IEMG vs SCHD: 0% overlap
iShares Core MSCI Emerging Markets ETF and Schwab U.S. Dividend Equity ETF share 0.2% 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 2 months apart — SCHD as of 2026-05-31, the rest through 2026-07-23. 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
IEMG and SCHD hold 3 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in SCHD | Δ |
|---|---|---|---|
| MTN | 0.2% | 0.1% | 0.0% |
| CASH | 0.4% | 0.0% | 0.3% |
| NXST | 0.0% | 0.1% | 0.1% |
Where IEMG and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Information Technology | 39.8% | 12.9% | +26.9pp |
| Consumer Staples | 3.0% | 18.4% | −15.5pp |
| Health Care | 3.1% | 18.3% | −15.2pp |
| Energy | 3.5% | 14.6% | −11.1pp |
| Financials | 18.1% | 8.8% | +9.3pp |
| Materials | 5.8% | 0.1% | +5.7pp |
| Industrials | 7.7% | 10.8% | −3.1pp |
| Unclassified | 0.0% | 2.9% | −2.9pp |
Δ is IEMG minus SCHD, 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
98.7% of IEMG by weight, held in no part of SCHD.
99.5% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 33.6% | 43.6% |
| Positions held | 2,790 | 101 |
| Cost per $10,000 held, per year | $9 | $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 IEMG and SCHD overlap?
IEMG and SCHD overlap 0.2% by portfolio weight — largely distinct portfolios. They share 3 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between IEMG and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 0.2% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that SCHD doesn't?
IEMG holds 2,790 positions and SCHD holds 101; 2,786 of IEMG's positions don't appear in SCHD at all, and they are 98.7% of IEMG by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.