IEMG vs VWO: 73% overlap
iShares Core MSCI Emerging Markets ETF and Vanguard FTSE Emerging Markets ETF share 73.4% 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 1.3. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEMG and VWO hold 2,158 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in VWO | Δ |
|---|---|---|---|
| 2330 | 13.4% | 15.7% | 2.3% |
| 700 | 2.6% | 2.8% | 0.3% |
| 9988 | 1.8% | 1.8% | 0.0% |
| 2454 | 1.3% | 1.6% | 0.4% |
| 2308 | 0.8% | 1.0% | 0.2% |
| 2317 | 0.7% | 0.8% | 0.1% |
| 939 | 0.7% | 0.7% | 0.1% |
| HDFCBANK | 0.6% | 0.8% | 0.2% |
| RELIANCE | 0.6% | 0.8% | 0.2% |
| ICICIBANK | 0.6% | 0.6% | 0.1% |
Where IEMG and VWO 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 | VWO | Δ |
|---|---|---|---|
| Unclassified | 0.0% | 9.3% | −9.3pp |
| Information Technology | 39.8% | 31.6% | +8.2pp |
| Cash and/or Derivatives | 0.8% | 4.2% | −3.4pp |
| Industrials | 7.7% | 5.9% | +1.9pp |
| Financials | 18.1% | 17.2% | +0.9pp |
| Cash & Other | 0.8% | 0.0% | +0.8pp |
| Consumer Discretionary | 8.5% | 7.9% | +0.6pp |
| Health Care | 3.1% | 2.8% | +0.3pp |
Δ is IEMG minus VWO, 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
24.6% of IEMG by weight, held in no part of VWO.
9.7% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 33.6% | 30.3% |
| Positions held | 2,790 | 5,003 |
| 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 VWO overlap?
IEMG and VWO overlap 73.4% by portfolio weight — substantial duplication if you hold both. They share 2,158 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, VWO as of 2026-06-30).
How is the overlap between IEMG and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 73.4% overlap, most of what one fund holds, the other holds too. Expense ratios: IEMG 0.09% versus VWO 0.06%.
What does IEMG own that VWO doesn't?
IEMG holds 2,790 positions and VWO holds 5,003; 631 of IEMG's positions don't appear in VWO at all, and they are 24.6% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.