FZROX vs VB: 11% overlap
Fidelity ZERO Total Market Index and Vanguard Small-Cap ETF share 11.4% 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 2 months apart — FZROX as of 2026-04-30, 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FZROX and VB hold 1,205 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FZROX | in VB | Δ |
|---|---|---|---|
| CASH | 0.6% | 1.7% | 1.1% |
| EME | 0.1% | 0.4% | 0.4% |
| EQT | 0.1% | 0.2% | 0.1% |
| JBL | 0.1% | 0.5% | 0.4% |
| NRG | 0.0% | 0.4% | 0.3% |
| STLD | 0.0% | 0.2% | 0.1% |
| ATO | 0.0% | 0.3% | 0.3% |
| CASY | 0.0% | 0.4% | 0.3% |
| Q | 0.0% | 0.2% | 0.2% |
| TPR | 0.0% | 0.4% | 0.3% |
Where FZROX and VB 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 | VB | Δ |
|---|---|---|---|
| Information Technology | 32.3% | 16.1% | +16.2pp |
| Industrials | 9.2% | 21.0% | −11.8pp |
| Communication Services | 10.1% | 3.0% | +7.1pp |
| Real Estate | 2.3% | 7.1% | −4.8pp |
| Materials | 1.6% | 5.3% | −3.7pp |
| Health Care | 8.6% | 11.9% | −3.3pp |
| Unclassified | 3.8% | 0.6% | +3.2pp |
| Consumer Staples | 4.6% | 3.5% | +1.1pp |
Δ is FZROX minus VB, 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
89.0% of FZROX by weight, held in no part of VB.
7.6% of VB 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 | VB | |
|---|---|---|
| Top 10 holdings | 34.0% | 5.6% |
| Positions held | 2,685 | 1,308 |
| 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 VB overlap?
FZROX and VB overlap 11.4% by portfolio weight — largely distinct portfolios. They share 1,205 holdings. The figure comes from current issuer holdings files (FZROX as of 2026-04-30, VB as of 2026-06-30).
How is the overlap between FZROX and VB 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 VB 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 VB?
That depends on your goals — we state facts, not advice. At 11.4% overlap, each fund still contributes meaningfully distinct exposure.
What does FZROX own that VB doesn't?
FZROX holds 2,685 positions and VB holds 1,308; 1,479 of FZROX's positions don't appear in VB at all, and they are 89.0% of FZROX by weight.
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Related comparisons
Sources: issuer holdings files, FZROX as of 2026-04-30, VB as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.