IEMG vs VFORX: 10% overlap
iShares Core MSCI Emerging Markets ETF and Vanguard Target Retirement 2040 share 10.1% 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 — VFORX as of 2026-03-31, 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEMG and VFORX hold 2,500 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in VFORX | Δ |
|---|---|---|---|
| 2330 | 13.4% | 1.3% | 12.1% |
| 005930 | 6.3% | 0.7% | 5.6% |
| 000660 | 5.3% | 0.7% | 4.6% |
| CASH | 0.4% | 1.8% | 1.5% |
| 700 | 2.6% | 0.2% | 2.3% |
| 9988 | 1.8% | 0.1% | 1.6% |
| 2454 | 1.3% | 0.1% | 1.1% |
| 2308 | 0.8% | 0.1% | 0.7% |
| 005935 | 0.8% | 0.1% | 0.7% |
| 402340 | 0.6% | 0.1% | 0.5% |
Where IEMG and VFORX 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 | VFORX | Δ |
|---|---|---|---|
| Information Technology | 39.8% | 21.6% | +18.2pp |
| Unclassified | 0.0% | 9.7% | −9.7pp |
| Treasuries | 0.0% | 8.7% | −8.7pp |
| Financials | 18.1% | 12.7% | +5.4pp |
| MBS Pass-Through | 0.0% | 3.7% | −3.7pp |
| Materials | 5.8% | 2.5% | +3.3pp |
| Corporate — industrial & other | 0.0% | 2.8% | −2.8pp |
| Health Care | 3.1% | 5.8% | −2.6pp |
Δ is IEMG minus VFORX, 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
3.1% of IEMG by weight, held in no part of VFORX.
87.8% of VFORX 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 | VFORX | |
|---|---|---|
| Top 10 holdings | 33.6% | 23.9% |
| Positions held | 2,790 | 6 |
| Cost per $10,000 held, per year | $9 | $8 |
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 VFORX overlap?
IEMG and VFORX overlap 10.1% by portfolio weight — largely distinct portfolios. They share 2,500 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, VFORX as of 2026-03-31).
How is the overlap between IEMG and VFORX 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 VFORX 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 VFORX?
That depends on your goals — we state facts, not advice. At 10.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that VFORX doesn't?
IEMG holds 2,790 positions and VFORX holds 6; 289 of IEMG's positions don't appear in VFORX at all, and they are 3.1% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.