IEFA vs SPYM: 1% overlap
iShares Core MSCI EAFE ETF and State Street SPDR Portfolio S&P 500 ETF share 0.9% 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 SPYM hold 43 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in SPYM | Δ |
|---|---|---|---|
| ALL | 0.1% | 0.1% | 0.0% |
| MRK | 0.1% | 0.5% | 0.4% |
| PRU | 0.2% | 0.1% | 0.1% |
| ROP | 1.2% | 0.1% | 1.1% |
| HBAN | 0.1% | 0.1% | 0.0% |
| EQT | 0.1% | 0.1% | 0.0% |
| ADM | 0.0% | 0.1% | 0.0% |
| DTE | 0.4% | 0.0% | 0.4% |
| DG | 0.3% | 0.0% | 0.2% |
| TEL | 0.0% | 0.1% | 0.1% |
Where IEFA and SPYM 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 | SPYM | Δ |
|---|---|---|---|
| Information Technology | 11.9% | 37.5% | −25.6pp |
| Financials | 24.2% | 12.4% | +11.8pp |
| Industrials | 19.6% | 8.9% | +10.7pp |
| Communication Services | 3.2% | 9.3% | −6.1pp |
| Materials | 6.4% | 1.8% | +4.5pp |
| Consumer Staples | 6.7% | 4.6% | +2.1pp |
| Utilities | 4.2% | 2.3% | +1.9pp |
| Health Care | 7.6% | 9.1% | −1.5pp |
Δ is IEFA minus SPYM, 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
96.4% of IEFA by weight, held in no part of SPYM.
96.0% of SPYM 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 | SPYM | |
|---|---|---|
| Top 10 holdings | 12.5% | 36.9% |
| Positions held | 2,567 | 507 |
| Cost per $10,000 held, per year | $7 | $2 |
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 SPYM overlap?
IEFA and SPYM overlap 0.9% by portfolio weight — largely distinct portfolios. They share 43 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-23, SPYM as of 2026-07-23).
How is the overlap between IEFA and SPYM 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 SPYM 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 SPYM?
That depends on your goals — we state facts, not advice. At 0.9% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that SPYM doesn't?
IEFA holds 2,567 positions and SPYM holds 507; 2,523 of IEFA's positions don't appear in SPYM at all, and they are 96.4% of IEFA by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, IEFA as of 2026-07-23, SPYM as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.