AVDV vs VTWNX: 2% overlap
Avantis International Small Cap Value ETF and Vanguard Target Retirement 2020 share 2.0% 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 — AVDV as of 2026-02-28, the rest through 2026-06-30. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
AVDV and VTWNX hold 1,090 of the same securities. The ten contributing most to the overlap figure:
| Holding | in AVDV | in VTWNX | Δ |
|---|---|---|---|
| CASH | 1.2% | 1.7% | 0.5% |
| DIS | 0.1% | 0.0% | 0.1% |
| AIR | 0.1% | 0.0% | 0.1% |
| PRU | 0.8% | 0.0% | 0.7% |
| RMS | 0.5% | 0.0% | 0.5% |
| WBD | 0.3% | 0.0% | 0.2% |
| ORA | 0.1% | 0.0% | 0.1% |
| RSG | 0.4% | 0.0% | 0.4% |
| DSV | 0.0% | 0.0% | 0.0% |
| III | 0.0% | 0.0% | 0.0% |
Where AVDV and VTWNX 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 | AVDV | VTWNX | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 17.1% | −17.1pp |
| Industrials | 18.9% | 4.0% | +14.9pp |
| Materials | 15.6% | 1.1% | +14.5pp |
| Unclassified | 20.7% | 29.8% | −9.0pp |
| Consumer Discretionary | 10.6% | 2.9% | +7.7pp |
| MBS Pass-Through | 0.0% | 7.2% | −7.2pp |
| Financials | 14.1% | 8.2% | +5.9pp |
| Corporate — industrial & other | 0.0% | 5.5% | −5.5pp |
Δ is AVDV minus VTWNX, 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
11.3% of AVDV by weight, held in no part of VTWNX.
97.1% of VTWNX by weight, held in no part of AVDV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| AVDV | VTWNX | |
|---|---|---|
| Top 10 holdings | 9.0% | 44.9% |
| Positions held | 1,646 | 7 |
| Cost per $10,000 held, per year | $36 | $8 |
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 AVDV and VTWNX overlap?
AVDV and VTWNX overlap 2.0% by portfolio weight — largely distinct portfolios. They share 1,090 holdings. The figure comes from current issuer holdings files (AVDV as of 2026-02-28, VTWNX as of 2026-03-31).
How is the overlap between AVDV and VTWNX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If AVDV holds a stock at 6% and VTWNX 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 AVDV and VTWNX?
That depends on your goals — we state facts, not advice. At 2.0% overlap, each fund still contributes meaningfully distinct exposure.
What does AVDV own that VTWNX doesn't?
AVDV holds 1,646 positions and VTWNX holds 7; 556 of AVDV's positions don't appear in VTWNX at all, and they are 11.3% of AVDV by weight.
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Related comparisons
Sources: issuer holdings files, AVDV as of 2026-02-28, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.