IVE vs VSMAX: 6% overlap
iShares S&P 500 Value ETF and Vanguard Small-Cap Index Admiral share 6.1% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IVE and VSMAX hold 119 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVE | in VSMAX | Δ |
|---|---|---|---|
| CASH | 0.2% | 1.7% | 1.5% |
| EQT | 0.1% | 0.2% | 0.1% |
| STLD | 0.1% | 0.2% | 0.1% |
| CNC | 0.1% | 0.2% | 0.1% |
| ATO | 0.1% | 0.3% | 0.2% |
| Q | 0.1% | 0.2% | 0.1% |
| HUBB | 0.1% | 0.2% | 0.1% |
| WSM | 0.1% | 0.3% | 0.2% |
| TPL | 0.1% | 0.2% | 0.1% |
| CHRW | 0.1% | 0.3% | 0.2% |
Where IVE and VSMAX 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 | IVE | VSMAX | Δ |
|---|---|---|---|
| Industrials | 11.5% | 21.0% | −9.5pp |
| Consumer Staples | 8.7% | 3.5% | +5.2pp |
| Real Estate | 3.4% | 7.1% | −3.7pp |
| Information Technology | 19.8% | 16.1% | +3.7pp |
| Energy | 7.4% | 3.7% | +3.7pp |
| Financials | 16.1% | 12.7% | +3.4pp |
| Materials | 3.6% | 5.3% | −1.7pp |
| Cash and/or Derivatives | 0.2% | 1.7% | −1.5pp |
Δ is IVE minus VSMAX, 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
94.0% of IVE by weight, held in no part of VSMAX.
79.5% of VSMAX by weight, held in no part of IVE.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVE | VSMAX | |
|---|---|---|
| Top 10 holdings | 23.7% | 5.6% |
| Positions held | 440 | 1,308 |
| Cost per $10,000 held, per year | $18 | $5 |
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 IVE and VSMAX overlap?
IVE and VSMAX overlap 6.1% by portfolio weight — largely distinct portfolios. They share 119 holdings. The figure comes from current issuer holdings files (IVE as of 2026-07-23, VSMAX as of 2026-06-30).
How is the overlap between IVE and VSMAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVE holds a stock at 6% and VSMAX 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 IVE and VSMAX?
That depends on your goals — we state facts, not advice. At 6.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IVE own that VSMAX doesn't?
IVE holds 440 positions and VSMAX holds 1,308; 320 of IVE's positions don't appear in VSMAX at all, and they are 94.0% of IVE by weight.
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Related comparisons
Sources: issuer holdings files, IVE as of 2026-07-23, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.