IEFA vs VFMO: 1% overlap
iShares Core MSCI EAFE ETF and Vanguard U.S. Momentum Factor ETF share 1.2% 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 4 months apart — VFMO as of 2026-03-31, the rest through 2026-07-27. 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
IEFA and VFMO hold 33 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in VFMO | Δ |
|---|---|---|---|
| DG | 0.3% | 0.2% | 0.1% |
| NXT | 0.1% | 0.3% | 0.2% |
| HEI | 0.1% | 0.2% | 0.1% |
| MRK | 0.1% | 0.4% | 0.4% |
| ACA | 0.1% | 0.1% | 0.1% |
| EBS | 0.2% | 0.1% | 0.1% |
| BG | 0.1% | 0.2% | 0.2% |
| AIR | 0.6% | 0.1% | 0.5% |
| TLS | 0.1% | 0.1% | 0.0% |
| ADM | 0.0% | 0.1% | 0.0% |
Where IEFA and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Financials | 24.5% | 6.3% | +18.2pp |
| Health Care | 7.7% | 22.3% | −14.6pp |
| Information Technology | 11.5% | 17.0% | −5.5pp |
| Industrials | 19.6% | 24.4% | −4.8pp |
| Consumer Staples | 6.8% | 2.4% | +4.3pp |
| Utilities | 4.1% | 0.0% | +4.1pp |
| Energy | 3.8% | 7.7% | −4.0pp |
| Real Estate | 2.7% | 0.1% | +2.7pp |
Δ is IEFA minus VFMO, 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
97.5% of IEFA by weight, held in no part of VFMO.
92.4% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 12.3% | 10.2% |
| Positions held | 2,567 | 672 |
| Cost per $10,000 held, per year | $7 | $13 |
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 VFMO overlap?
IEFA and VFMO overlap 1.2% by portfolio weight — largely distinct portfolios. They share 33 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-27, VFMO as of 2026-03-31).
How is the overlap between IEFA and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 1.2% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that VFMO doesn't?
IEFA holds 2,567 positions and VFMO holds 672; 2,533 of IEFA's positions don't appear in VFMO at all, and they are 97.5% of IEFA by weight.
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Related comparisons
Sources: issuer holdings files, IEFA as of 2026-07-27, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.