IWF vs VNQ: 1% overlap
iShares Russell 1000 Growth ETF and Vanguard Real Estate ETF share 0.6% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWF and VNQ hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in VNQ | Δ |
|---|---|---|---|
| SPG | 0.2% | 3.9% | 3.6% |
| AMT | 0.2% | 4.0% | 3.9% |
| CASH | 0.1% | 0.6% | 0.5% |
| PSA | 0.0% | 2.7% | 2.7% |
| CBRE | 0.0% | 2.1% | 2.1% |
| LAMR | 0.0% | 0.7% | 0.7% |
| CSGP | 0.0% | 0.6% | 0.6% |
| JLL | 0.0% | 0.8% | 0.8% |
Where IWF and VNQ 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 | VNQ | Δ |
|---|---|---|---|
| Real Estate | 0.4% | 84.0% | −83.6pp |
| Information Technology | 55.0% | 0.0% | +55.0pp |
| Communication Services | 15.7% | 0.0% | +15.7pp |
| Unclassified | 0.0% | 14.7% | −14.7pp |
| Industrials | 8.5% | 0.0% | +8.5pp |
| Consumer Discretionary | 7.5% | 0.2% | +7.2pp |
| Health Care | 5.6% | 0.0% | +5.6pp |
| Financials | 4.7% | 0.3% | +4.4pp |
Δ is IWF minus VNQ, 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
99.4% of IWF by weight, held in no part of VNQ.
84.6% of VNQ 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 | VNQ | |
|---|---|---|
| Top 10 holdings | 56.1% | 54.1% |
| Positions held | 370 | 145 |
| Cost per $10,000 held, per year | $19 | $13 |
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 VNQ overlap?
IWF and VNQ overlap 0.6% by portfolio weight — largely distinct portfolios. They share 8 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, VNQ as of 2026-06-30).
How is the overlap between IWF and VNQ 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 VNQ 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 VNQ?
That depends on your goals — we state facts, not advice. At 0.6% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that VNQ doesn't?
IWF holds 370 positions and VNQ holds 145; 361 of IWF's positions don't appear in VNQ at all, and they are 99.4% of IWF by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, VNQ as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.