IJR vs SWAGX: 2% overlap
iShares Core S&P Small-Cap ETF and Schwab U.S. Aggregate Bond Index share 2.1% 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 5 months apart — SWAGX as of 2026-02-28, 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
IJR and SWAGX hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IJR | in SWAGX | Δ |
|---|---|---|---|
| CASH | 2.1% | 2.1% | 0.0% |
Where IJR and SWAGX 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 | IJR | SWAGX | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 45.7% | −45.7pp |
| MBS Pass-Through | 0.0% | 19.2% | −19.2pp |
| Industrials | 18.5% | 0.0% | +18.5pp |
| Consumer Discretionary | 13.8% | 0.0% | +13.8pp |
| Corporate — industrial & other | 0.0% | 13.3% | −13.3pp |
| Information Technology | 12.1% | 0.0% | +12.1pp |
| Health Care | 10.5% | 0.0% | +10.5pp |
| Financials | 17.8% | 7.5% | +10.3pp |
Δ is IJR minus SWAGX, 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
97.8% of IJR by weight, held in no part of SWAGX.
98.9% of SWAGX by weight, held in no part of IJR.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IJR | SWAGX | |
|---|---|---|
| Top 10 holdings | 6.6% | 71.4% |
| Positions held | 603 | 1,604 |
| Cost per $10,000 held, per year | $6 | $4 |
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 IJR and SWAGX overlap?
IJR and SWAGX overlap 2.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (IJR as of 2026-07-23, SWAGX as of 2026-02-28).
How is the overlap between IJR and SWAGX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IJR holds a stock at 6% and SWAGX 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 IJR and SWAGX?
That depends on your goals — we state facts, not advice. At 2.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IJR own that SWAGX doesn't?
IJR holds 603 positions and SWAGX holds 1,604; 601 of IJR's positions don't appear in SWAGX at all, and they are 97.8% of IJR by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, IJR as of 2026-07-23, SWAGX as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.