IEMG vs ITOT: 0% overlap
iShares Core MSCI Emerging Markets ETF and iShares Core S&P Total U.S. Stock Market ETF share 0.4% 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
IEMG and ITOT hold 43 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in ITOT | Δ |
|---|---|---|---|
| CASH | 0.4% | 0.2% | 0.2% |
| HAL | 0.1% | 0.0% | 0.0% |
| BDX | 0.0% | 0.1% | 0.0% |
| MOH | 0.0% | 0.0% | 0.0% |
| TEL | 0.0% | 0.1% | 0.1% |
| SM | 0.0% | 0.0% | 0.0% |
| TRU | 0.0% | 0.0% | 0.0% |
| CCL | 0.0% | 0.0% | 0.0% |
| MTN | 0.2% | 0.0% | 0.2% |
| NXST | 0.0% | 0.0% | 0.0% |
Where IEMG and ITOT 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 | IEMG | ITOT | Δ |
|---|---|---|---|
| Health Care | 3.1% | 9.7% | −6.6pp |
| Financials | 18.1% | 12.7% | +5.4pp |
| Information Technology | 39.8% | 35.2% | +4.6pp |
| Materials | 5.8% | 2.1% | +3.7pp |
| Communication Services | 5.4% | 8.7% | −3.3pp |
| Industrials | 7.7% | 10.1% | −2.4pp |
| Consumer Staples | 3.0% | 4.4% | −1.4pp |
| Real Estate | 1.5% | 2.3% | −0.7pp |
Δ is IEMG minus ITOT, 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
98.0% of IEMG by weight, held in no part of ITOT.
99.1% of ITOT by weight, held in no part of IEMG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IEMG | ITOT | |
|---|---|---|
| Top 10 holdings | 33.6% | 32.7% |
| Positions held | 2,790 | 2,440 |
| Cost per $10,000 held, per year | $9 | $3 |
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 IEMG and ITOT overlap?
IEMG and ITOT overlap 0.4% by portfolio weight — largely distinct portfolios. They share 43 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, ITOT as of 2026-07-23).
How is the overlap between IEMG and ITOT calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IEMG holds a stock at 6% and ITOT 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 IEMG and ITOT?
That depends on your goals — we state facts, not advice. At 0.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that ITOT doesn't?
IEMG holds 2,790 positions and ITOT holds 2,440; 2,746 of IEMG's positions don't appear in ITOT at all, and they are 98.0% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, ITOT as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.