IEFA vs VSMAX: 2% overlap
iShares Core MSCI EAFE ETF and Vanguard Small-Cap Index Admiral share 1.9% 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 VSMAX hold 81 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in VSMAX | Δ |
|---|---|---|---|
| CSL | 0.2% | 0.2% | 0.0% |
| AAL | 0.2% | 0.1% | 0.1% |
| NXT | 0.1% | 0.2% | 0.1% |
| CFR | 0.5% | 0.1% | 0.4% |
| TSCO | 0.2% | 0.1% | 0.1% |
| ACA | 0.1% | 0.1% | 0.0% |
| ORA | 0.1% | 0.1% | 0.1% |
| AIR | 0.5% | 0.1% | 0.5% |
| BG | 0.1% | 0.2% | 0.1% |
| MC | 0.5% | 0.1% | 0.5% |
Where IEFA and VSMAX 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 | VSMAX | Δ |
|---|---|---|---|
| Financials | 24.2% | 12.7% | +11.5pp |
| Real Estate | 2.7% | 7.1% | −4.4pp |
| Health Care | 7.6% | 11.9% | −4.3pp |
| Information Technology | 11.9% | 16.1% | −4.2pp |
| Consumer Staples | 6.7% | 3.5% | +3.2pp |
| Industrials | 19.6% | 21.0% | −1.4pp |
| Cash and/or Derivatives | 0.5% | 1.7% | −1.2pp |
| Consumer Discretionary | 8.8% | 9.9% | −1.2pp |
Δ is IEFA minus VSMAX, 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
94.7% of IEFA by weight, held in no part of VSMAX.
92.1% of VSMAX 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 | VSMAX | |
|---|---|---|
| Top 10 holdings | 12.5% | 5.6% |
| Positions held | 2,567 | 1,308 |
| Cost per $10,000 held, per year | $7 | $5 |
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 VSMAX overlap?
IEFA and VSMAX overlap 1.9% by portfolio weight — largely distinct portfolios. They share 81 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-23, VSMAX as of 2026-06-30).
How is the overlap between IEFA and VSMAX 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 VSMAX 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 VSMAX?
That depends on your goals — we state facts, not advice. At 1.9% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that VSMAX doesn't?
IEFA holds 2,567 positions and VSMAX holds 1,308; 2,485 of IEFA's positions don't appear in VSMAX at all, and they are 94.7% 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, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.