IEMG vs VFMO: 1% overlap
iShares Core MSCI Emerging Markets ETF and Vanguard U.S. Momentum Factor ETF share 0.7% 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
IEMG and VFMO hold 15 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in VFMO | Δ |
|---|---|---|---|
| CASH | 0.4% | 1.4% | 1.0% |
| SCCO | 0.1% | 0.2% | 0.1% |
| HAL | 0.1% | 0.2% | 0.1% |
| XP | 0.0% | 0.0% | 0.0% |
| NU | 0.4% | 0.0% | 0.4% |
| STNE | 0.0% | 0.0% | 0.0% |
| AMR | 0.0% | 0.1% | 0.1% |
| NXST | 0.0% | 0.1% | 0.1% |
| CPS | 0.0% | 0.1% | 0.1% |
| CCL | 0.0% | 0.0% | 0.0% |
Where IEMG 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 | IEMG | VFMO | Δ |
|---|---|---|---|
| Information Technology | 39.0% | 17.0% | +22.0pp |
| Health Care | 3.2% | 22.3% | −19.1pp |
| Industrials | 7.7% | 24.4% | −16.7pp |
| Financials | 18.6% | 6.3% | +12.3pp |
| Energy | 3.5% | 7.7% | −4.3pp |
| Communication Services | 5.5% | 3.4% | +2.1pp |
| Utilities | 2.0% | 0.0% | +2.0pp |
| Real Estate | 1.6% | 0.1% | +1.5pp |
Δ is IEMG 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
98.1% of IEMG by weight, held in no part of VFMO.
97.1% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 33.0% | 10.2% |
| Positions held | 2,828 | 672 |
| Cost per $10,000 held, per year | $9 | $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 IEMG and VFMO overlap?
IEMG and VFMO overlap 0.7% by portfolio weight — largely distinct portfolios. They share 15 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-27, VFMO as of 2026-03-31).
How is the overlap between IEMG and VFMO 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 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 IEMG and VFMO?
That depends on your goals — we state facts, not advice. At 0.7% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that VFMO doesn't?
IEMG holds 2,828 positions and VFMO holds 672; 2,812 of IEMG's positions don't appear in VFMO at all, and they are 98.1% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-27, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.