IJR vs VWO: 2% overlap
iShares Core S&P Small-Cap ETF and Vanguard FTSE Emerging Markets ETF share 2.3% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IJR and VWO hold 13 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IJR | in VWO | Δ |
|---|---|---|---|
| CASH | 2.1% | 4.2% | 2.1% |
| ABG | 0.2% | 0.1% | 0.1% |
| OUT | 0.3% | 0.0% | 0.2% |
| HTO | 0.1% | 0.0% | 0.1% |
| MRP | 0.2% | 0.0% | 0.2% |
| AMR | 0.1% | 0.0% | 0.1% |
| RES | 0.0% | 0.0% | 0.0% |
| MTH | 0.3% | 0.0% | 0.3% |
| STC | 0.1% | 0.0% | 0.1% |
| BOX | 0.2% | 0.0% | 0.2% |
Where IJR 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 | IJR | VWO | Δ |
|---|---|---|---|
| Information Technology | 12.1% | 31.6% | −19.4pp |
| Industrials | 18.5% | 5.9% | +12.6pp |
| Unclassified | 0.0% | 9.3% | −9.3pp |
| Health Care | 10.5% | 2.8% | +7.6pp |
| Consumer Discretionary | 13.8% | 7.9% | +5.9pp |
| Real Estate | 6.2% | 1.6% | +4.6pp |
| Cash and/or Derivatives | 2.1% | 4.2% | −2.1pp |
| Energy | 5.3% | 3.3% | +2.0pp |
Δ is IJR 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
95.8% of IJR by weight, held in no part of VWO.
95.6% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 6.6% | 30.3% |
| Positions held | 603 | 5,003 |
| Cost per $10,000 held, per year | $6 | $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 IJR and VWO overlap?
IJR and VWO overlap 2.3% by portfolio weight — largely distinct portfolios. They share 13 holdings. The figure comes from current issuer holdings files (IJR as of 2026-07-23, VWO as of 2026-06-30).
How is the overlap between IJR and VWO 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 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 IJR and VWO?
That depends on your goals — we state facts, not advice. At 2.3% overlap, each fund still contributes meaningfully distinct exposure.
What does IJR own that VWO doesn't?
IJR holds 603 positions and VWO holds 5,003; 589 of IJR's positions don't appear in VWO at all, and they are 95.8% of IJR by weight.
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Related comparisons
Sources: issuer holdings files, IJR as of 2026-07-23, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.