IEFA vs VWO: 1% overlap
iShares Core MSCI EAFE ETF and Vanguard FTSE Emerging Markets ETF share 0.8% 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 VWO hold 109 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in VWO | Δ |
|---|---|---|---|
| DSY | 0.1% | 0.1% | 0.0% |
| SOL | 0.1% | 0.1% | 0.0% |
| 1801 | 0.0% | 0.1% | 0.1% |
| 7203 | 0.7% | 0.0% | 0.6% |
| VOD | 0.1% | 0.0% | 0.1% |
| BS6 | 0.0% | 0.1% | 0.0% |
| 1605 | 0.1% | 0.0% | 0.0% |
| CASH | 0.0% | 4.2% | 4.1% |
| 2801 | 0.0% | 0.0% | 0.0% |
| 2269 | 0.0% | 0.1% | 0.1% |
Where IEFA and VWO 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 | VWO | Δ |
|---|---|---|---|
| Information Technology | 11.9% | 31.6% | −19.7pp |
| Industrials | 19.6% | 5.9% | +13.7pp |
| Unclassified | 0.0% | 9.3% | −9.3pp |
| Financials | 24.2% | 17.2% | +7.0pp |
| Health Care | 7.6% | 2.8% | +4.8pp |
| Consumer Staples | 6.7% | 2.9% | +3.8pp |
| Cash and/or Derivatives | 0.5% | 4.2% | −3.7pp |
| Communication Services | 3.2% | 5.4% | −2.2pp |
Δ is IEFA minus VWO, 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
95.6% of IEFA by weight, held in no part of VWO.
91.7% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 12.5% | 30.3% |
| Positions held | 2,567 | 5,003 |
| Cost per $10,000 held, per year | $7 | $6 |
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 VWO overlap?
IEFA and VWO overlap 0.8% by portfolio weight — largely distinct portfolios. They share 109 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-23, VWO as of 2026-06-30).
How is the overlap between IEFA and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 0.8% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that VWO doesn't?
IEFA holds 2,567 positions and VWO holds 5,003; 2,457 of IEFA's positions don't appear in VWO at all, and they are 95.6% of IEFA by weight.
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Related comparisons
Sources: issuer holdings files, IEFA as of 2026-07-23, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.