IEFA vs IEMG: 1% overlap
iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF share 0.7% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEFA and IEMG hold 95 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in IEMG | Δ |
|---|---|---|---|
| DSY | 0.1% | 0.1% | 0.0% |
| SOL | 0.1% | 0.1% | 0.0% |
| 1801 | 0.0% | 0.1% | 0.1% |
| VOD | 0.1% | 0.0% | 0.1% |
| 7203 | 0.7% | 0.0% | 0.6% |
| CASH | 0.0% | 0.4% | 0.3% |
| 2801 | 0.0% | 0.0% | 0.0% |
| 1605 | 0.1% | 0.0% | 0.1% |
| 2269 | 0.0% | 0.1% | 0.1% |
| 6869 | 0.0% | 0.0% | 0.0% |
Where IEFA and IEMG 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 | IEFA | IEMG | Δ |
|---|---|---|---|
| Information Technology | 11.9% | 39.8% | −27.9pp |
| Industrials | 19.6% | 7.7% | +11.9pp |
| Financials | 24.2% | 18.1% | +6.1pp |
| Health Care | 7.6% | 3.1% | +4.4pp |
| Consumer Staples | 6.7% | 3.0% | +3.7pp |
| Communication Services | 3.2% | 5.4% | −2.2pp |
| Utilities | 4.2% | 2.0% | +2.2pp |
| Real Estate | 2.7% | 1.5% | +1.2pp |
Δ is IEFA minus IEMG, 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
95.9% of IEFA by weight, held in no part of IEMG.
95.5% of IEMG by weight, held in no part of IEFA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IEFA | IEMG | |
|---|---|---|
| Top 10 holdings | 12.5% | 33.6% |
| Positions held | 2,567 | 2,790 |
| Cost per $10,000 held, per year | $7 | $9 |
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 IEFA and IEMG overlap?
IEFA and IEMG overlap 0.7% by portfolio weight — largely distinct portfolios. They share 95 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-23, IEMG as of 2026-07-23).
How is the overlap between IEFA and IEMG calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IEFA holds a stock at 6% and IEMG 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 IEFA and IEMG?
That depends on your goals — we state facts, not advice. At 0.7% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that IEMG doesn't?
IEFA holds 2,567 positions and IEMG holds 2,790; 2,471 of IEFA's positions don't appear in IEMG at all, and they are 95.9% of IEFA by weight.
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Related comparisons
Sources: issuer holdings files, IEFA as of 2026-07-23, IEMG as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.