FZROX vs SCHX: 92% overlap
Fidelity ZERO Total Market Index and Schwab U.S. Large-Cap ETF share 91.7% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — FZROX as of 2026-04-30, 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FZROX and SCHX hold 740 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FZROX | in SCHX | Δ |
|---|---|---|---|
| NVDA | 6.9% | 7.5% | 0.6% |
| AAPL | 5.7% | 6.7% | 1.0% |
| MSFT | 4.3% | 4.9% | 0.6% |
| AMZN | 3.7% | 3.9% | 0.2% |
| GOOGL | 3.2% | 3.2% | 0.0% |
| AVGO | 2.8% | 3.1% | 0.3% |
| GOOG | 2.6% | 2.6% | 0.0% |
| META | 1.9% | 2.0% | 0.1% |
| TSLA | 1.5% | 1.8% | 0.3% |
| BRK-B | 1.2% | 1.3% | 0.0% |
Where FZROX and SCHX 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 | SCHX | Δ |
|---|---|---|---|
| Information Technology | 32.3% | 36.8% | −4.5pp |
| Industrials | 9.2% | 8.2% | +1.0pp |
| Financials | 11.8% | 10.9% | +0.9pp |
| Cash and/or Derivatives | 0.6% | 0.1% | +0.5pp |
| Health Care | 8.6% | 8.1% | +0.5pp |
| Real Estate | 2.3% | 1.9% | +0.4pp |
| Energy | 3.5% | 3.2% | +0.4pp |
| Unclassified | 3.8% | 3.4% | +0.4pp |
Δ is FZROX minus SCHX, 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
6.9% of FZROX by weight, held in no part of SCHX.
0.2% of SCHX 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 | SCHX | |
|---|---|---|
| Top 10 holdings | 34.0% | 37.3% |
| Positions held | 2,685 | 750 |
| Cost per $10,000 held, per year | $0 | $3 |
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 SCHX overlap?
FZROX and SCHX overlap 91.7% by portfolio weight — they are effectively the same fund. They share 740 holdings. The figure comes from current issuer holdings files (FZROX as of 2026-04-30, SCHX as of 2026-05-31).
How is the overlap between FZROX and SCHX 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 SCHX 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 SCHX?
That depends on your goals — we state facts, not advice. At 91.7% overlap, most of what one fund holds, the other holds too. Expense ratios: FZROX 0.00% versus SCHX 0.03%.
What does FZROX own that SCHX doesn't?
FZROX holds 2,685 positions and SCHX holds 750; 1,944 of FZROX's positions don't appear in SCHX at all, and they are 6.9% of FZROX by weight.
You probably hold more than two funds
This page compares FZROX and SCHX. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch FZROX vs SCHX
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, FZROX as of 2026-04-30, SCHX as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.