FZROX vs SWTSX: 99% overlap
Fidelity ZERO Total Market Index and Schwab Total Stock Market Index share 99.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FZROX and SWTSX hold 2,583 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FZROX | in SWTSX | Δ |
|---|---|---|---|
| NVDA | 6.9% | 6.9% | 0.0% |
| AAPL | 5.7% | 5.7% | 0.0% |
| MSFT | 4.3% | 4.3% | 0.0% |
| AMZN | 3.7% | 3.7% | 0.0% |
| GOOGL | 3.2% | 3.2% | 0.0% |
| AVGO | 2.8% | 2.8% | 0.0% |
| GOOG | 2.6% | 2.6% | 0.0% |
| META | 1.9% | 1.9% | 0.0% |
| TSLA | 1.5% | 1.5% | 0.0% |
| BRK-B | 1.2% | 1.2% | 0.0% |
Where FZROX and SWTSX 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 | SWTSX | Δ |
|---|---|---|---|
| Cash and/or Derivatives | 0.6% | 0.1% | +0.5pp |
| Unclassified | 3.8% | 3.4% | +0.4pp |
| Industrials | 9.2% | 9.4% | −0.2pp |
| Financials | 11.8% | 11.9% | −0.1pp |
| Materials | 1.6% | 1.6% | −0.0pp |
| Utilities | 2.3% | 2.3% | −0.0pp |
| Health Care | 8.6% | 8.7% | −0.0pp |
| Consumer Discretionary | 9.6% | 9.6% | +0.0pp |
Δ is FZROX minus SWTSX, 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
0.6% of FZROX by weight, held in no part of SWTSX.
0.5% of SWTSX 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 | SWTSX | |
|---|---|---|
| Top 10 holdings | 34.0% | 33.9% |
| Positions held | 2,685 | 2,939 |
| 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 SWTSX overlap?
FZROX and SWTSX overlap 99.0% by portfolio weight — they are effectively the same fund. They share 2,583 holdings. The figure comes from current issuer holdings files (FZROX as of 2026-04-30, SWTSX as of 2026-04-30).
How is the overlap between FZROX and SWTSX 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 SWTSX 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 SWTSX?
That depends on your goals — we state facts, not advice. At 99.0% overlap, most of what one fund holds, the other holds too. Expense ratios: FZROX 0.00% versus SWTSX 0.03%.
What does FZROX own that SWTSX doesn't?
FZROX holds 2,685 positions and SWTSX holds 2,939; 101 of FZROX's positions don't appear in SWTSX at all, and they are 0.6% of FZROX by weight.
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Sources: issuer holdings files, FZROX as of 2026-04-30, SWTSX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.