IWD vs QQQM: 27% overlap
iShares Russell 1000 Value ETF and Invesco NASDAQ 100 ETF share 26.9% 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 — QQQM 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and QQQM hold 54 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in QQQM | Δ |
|---|---|---|---|
| AAPL | 5.9% | 7.6% | 1.7% |
| AMZN | 5.7% | 4.4% | 1.4% |
| MSFT | 3.9% | 5.7% | 1.8% |
| CSCO | 1.2% | 1.7% | 0.5% |
| WMT | 1.2% | 3.4% | 2.2% |
| INTC | 1.2% | 1.2% | 0.0% |
| META | 0.7% | 3.7% | 3.0% |
| LIN | 0.6% | 1.3% | 0.6% |
| COST | 0.6% | 2.4% | 1.8% |
| QCOM | 0.5% | 0.8% | 0.3% |
Where IWD and QQQM 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 | QQQM | Δ |
|---|---|---|---|
| Information Technology | 18.0% | 48.9% | −30.9pp |
| Financials | 19.6% | 0.2% | +19.3pp |
| Communication Services | 3.3% | 15.6% | −12.3pp |
| Industrials | 11.3% | 3.0% | +8.3pp |
| Health Care | 12.7% | 5.2% | +7.5pp |
| Energy | 6.1% | 0.6% | +5.5pp |
| Real Estate | 3.7% | 0.1% | +3.6pp |
| Unclassified | 0.0% | 2.7% | −2.7pp |
Δ is IWD minus QQQM, 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
71.6% of IWD by weight, held in no part of QQQM.
48.8% of QQQM 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 | QQQM | |
|---|---|---|
| Top 10 holdings | 27.8% | 46.7% |
| Positions held | 872 | 103 |
| Cost per $10,000 held, per year | $19 | $15 |
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 QQQM overlap?
IWD and QQQM overlap 26.9% by portfolio weight — moderate overlap. They share 54 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, QQQM as of 2026-02-28).
How is the overlap between IWD and QQQM 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 QQQM 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 QQQM?
That depends on your goals — we state facts, not advice. At 26.9% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that QQQM doesn't?
IWD holds 872 positions and QQQM holds 103; 817 of IWD's positions don't appear in QQQM at all, and they are 71.6% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, QQQM as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.