IWD vs SCHG: 28% overlap
iShares Russell 1000 Value ETF and Schwab U.S. Large-Cap Growth ETF share 28.1% 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 2 months apart — SCHG as of 2026-05-31, 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 SCHG hold 116 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in SCHG | Δ |
|---|---|---|---|
| AAPL | 5.9% | 9.8% | 3.9% |
| AMZN | 5.7% | 5.7% | 0.1% |
| MSFT | 3.9% | 7.2% | 3.3% |
| UNH | 1.1% | 1.2% | 0.1% |
| META | 0.7% | 3.5% | 2.8% |
| COST | 0.6% | 1.5% | 0.8% |
| TMO | 0.6% | 0.6% | 0.1% |
| DIS | 0.5% | 0.6% | 0.2% |
| BLK | 0.4% | 0.5% | 0.1% |
| CRM | 0.3% | 0.6% | 0.3% |
Where IWD and SCHG 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 | SCHG | Δ |
|---|---|---|---|
| Information Technology | 18.0% | 46.1% | −28.1pp |
| Financials | 19.6% | 6.8% | +12.8pp |
| Communication Services | 3.3% | 14.7% | −11.4pp |
| Consumer Staples | 7.4% | 1.7% | +5.7pp |
| Energy | 6.1% | 0.7% | +5.3pp |
| Industrials | 11.3% | 6.0% | +5.3pp |
| Health Care | 12.7% | 8.3% | +4.4pp |
| Utilities | 3.9% | 0.4% | +3.5pp |
Δ is IWD minus SCHG, 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
71.7% of IWD by weight, held in no part of SCHG.
55.1% of SCHG 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 | SCHG | |
|---|---|---|
| Top 10 holdings | 27.8% | 57.2% |
| Positions held | 872 | 195 |
| Cost per $10,000 held, per year | $19 | $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 IWD and SCHG overlap?
IWD and SCHG overlap 28.1% by portfolio weight — moderate overlap. They share 116 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, SCHG as of 2026-05-31).
How is the overlap between IWD and SCHG 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 SCHG 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 SCHG?
That depends on your goals — we state facts, not advice. At 28.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that SCHG doesn't?
IWD holds 872 positions and SCHG holds 195; 755 of IWD's positions don't appear in SCHG at all, and they are 71.7% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, SCHG as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.