EFA vs VTWAX: 19% overlap
iShares MSCI EAFE ETF and Vanguard Total World Stock Index Admiral share 19.4% 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
EFA and VTWAX hold 656 of the same securities. The ten contributing most to the overlap figure:
| Holding | in EFA | in VTWAX | Δ |
|---|---|---|---|
| ASML | 3.2% | 0.7% | 2.6% |
| HSBA | 1.6% | 0.3% | 1.3% |
| ROP | 1.4% | 0.3% | 1.1% |
| SAN | 1.3% | 0.3% | 1.1% |
| NOVN | 1.3% | 0.3% | 1.1% |
| AZN | 1.2% | 0.2% | 0.9% |
| NESN | 1.2% | 0.2% | 0.9% |
| SU | 0.8% | 0.2% | 0.6% |
| SIE | 1.0% | 0.2% | 0.8% |
| SHEL | 1.2% | 0.2% | 1.0% |
Where EFA and VTWAX 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 | VTWAX | Δ |
|---|---|---|---|
| Information Technology | 12.0% | 30.1% | −18.1pp |
| Financials | 25.8% | 14.9% | +10.9pp |
| Industrials | 19.0% | 11.5% | +7.5pp |
| Communication Services | 3.1% | 7.0% | −3.8pp |
| Unclassified | 0.0% | 3.8% | −3.8pp |
| Materials | 5.8% | 3.3% | +2.5pp |
| Consumer Staples | 7.0% | 4.6% | +2.5pp |
| Utilities | 4.5% | 2.5% | +2.0pp |
Δ is EFA minus VTWAX, 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
1.1% of EFA by weight, held in no part of VTWAX.
79.3% of VTWAX 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 | VTWAX | |
|---|---|---|
| Top 10 holdings | 14.5% | 20.5% |
| Positions held | 678 | 9,600 |
| Cost per $10,000 held, per year | $33 | $9 |
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 VTWAX overlap?
EFA and VTWAX overlap 19.4% by portfolio weight — moderate overlap. They share 656 holdings. The figure comes from current issuer holdings files (EFA as of 2026-07-23, VTWAX as of 2026-06-30).
How is the overlap between EFA and VTWAX 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 VTWAX 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 VTWAX?
That depends on your goals — we state facts, not advice. At 19.4% overlap, each fund still contributes meaningfully distinct exposure.
What does EFA own that VTWAX doesn't?
EFA holds 678 positions and VTWAX holds 9,600; 21 of EFA's positions don't appear in VTWAX at all, and they are 1.1% of EFA by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, EFA as of 2026-07-23, VTWAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.