IWD vs VBR: 10% overlap
iShares Russell 1000 Value ETF and Vanguard Small-Cap Value ETF share 9.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 27 days apart — VBR as of 2026-06-30, the rest through 2026-07-27. 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
IWD and VBR hold 364 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in VBR | Δ |
|---|---|---|---|
| FLEX | 0.1% | 0.3% | 0.2% |
| EQT | 0.1% | 0.2% | 0.1% |
| STLD | 0.1% | 0.3% | 0.3% |
| ATO | 0.1% | 0.6% | 0.5% |
| CASH | 0.1% | 0.8% | 0.7% |
| CNC | 0.1% | 0.3% | 0.3% |
| ILMN | 0.1% | 0.3% | 0.2% |
| Q | 0.1% | 0.4% | 0.3% |
| HUBB | 0.1% | 0.1% | 0.1% |
| SW | 0.1% | 0.5% | 0.4% |
Where IWD and VBR 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 | VBR | Δ |
|---|---|---|---|
| Information Technology | 18.2% | 9.4% | +8.8pp |
| Industrials | 11.3% | 18.8% | −7.5pp |
| Real Estate | 3.7% | 9.8% | −6.1pp |
| Health Care | 12.7% | 8.0% | +4.6pp |
| Materials | 3.7% | 7.2% | −3.5pp |
| Consumer Staples | 7.5% | 4.1% | +3.3pp |
| Energy | 5.9% | 4.0% | +1.9pp |
| Utilities | 3.8% | 5.2% | −1.4pp |
Δ is IWD minus VBR, 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
90.1% of IWD by weight, held in no part of VBR.
29.9% of VBR 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 | VBR | |
|---|---|---|
| Top 10 holdings | 27.8% | 6.2% |
| Positions held | 872 | 839 |
| 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 VBR overlap?
IWD and VBR overlap 9.9% by portfolio weight — largely distinct portfolios. They share 364 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-27, VBR as of 2026-06-30).
How is the overlap between IWD and VBR 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 VBR 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 VBR?
That depends on your goals — we state facts, not advice. At 9.9% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that VBR doesn't?
IWD holds 872 positions and VBR holds 839; 507 of IWD's positions don't appear in VBR at all, and they are 90.1% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-27, VBR as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.