IWD vs IWM: 0% overlap
iShares Russell 1000 Value ETF and iShares Russell 2000 ETF share 0.1% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and IWM hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in IWM | Δ |
|---|---|---|---|
| CASH | 0.1% | 0.2% | 0.1% |
Where IWD and IWM 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 | IWD | IWM | Δ |
|---|---|---|---|
| Health Care | 12.7% | 19.9% | −7.1pp |
| Consumer Staples | 7.4% | 2.2% | +5.2pp |
| Information Technology | 18.0% | 12.8% | +5.2pp |
| Industrials | 11.3% | 14.7% | −3.4pp |
| Real Estate | 3.7% | 5.9% | −2.2pp |
| Utilities | 3.9% | 3.0% | +0.9pp |
| Communication Services | 3.3% | 2.5% | +0.8pp |
| Consumer Discretionary | 10.2% | 9.4% | +0.7pp |
Δ is IWD minus IWM, 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
99.9% of IWD by weight, held in no part of IWM.
99.9% of IWM by weight, held in no part of IWD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWD | IWM | |
|---|---|---|
| Top 10 holdings | 27.8% | 3.3% |
| Positions held | 872 | 1,967 |
| Cost per $10,000 held, per year | $19 | $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 IWD and IWM overlap?
IWD and IWM overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, IWM as of 2026-07-23).
How is the overlap between IWD and IWM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWD holds a stock at 6% and IWM 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 IWD and IWM?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that IWM doesn't?
IWD holds 872 positions and IWM holds 1,967; 870 of IWD's positions don't appear in IWM at all, and they are 99.9% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, IWM as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.