FXAIX vs IWD: 59% overlap
Fidelity 500 Index and iShares Russell 1000 Value ETF share 58.6% 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 5 months apart — FXAIX as of 2026-02-28, 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 1.4. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FXAIX and IWD hold 399 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXAIX | in IWD | Δ |
|---|---|---|---|
| AAPL | 6.6% | 5.9% | 0.7% |
| MSFT | 5.0% | 3.9% | 1.0% |
| AMZN | 3.5% | 5.7% | 2.3% |
| BRK-B | 1.6% | 2.5% | 1.0% |
| JPM | 1.4% | 2.6% | 1.2% |
| XOM | 1.1% | 1.8% | 0.7% |
| JNJ | 1.0% | 1.7% | 0.7% |
| WMT | 1.0% | 1.2% | 0.2% |
| ABBV | 0.7% | 1.2% | 0.5% |
| META | 2.4% | 0.7% | 1.7% |
Where FXAIX 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 | FXAIX | IWD | Δ |
|---|---|---|---|
| Information Technology | 31.8% | 18.0% | +13.8pp |
| Financials | 12.0% | 19.6% | −7.6pp |
| Communication Services | 10.5% | 3.3% | +7.2pp |
| Unclassified | 3.3% | 0.0% | +3.3pp |
| Health Care | 9.6% | 12.7% | −3.1pp |
| Industrials | 8.3% | 11.3% | −3.0pp |
| Energy | 3.4% | 6.1% | −2.6pp |
| Materials | 1.5% | 3.7% | −2.2pp |
Δ is FXAIX 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
35.5% of FXAIX by weight, held in no part of IWD.
13.7% of IWD by weight, held in no part of FXAIX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FXAIX | IWD | |
|---|---|---|
| Top 10 holdings | 36.4% | 27.8% |
| Positions held | 506 | 872 |
| Cost per $10,000 held, per year | $1 | $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 FXAIX and IWD overlap?
FXAIX and IWD overlap 58.6% by portfolio weight — substantial duplication if you hold both. They share 399 holdings. The figure comes from current issuer holdings files (FXAIX as of 2026-02-28, IWD as of 2026-07-23).
How is the overlap between FXAIX and IWD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FXAIX 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 FXAIX and IWD?
That depends on your goals — we state facts, not advice. At 58.6% overlap, each fund still contributes meaningfully distinct exposure.
What does FXAIX own that IWD doesn't?
FXAIX holds 506 positions and IWD holds 872; 106 of FXAIX's positions don't appear in IWD at all, and they are 35.5% of FXAIX by weight.
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Related comparisons
Sources: issuer holdings files, FXAIX as of 2026-02-28, IWD as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.