IWM vs SCHB: 4% overlap
iShares Russell 2000 ETF and Schwab U.S. Broad Market ETF share 3.6% 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 — SCHB 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
IWM and SCHB hold 1,289 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWM | in SCHB | Δ |
|---|---|---|---|
| CASH | 0.2% | 0.2% | 0.0% |
| HUT | 0.4% | 0.0% | 0.4% |
| QBTS | 0.2% | 0.0% | 0.2% |
| VSAT | 0.3% | 0.0% | 0.3% |
| MOG-A | 0.4% | 0.0% | 0.4% |
| LUMN | 0.2% | 0.0% | 0.2% |
| CYTK | 0.3% | 0.0% | 0.3% |
| AGX | 0.3% | 0.0% | 0.3% |
| UMBF | 0.3% | 0.0% | 0.3% |
| PRAX | 0.3% | 0.0% | 0.2% |
Where IWM and SCHB 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 | IWM | SCHB | Δ |
|---|---|---|---|
| Information Technology | 12.8% | 35.8% | −23.0pp |
| Health Care | 19.9% | 8.4% | +11.4pp |
| Financials | 19.0% | 11.1% | +7.9pp |
| Communication Services | 2.5% | 9.6% | −7.1pp |
| Industrials | 14.7% | 8.8% | +5.9pp |
| Real Estate | 5.9% | 2.2% | +3.8pp |
| Unclassified | 0.0% | 3.5% | −3.5pp |
| Energy | 6.1% | 3.2% | +2.9pp |
Δ is IWM minus SCHB, 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
13.5% of IWM by weight, held in no part of SCHB.
96.4% of SCHB by weight, held in no part of IWM.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWM | SCHB | |
|---|---|---|
| Top 10 holdings | 3.3% | 34.9% |
| Positions held | 1,967 | 2,407 |
| 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 IWM and SCHB overlap?
IWM and SCHB overlap 3.6% by portfolio weight — largely distinct portfolios. They share 1,289 holdings. The figure comes from current issuer holdings files (IWM as of 2026-07-23, SCHB as of 2026-05-31).
How is the overlap between IWM and SCHB calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWM holds a stock at 6% and SCHB 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 IWM and SCHB?
That depends on your goals — we state facts, not advice. At 3.6% overlap, each fund still contributes meaningfully distinct exposure.
What does IWM own that SCHB doesn't?
IWM holds 1,967 positions and SCHB holds 2,407; 677 of IWM's positions don't appear in SCHB at all, and they are 13.5% of IWM by weight.
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Related comparisons
Sources: issuer holdings files, IWM as of 2026-07-23, SCHB as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.