FZROX vs IVE: 51% overlap
Fidelity ZERO Total Market Index and iShares S&P 500 Value ETF share 50.8% 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 — FZROX as of 2026-04-30, 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FZROX and IVE hold 405 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FZROX | in IVE | Δ |
|---|---|---|---|
| AAPL | 5.7% | 8.1% | 2.4% |
| AMZN | 3.7% | 3.7% | 0.0% |
| TSLA | 1.5% | 1.2% | 0.4% |
| JPM | 1.2% | 1.0% | 0.2% |
| XOM | 0.9% | 2.2% | 1.3% |
| WMT | 0.8% | 1.6% | 0.8% |
| V | 0.8% | 0.9% | 0.1% |
| JNJ | 0.8% | 0.9% | 0.1% |
| COST | 0.6% | 1.4% | 0.8% |
| INTC | 0.6% | 1.6% | 1.0% |
Where FZROX and IVE 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 | FZROX | IVE | Δ |
|---|---|---|---|
| Information Technology | 32.3% | 19.8% | +12.5pp |
| Communication Services | 10.1% | 2.9% | +7.2pp |
| Financials | 11.8% | 16.1% | −4.3pp |
| Consumer Staples | 4.6% | 8.7% | −4.0pp |
| Energy | 3.5% | 7.4% | −3.9pp |
| Health Care | 8.6% | 12.5% | −3.9pp |
| Unclassified | 3.8% | 0.0% | +3.8pp |
| Industrials | 9.2% | 11.5% | −2.3pp |
Δ is FZROX minus IVE, 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
47.9% of FZROX by weight, held in no part of IVE.
5.4% of IVE by weight, held in no part of FZROX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FZROX | IVE | |
|---|---|---|
| Top 10 holdings | 34.0% | 23.7% |
| Positions held | 2,685 | 440 |
| Cost per $10,000 held, per year | $0 | $18 |
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 FZROX and IVE overlap?
FZROX and IVE overlap 50.8% by portfolio weight — substantial duplication if you hold both. They share 405 holdings. The figure comes from current issuer holdings files (FZROX as of 2026-04-30, IVE as of 2026-07-23).
How is the overlap between FZROX and IVE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FZROX holds a stock at 6% and IVE 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 FZROX and IVE?
That depends on your goals — we state facts, not advice. At 50.8% overlap, each fund still contributes meaningfully distinct exposure.
What does FZROX own that IVE doesn't?
FZROX holds 2,685 positions and IVE holds 440; 2,279 of FZROX's positions don't appear in IVE at all, and they are 47.9% of FZROX by weight.
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Related comparisons
Sources: issuer holdings files, FZROX as of 2026-04-30, IVE as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.