FXAIX vs SCHD: 9% overlap
Fidelity 500 Index and Schwab U.S. Dividend Equity ETF share 8.6% 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 3 months apart — FXAIX as of 2026-02-28, the rest through 2026-05-31. 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FXAIX and SCHD hold 47 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXAIX | in SCHD | Δ |
|---|---|---|---|
| PG | 0.7% | 3.5% | 2.9% |
| HD | 0.6% | 3.4% | 2.7% |
| CVX | 0.6% | 3.8% | 3.2% |
| KO | 0.5% | 4.0% | 3.4% |
| MRK | 0.5% | 3.9% | 3.3% |
| UNH | 0.5% | 5.1% | 4.6% |
| PEP | 0.4% | 3.4% | 3.0% |
| VZ | 0.4% | 3.7% | 3.3% |
| AMGN | 0.4% | 3.5% | 3.1% |
| ABT | 0.3% | 3.0% | 2.6% |
Where FXAIX and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Information Technology | 31.8% | 12.9% | +18.8pp |
| Consumer Staples | 5.4% | 18.4% | −13.1pp |
| Energy | 3.4% | 14.6% | −11.1pp |
| Health Care | 9.6% | 18.3% | −8.7pp |
| Communication Services | 10.5% | 6.0% | +4.5pp |
| Financials | 12.0% | 8.8% | +3.2pp |
| Consumer Discretionary | 9.7% | 6.8% | +2.8pp |
| Industrials | 8.3% | 10.8% | −2.5pp |
Δ is FXAIX minus SCHD, 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
91.3% of FXAIX by weight, held in no part of SCHD.
4.8% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 36.4% | 43.6% |
| Positions held | 506 | 101 |
| Cost per $10,000 held, per year | $1 | $6 |
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 SCHD overlap?
FXAIX and SCHD overlap 8.6% by portfolio weight — largely distinct portfolios. They share 47 holdings. The figure comes from current issuer holdings files (FXAIX as of 2026-02-28, SCHD as of 2026-05-31).
How is the overlap between FXAIX and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 8.6% overlap, each fund still contributes meaningfully distinct exposure.
What does FXAIX own that SCHD doesn't?
FXAIX holds 506 positions and SCHD holds 101; 458 of FXAIX's positions don't appear in SCHD at all, and they are 91.3% of FXAIX by weight.
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Related comparisons
Sources: issuer holdings files, FXAIX as of 2026-02-28, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.