IWF vs SCHD: 3% overlap
iShares Russell 1000 Growth ETF and Schwab U.S. Dividend Equity ETF share 3.2% 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 — SCHD 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWF and SCHD hold 16 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in SCHD | Δ |
|---|---|---|---|
| TXN | 0.8% | 5.9% | 5.1% |
| HD | 0.7% | 3.4% | 2.6% |
| AMGN | 0.4% | 3.5% | 3.0% |
| LMT | 0.4% | 2.7% | 2.3% |
| BX | 0.2% | 2.2% | 2.0% |
| FAST | 0.1% | 1.3% | 1.1% |
| KO | 0.1% | 4.0% | 3.8% |
| ADP | 0.1% | 2.2% | 2.1% |
| ARES | 0.1% | 0.7% | 0.6% |
| DRI | 0.1% | 0.6% | 0.5% |
Where IWF and SCHD 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 | IWF | SCHD | Δ |
|---|---|---|---|
| Information Technology | 55.0% | 12.9% | +42.0pp |
| Consumer Staples | 1.3% | 18.4% | −17.1pp |
| Energy | 0.5% | 14.6% | −14.0pp |
| Health Care | 5.6% | 18.3% | −12.7pp |
| Communication Services | 15.7% | 6.0% | +9.7pp |
| Financials | 4.7% | 8.8% | −4.1pp |
| Unclassified | 0.0% | 2.9% | −2.9pp |
| Industrials | 8.5% | 10.8% | −2.3pp |
Δ is IWF minus SCHD, 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
96.7% of IWF by weight, held in no part of SCHD.
68.1% of SCHD by weight, held in no part of IWF.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWF | SCHD | |
|---|---|---|
| Top 10 holdings | 56.1% | 43.6% |
| Positions held | 370 | 101 |
| Cost per $10,000 held, per year | $19 | $6 |
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 IWF and SCHD overlap?
IWF and SCHD overlap 3.2% by portfolio weight — largely distinct portfolios. They share 16 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between IWF and SCHD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWF holds a stock at 6% and SCHD 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 IWF and SCHD?
That depends on your goals — we state facts, not advice. At 3.2% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that SCHD doesn't?
IWF holds 370 positions and SCHD holds 101; 353 of IWF's positions don't appear in SCHD at all, and they are 96.7% of IWF by weight.
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.