FXAIX vs VWO: 0% overlap
Fidelity 500 Index and Vanguard FTSE Emerging Markets ETF share 0.4% 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 — FXAIX as of 2026-02-28, the rest through 2026-06-30. 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
FXAIX and VWO hold 11 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXAIX | in VWO | Δ |
|---|---|---|---|
| CASH | 0.3% | 4.2% | 3.9% |
| HAL | 0.1% | 0.1% | 0.0% |
| MOH | 0.0% | 0.0% | 0.0% |
| CCL | 0.1% | 0.0% | 0.1% |
| ECL | 0.1% | 0.0% | 0.1% |
| LULU | 0.0% | 0.0% | 0.0% |
| IEX | 0.0% | 0.0% | 0.0% |
| SRE | 0.1% | 0.0% | 0.1% |
| PTC | 0.0% | 0.0% | 0.0% |
| SPG | 0.1% | 0.0% | 0.1% |
Where FXAIX and VWO 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 | VWO | Δ |
|---|---|---|---|
| Health Care | 9.6% | 2.8% | +6.7pp |
| Unclassified | 3.3% | 9.3% | −6.0pp |
| Financials | 12.0% | 17.2% | −5.2pp |
| Communication Services | 10.5% | 5.4% | +5.1pp |
| Materials | 1.5% | 5.7% | −4.2pp |
| Cash and/or Derivatives | 0.3% | 4.2% | −3.9pp |
| Industrials | 8.3% | 5.9% | +2.5pp |
| Consumer Staples | 5.4% | 2.9% | +2.5pp |
Δ is FXAIX minus VWO, 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
99.3% of FXAIX by weight, held in no part of VWO.
95.7% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 36.4% | 30.3% |
| Positions held | 506 | 5,003 |
| 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 VWO overlap?
FXAIX and VWO overlap 0.4% by portfolio weight — largely distinct portfolios. They share 11 holdings. The figure comes from current issuer holdings files (FXAIX as of 2026-02-28, VWO as of 2026-06-30).
How is the overlap between FXAIX and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 0.4% overlap, each fund still contributes meaningfully distinct exposure.
What does FXAIX own that VWO doesn't?
FXAIX holds 506 positions and VWO holds 5,003; 494 of FXAIX's positions don't appear in VWO at all, and they are 99.3% of FXAIX by weight.
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Related comparisons
Sources: issuer holdings files, FXAIX as of 2026-02-28, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.