IWM vs SCHD: 1% overlap
iShares Russell 2000 ETF and Schwab U.S. Dividend Equity ETF share 1.4% 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
IWM and SCHD hold 34 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWM | in SCHD | Δ |
|---|---|---|---|
| MC | 0.1% | 0.1% | 0.0% |
| MUR | 0.2% | 0.1% | 0.1% |
| KFY | 0.1% | 0.1% | 0.0% |
| APAM | 0.1% | 0.1% | 0.0% |
| CVBF | 0.1% | 0.1% | 0.1% |
| MZTI | 0.1% | 0.1% | 0.0% |
| BANR | 0.1% | 0.1% | 0.0% |
| OFG | 0.1% | 0.0% | 0.0% |
| CNS | 0.1% | 0.0% | 0.0% |
| NBHC | 0.1% | 0.0% | 0.0% |
Where IWM 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 | IWM | SCHD | Δ |
|---|---|---|---|
| Consumer Staples | 2.2% | 18.4% | −16.3pp |
| Financials | 19.0% | 8.8% | +10.2pp |
| Energy | 6.1% | 14.6% | −8.5pp |
| Real Estate | 5.9% | 0.0% | +5.9pp |
| Materials | 4.2% | 0.1% | +4.2pp |
| Industrials | 14.7% | 10.8% | +3.9pp |
| Communication Services | 2.5% | 6.0% | −3.5pp |
| Utilities | 3.0% | 0.1% | +3.0pp |
Δ is IWM 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
98.0% of IWM by weight, held in no part of SCHD.
98.4% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 3.3% | 43.6% |
| Positions held | 1,967 | 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 IWM and SCHD overlap?
IWM and SCHD overlap 1.4% by portfolio weight — largely distinct portfolios. They share 34 holdings. The figure comes from current issuer holdings files (IWM as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between IWM and SCHD 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 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 IWM and SCHD?
That depends on your goals — we state facts, not advice. At 1.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IWM own that SCHD doesn't?
IWM holds 1,967 positions and SCHD holds 101; 1,932 of IWM's positions don't appear in SCHD at all, and they are 98.0% of IWM by weight.
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Related comparisons
Sources: issuer holdings files, IWM as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.