ITOT vs IWD: 58% overlap
iShares Core S&P Total U.S. Stock Market ETF and iShares Russell 1000 Value ETF share 58.4% 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 1.4. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ITOT and IWD hold 846 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ITOT | in IWD | Δ |
|---|---|---|---|
| AAPL | 6.6% | 5.9% | 0.7% |
| MSFT | 3.9% | 3.9% | 0.0% |
| AMZN | 3.2% | 5.7% | 2.6% |
| JPM | 1.3% | 2.6% | 1.3% |
| BRK-B | 1.3% | 2.5% | 1.3% |
| XOM | 0.9% | 1.8% | 0.9% |
| JNJ | 0.9% | 1.7% | 0.9% |
| META | 1.8% | 0.7% | 1.2% |
| WMT | 0.7% | 1.2% | 0.5% |
| INTC | 0.7% | 1.2% | 0.6% |
Where ITOT and IWD 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 | ITOT | IWD | Δ |
|---|---|---|---|
| Information Technology | 35.2% | 18.0% | +17.1pp |
| Financials | 12.7% | 19.6% | −6.9pp |
| Communication Services | 8.7% | 3.3% | +5.4pp |
| Health Care | 9.7% | 12.7% | −3.0pp |
| Consumer Staples | 4.4% | 7.4% | −3.0pp |
| Energy | 3.5% | 6.1% | −2.5pp |
| Utilities | 2.2% | 3.9% | −1.7pp |
| Materials | 2.1% | 3.7% | −1.6pp |
Δ is ITOT minus IWD, 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
37.9% of ITOT by weight, held in no part of IWD.
0.3% of IWD by weight, held in no part of ITOT.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ITOT | IWD | |
|---|---|---|
| Top 10 holdings | 32.7% | 27.8% |
| Positions held | 2,440 | 872 |
| Cost per $10,000 held, per year | $3 | $19 |
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 ITOT and IWD overlap?
ITOT and IWD overlap 58.4% by portfolio weight — substantial duplication if you hold both. They share 846 holdings. The figure comes from current issuer holdings files (ITOT as of 2026-07-23, IWD as of 2026-07-23).
How is the overlap between ITOT and IWD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ITOT holds a stock at 6% and IWD 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 ITOT and IWD?
That depends on your goals — we state facts, not advice. At 58.4% overlap, each fund still contributes meaningfully distinct exposure.
What does ITOT own that IWD doesn't?
ITOT holds 2,440 positions and IWD holds 872; 1,593 of ITOT's positions don't appear in IWD at all, and they are 37.9% of ITOT by weight.
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Related comparisons
Sources: issuer holdings files, ITOT as of 2026-07-23, IWD as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.