?
That depends on your goals — we state facts, not advice. At 17.7% overlap, each fund still contributes meaningfully distinct exposure.
What does ANCFX own that DIA doesn't?
ANCFX holds 233 positions and DIA holds 31; 214 of ANCFX's positions don't appear in DIA at all, and they are 80.0% of ANCFX by weight.
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Related comparisons
Sources: issuer holdings files, ANCFX as of 2026-03-31, DIA as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.