DIA vs VFMO: 4% overlap
SPDR Dow Jones Industrial Average ETF and Vanguard U.S. Momentum Factor ETF share 4.0% 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 — VFMO as of 2026-03-31, the rest through 2026-07-27. 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
DIA and VFMO hold 9 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in VFMO | Δ |
|---|---|---|---|
| JNJ | 3.0% | 1.0% | 2.0% |
| GOOGL | 3.7% | 0.9% | 2.8% |
| CAT | 9.9% | 0.8% | 9.1% |
| MRK | 1.5% | 0.4% | 1.0% |
| WMT | 1.3% | 0.2% | 1.0% |
| JPM | 4.1% | 0.2% | 3.8% |
| AMGN | 4.3% | 0.2% | 4.1% |
| GS | 11.9% | 0.2% | 11.8% |
| CSCO | 1.3% | 0.0% | 1.3% |
Where DIA and VFMO 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 | DIA | VFMO | Δ |
|---|---|---|---|
| Financials | 28.4% | 6.3% | +22.1pp |
| Health Care | 13.5% | 22.3% | −8.8pp |
| Industrials | 17.2% | 24.4% | −7.3pp |
| Energy | 2.2% | 7.7% | −5.5pp |
| Materials | 3.7% | 6.2% | −2.5pp |
| Consumer Discretionary | 10.0% | 7.8% | +2.2pp |
| Consumer Staples | 3.9% | 2.4% | +1.5pp |
| Communication Services | 4.8% | 3.4% | +1.4pp |
Δ is DIA minus VFMO, 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
58.9% of DIA by weight, held in no part of VFMO.
96.0% of VFMO by weight, held in no part of DIA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| DIA | VFMO | |
|---|---|---|
| Top 10 holdings | 55.6% | 10.2% |
| Positions held | 31 | 672 |
| Cost per $10,000 held, per year | $16 | $13 |
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 DIA and VFMO overlap?
DIA and VFMO overlap 4.0% by portfolio weight — largely distinct portfolios. They share 9 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-27, VFMO as of 2026-03-31).
How is the overlap between DIA and VFMO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If DIA holds a stock at 6% and VFMO 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 DIA and VFMO?
That depends on your goals — we state facts, not advice. At 4.0% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that VFMO doesn't?
DIA holds 31 positions and VFMO holds 672; 21 of DIA's positions don't appear in VFMO at all, and they are 58.9% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-27, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.