IWD vs VIG: 47% overlap
iShares Russell 1000 Value ETF and Vanguard Dividend Appreciation ETF share 46.5% 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and VIG hold 223 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in VIG | Δ |
|---|---|---|---|
| AAPL | 5.9% | 4.2% | 1.7% |
| MSFT | 3.9% | 3.5% | 0.4% |
| JPM | 2.6% | 3.6% | 1.0% |
| XOM | 1.8% | 2.5% | 0.7% |
| JNJ | 1.7% | 2.7% | 0.9% |
| CSCO | 1.2% | 2.0% | 0.8% |
| WMT | 1.2% | 2.2% | 1.0% |
| ABBV | 1.2% | 1.9% | 0.8% |
| UNH | 1.1% | 1.6% | 0.6% |
| BAC | 1.0% | 1.6% | 0.6% |
Where IWD and VIG 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 | VIG | Δ |
|---|---|---|---|
| Information Technology | 18.0% | 26.3% | −8.3pp |
| Consumer Discretionary | 10.2% | 4.3% | +5.9pp |
| Health Care | 12.7% | 17.7% | −5.0pp |
| Real Estate | 3.7% | 0.0% | +3.7pp |
| Communication Services | 3.3% | 0.0% | +3.3pp |
| Energy | 6.1% | 3.0% | +3.1pp |
| Consumer Staples | 7.4% | 9.3% | −1.9pp |
| Utilities | 3.9% | 3.0% | +0.9pp |
Δ is IWD minus VIG, 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
51.3% of IWD by weight, held in no part of VIG.
25.4% of VIG 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 | VIG | |
|---|---|---|
| Top 10 holdings | 27.8% | 31.9% |
| Positions held | 872 | 333 |
| 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 VIG overlap?
IWD and VIG overlap 46.5% by portfolio weight — moderate overlap. They share 223 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, VIG as of 2026-06-30).
How is the overlap between IWD and VIG 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 VIG 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 VIG?
That depends on your goals — we state facts, not advice. At 46.5% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that VIG doesn't?
IWD holds 872 positions and VIG holds 333; 648 of IWD's positions don't appear in VIG at all, and they are 51.3% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, VIG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.