ITOT vs SWAGX: 0% overlap
iShares Core S&P Total U.S. Stock Market ETF and Schwab U.S. Aggregate Bond Index share 0.2% 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
ITOT and SWAGX hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ITOT | in SWAGX | Δ |
|---|---|---|---|
| CASH | 0.2% | 2.1% | 1.9% |
Where ITOT 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 | ITOT | SWAGX | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 45.7% | −45.7pp |
| Information Technology | 35.2% | 0.0% | +35.2pp |
| MBS Pass-Through | 0.0% | 19.2% | −19.2pp |
| Corporate — industrial & other | 0.0% | 13.3% | −13.3pp |
| Industrials | 10.1% | 0.0% | +10.1pp |
| Health Care | 9.7% | 0.0% | +9.7pp |
| Consumer Discretionary | 8.8% | 0.0% | +8.8pp |
| Communication Services | 8.7% | 0.0% | +8.7pp |
Δ is ITOT 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
99.8% of ITOT by weight, held in no part of SWAGX.
98.9% of SWAGX 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 | SWAGX | |
|---|---|---|
| Top 10 holdings | 32.7% | 71.4% |
| Positions held | 2,440 | 1,604 |
| Cost per $10,000 held, per year | $3 | $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 ITOT and SWAGX overlap?
ITOT and SWAGX overlap 0.2% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (ITOT as of 2026-07-23, SWAGX as of 2026-02-28).
How is the overlap between ITOT and SWAGX 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 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 ITOT and SWAGX?
That depends on your goals — we state facts, not advice. At 0.2% overlap, each fund still contributes meaningfully distinct exposure.
What does ITOT own that SWAGX doesn't?
ITOT holds 2,440 positions and SWAGX holds 1,604; 2,438 of ITOT's positions don't appear in SWAGX at all, and they are 99.8% of ITOT by weight.
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Related comparisons
Sources: issuer holdings files, ITOT as of 2026-07-23, SWAGX as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.