FZROX vs VEA: 2% overlap
Fidelity ZERO Total Market Index and Vanguard FTSE Developed Markets ETF share 1.8% 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 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FZROX and VEA hold 136 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FZROX | in VEA | Δ |
|---|---|---|---|
| CASH | 0.6% | 1.4% | 0.7% |
| ALL | 0.1% | 0.1% | 0.0% |
| MRK | 0.4% | 0.1% | 0.3% |
| ROP | 0.1% | 0.9% | 0.8% |
| HBAN | 0.0% | 0.1% | 0.0% |
| PRU | 0.0% | 0.1% | 0.1% |
| EQT | 0.1% | 0.0% | 0.0% |
| SUNB | 0.0% | 0.1% | 0.0% |
| DTE | 0.0% | 0.3% | 0.2% |
| DG | 0.0% | 0.2% | 0.2% |
Where FZROX and VEA 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 | VEA | Δ |
|---|---|---|---|
| Information Technology | 32.3% | 17.1% | +15.2pp |
| Financials | 11.8% | 20.7% | −8.9pp |
| Communication Services | 10.1% | 2.5% | +7.7pp |
| Industrials | 9.2% | 16.9% | −7.7pp |
| Unclassified | 3.8% | 8.9% | −5.1pp |
| Materials | 1.6% | 5.1% | −3.5pp |
| Health Care | 8.6% | 6.2% | +2.4pp |
| Consumer Discretionary | 9.6% | 7.3% | +2.3pp |
Δ is FZROX minus VEA, 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
95.8% of FZROX by weight, held in no part of VEA.
93.2% of VEA 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 | VEA | |
|---|---|---|
| Top 10 holdings | 34.0% | 15.2% |
| Positions held | 2,685 | 3,792 |
| 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 VEA overlap?
FZROX and VEA overlap 1.8% by portfolio weight — largely distinct portfolios. They share 136 holdings. The figure comes from current issuer holdings files (FZROX as of 2026-04-30, VEA as of 2026-06-30).
How is the overlap between FZROX and VEA 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 VEA 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 VEA?
That depends on your goals — we state facts, not advice. At 1.8% overlap, each fund still contributes meaningfully distinct exposure.
What does FZROX own that VEA doesn't?
FZROX holds 2,685 positions and VEA holds 3,792; 2,548 of FZROX's positions don't appear in VEA at all, and they are 95.8% of FZROX by weight.
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Related comparisons
Sources: issuer holdings files, FZROX as of 2026-04-30, VEA as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.