IVV vs SCHD: 8% overlap
iShares Core S&P 500 ETF and Schwab U.S. Dividend Equity ETF share 8.1% 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 — SCHD as of 2026-05-31, the rest through 2026-10-22. 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IVV and SCHD hold 46 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVV | in SCHD | Δ |
|---|---|---|---|
| CVX | 0.7% | 3.8% | 3.2% |
| PG | 0.6% | 3.5% | 3.0% |
| UNH | 0.6% | 5.1% | 4.5% |
| KO | 0.6% | 4.0% | 3.4% |
| MRK | 0.5% | 3.9% | 3.3% |
| HD | 0.5% | 3.4% | 2.9% |
| TXN | 0.4% | 5.9% | 5.5% |
| AMGN | 0.4% | 3.5% | 3.1% |
| PEP | 0.3% | 3.4% | 3.2% |
| VZ | 0.3% | 3.7% | 3.4% |
Where IVV and SCHD 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 | IVV | SCHD | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 12.9% | +24.5pp |
| Consumer Staples | 4.9% | 18.4% | −13.5pp |
| Energy | 3.7% | 14.6% | −10.8pp |
| Health Care | 9.9% | 18.3% | −8.4pp |
| Financials | 12.0% | 8.8% | +3.2pp |
| Communication Services | 9.2% | 6.0% | +3.2pp |
| Unclassified | 0.0% | 2.9% | −2.9pp |
| Industrials | 8.0% | 10.8% | −2.8pp |
Δ is IVV minus SCHD, 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
91.7% of IVV by weight, held in no part of SCHD.
7.7% of SCHD by weight, held in no part of IVV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVV | SCHD | |
|---|---|---|
| Top 10 holdings | 37.8% | 43.6% |
| Positions held | 506 | 101 |
| Cost per $10,000 held, per year | $3 | $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 IVV and SCHD overlap?
IVV and SCHD overlap 8.1% by portfolio weight — largely distinct portfolios. They share 46 holdings. The figure comes from current issuer holdings files (IVV as of 2026-10-22, SCHD as of 2026-05-31).
How is the overlap between IVV and SCHD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVV holds a stock at 6% and SCHD 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 IVV and SCHD?
That depends on your goals — we state facts, not advice. At 8.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IVV own that SCHD doesn't?
IVV holds 506 positions and SCHD holds 101; 459 of IVV's positions don't appear in SCHD at all, and they are 91.7% of IVV by weight.
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Related comparisons
Sources: issuer holdings files, IVV as of 2026-10-22, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.