EFA vs IWD: 1% overlap
iShares MSCI EAFE ETF and iShares Russell 1000 Value ETF share 1.3% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
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
EFA and IWD hold 27 of the same securities. The ten contributing most to the overlap figure:
| Holding | in EFA | in IWD | Δ |
|---|---|---|---|
| PRU | 0.2% | 0.1% | 0.1% |
| ALL | 0.1% | 0.2% | 0.1% |
| ROP | 1.4% | 0.1% | 1.3% |
| HBAN | 0.1% | 0.1% | 0.0% |
| MRK | 0.1% | 0.9% | 0.8% |
| SUNB | 0.1% | 0.1% | 0.1% |
| DTE | 0.5% | 0.1% | 0.4% |
| DG | 0.3% | 0.1% | 0.2% |
| EQT | 0.1% | 0.1% | 0.0% |
| ADM | 0.1% | 0.1% | 0.1% |
Where EFA and IWD 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 | EFA | IWD | Δ |
|---|---|---|---|
| Industrials | 19.0% | 11.3% | +7.7pp |
| Financials | 25.8% | 19.6% | +6.2pp |
| Information Technology | 12.0% | 18.0% | −6.0pp |
| Health Care | 8.0% | 12.7% | −4.8pp |
| Energy | 3.9% | 6.1% | −2.2pp |
| Materials | 5.8% | 3.7% | +2.1pp |
| Real Estate | 1.6% | 3.7% | −2.1pp |
| Consumer Discretionary | 8.3% | 10.2% | −1.9pp |
Δ is EFA minus IWD, 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
94.6% of EFA by weight, held in no part of IWD.
97.1% of IWD by weight, held in no part of EFA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| EFA | IWD | |
|---|---|---|
| Top 10 holdings | 14.5% | 27.8% |
| Positions held | 678 | 872 |
| Cost per $10,000 held, per year | $33 | $19 |
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 EFA and IWD overlap?
EFA and IWD overlap 1.3% by portfolio weight — largely distinct portfolios. They share 27 holdings. The figure comes from current issuer holdings files (EFA as of 2026-07-23, IWD as of 2026-07-23).
How is the overlap between EFA and IWD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If EFA holds a stock at 6% and IWD 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 EFA and IWD?
That depends on your goals — we state facts, not advice. At 1.3% overlap, each fund still contributes meaningfully distinct exposure.
What does EFA own that IWD doesn't?
EFA holds 678 positions and IWD holds 872; 650 of EFA's positions don't appear in IWD at all, and they are 94.6% of EFA by weight.
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Related comparisons
Sources: issuer holdings files, EFA as of 2026-07-23, IWD as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.