IWD vs VO: 22% overlap
iShares Russell 1000 Value ETF and Vanguard Mid-Cap ETF share 22.0% 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and VO hold 229 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in VO | Δ |
|---|---|---|---|
| NEM | 0.3% | 0.5% | 0.2% |
| WMB | 0.3% | 0.4% | 0.2% |
| CEG | 0.2% | 0.8% | 0.5% |
| JCI | 0.2% | 0.4% | 0.2% |
| TRV | 0.2% | 0.3% | 0.1% |
| VLO | 0.2% | 0.7% | 0.5% |
| NSC | 0.2% | 0.3% | 0.1% |
| PSX | 0.2% | 0.7% | 0.4% |
| AON | 0.2% | 0.3% | 0.1% |
| AEP | 0.2% | 0.4% | 0.2% |
Where IWD and VO 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 | VO | Δ |
|---|---|---|---|
| Industrials | 11.3% | 19.6% | −8.3pp |
| Financials | 19.6% | 14.0% | +5.5pp |
| Health Care | 12.7% | 7.8% | +4.9pp |
| Utilities | 3.9% | 8.4% | −4.4pp |
| Consumer Staples | 7.4% | 4.9% | +2.5pp |
| Information Technology | 18.0% | 16.1% | +1.9pp |
| Real Estate | 3.7% | 5.1% | −1.4pp |
| Consumer Discretionary | 10.2% | 8.9% | +1.3pp |
Δ is IWD minus VO, 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
78.0% of IWD by weight, held in no part of VO.
23.9% of VO 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 | VO | |
|---|---|---|
| Top 10 holdings | 27.8% | 9.5% |
| Positions held | 872 | 283 |
| Cost per $10,000 held, per year | $19 | $3 |
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 VO overlap?
IWD and VO overlap 22.0% by portfolio weight — moderate overlap. They share 229 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, VO as of 2026-06-30).
How is the overlap between IWD and VO 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 VO 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 VO?
That depends on your goals — we state facts, not advice. At 22.0% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that VO doesn't?
IWD holds 872 positions and VO holds 283; 642 of IWD's positions don't appear in VO at all, and they are 78.0% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.