IWD vs TSPS: 9% overlap
iShares Russell 1000 Value ETF and TSP S Fund — shown via extended-market proxy share 9.2% 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
IWD and TSPS hold 417 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in TSPS | Δ |
|---|---|---|---|
| LNG | 0.1% | 0.6% | 0.4% |
| FERG | 0.1% | 0.5% | 0.4% |
| SUNB | 0.1% | 0.3% | 0.3% |
| MSTR | 0.1% | 0.3% | 0.2% |
| ILMN | 0.1% | 0.3% | 0.2% |
| CASH | 0.1% | 3.8% | 3.7% |
| RPRX | 0.1% | 0.2% | 0.2% |
| MKL | 0.1% | 0.3% | 0.2% |
| TWLO | 0.1% | 0.4% | 0.3% |
| OKTA | 0.1% | 0.3% | 0.2% |
Where IWD and TSPS 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 | TSPS | Δ |
|---|---|---|---|
| Industrials | 11.3% | 19.8% | −8.5pp |
| Financials | 19.6% | 13.9% | +5.6pp |
| Consumer Staples | 7.4% | 2.7% | +4.7pp |
| Cash and/or Derivatives | 0.1% | 3.8% | −3.7pp |
| Energy | 6.1% | 4.0% | +2.1pp |
| Utilities | 3.9% | 1.9% | +2.1pp |
| Consumer Discretionary | 10.2% | 8.8% | +1.4pp |
| Communication Services | 3.3% | 4.5% | −1.1pp |
Δ is IWD minus TSPS, 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
90.6% of IWD by weight, held in no part of TSPS.
52.4% of TSPS 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 | TSPS | |
|---|---|---|
| Top 10 holdings | 27.8% | 10.6% |
| Positions held | 872 | 3,327 |
| Cost per $10,000 held, per year | $19 | $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 IWD and TSPS overlap?
IWD and TSPS overlap 9.2% by portfolio weight — largely distinct portfolios. They share 417 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, TSPS as of 2026-06-30).
How is the overlap between IWD and TSPS 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 TSPS 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 TSPS?
That depends on your goals — we state facts, not advice. At 9.2% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that TSPS doesn't?
IWD holds 872 positions and TSPS holds 3,327; 454 of IWD's positions don't appear in TSPS at all, and they are 90.6% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, TSPS as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.