IEMG vs VTWAX: 13% overlap
iShares Core MSCI Emerging Markets ETF and Vanguard Total World Stock Index Admiral share 12.8% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEMG and VTWAX hold 2,510 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in VTWAX | Δ |
|---|---|---|---|
| 2330 | 13.4% | 1.6% | 11.8% |
| 005930 | 6.3% | 0.9% | 5.4% |
| 000660 | 5.3% | 0.8% | 4.4% |
| CASH | 0.4% | 1.0% | 0.6% |
| 700 | 2.6% | 0.3% | 2.3% |
| 9988 | 1.8% | 0.2% | 1.6% |
| 2454 | 1.3% | 0.2% | 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 VTWAX 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 | VTWAX | Δ |
|---|---|---|---|
| Information Technology | 39.8% | 30.1% | +9.7pp |
| Health Care | 3.1% | 7.7% | −4.6pp |
| Unclassified | 0.0% | 3.8% | −3.8pp |
| Industrials | 7.7% | 11.5% | −3.7pp |
| Financials | 18.1% | 14.9% | +3.2pp |
| Materials | 5.8% | 3.3% | +2.5pp |
| Consumer Staples | 3.0% | 4.6% | −1.6pp |
| Communication Services | 5.4% | 7.0% | −1.5pp |
Δ is IEMG minus VTWAX, 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
2.3% of IEMG by weight, held in no part of VTWAX.
85.8% of VTWAX 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 | VTWAX | |
|---|---|---|
| Top 10 holdings | 33.6% | 20.5% |
| Positions held | 2,790 | 9,600 |
| Cost per $10,000 held, per year | $9 | $9 |
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 VTWAX overlap?
IEMG and VTWAX overlap 12.8% by portfolio weight — largely distinct portfolios. They share 2,510 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, VTWAX as of 2026-06-30).
How is the overlap between IEMG and VTWAX 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 VTWAX 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 VTWAX?
That depends on your goals — we state facts, not advice. At 12.8% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that VTWAX doesn't?
IEMG holds 2,790 positions and VTWAX holds 9,600; 279 of IEMG's positions don't appear in VTWAX at all, and they are 2.3% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, VTWAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.