MDY vs VBR: 41% overlap
SPDR S&P MidCap 400 ETF Trust and Vanguard Small-Cap Value ETF share 41.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 27 days apart — VBR as of 2026-06-30, the rest through 2026-07-27. 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
MDY and VBR hold 257 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MDY | in VBR | Δ |
|---|---|---|---|
| USFD | 0.6% | 0.5% | 0.1% |
| SNX | 0.5% | 0.4% | 0.1% |
| RS | 0.6% | 0.4% | 0.2% |
| EWBC | 0.5% | 0.4% | 0.1% |
| WCC | 0.5% | 0.4% | 0.1% |
| PFGC | 0.5% | 0.4% | 0.1% |
| APG | 0.4% | 0.4% | 0.1% |
| NLY | 0.5% | 0.3% | 0.1% |
| THC | 0.6% | 0.3% | 0.2% |
| WPC | 0.5% | 0.3% | 0.1% |
Where MDY and VBR 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 | MDY | VBR | Δ |
|---|---|---|---|
| Industrials | 25.2% | 18.8% | +6.4pp |
| Information Technology | 13.4% | 9.4% | +4.0pp |
| Financials | 15.0% | 18.3% | −3.3pp |
| Real Estate | 6.9% | 9.8% | −2.9pp |
| Utilities | 3.1% | 5.2% | −2.2pp |
| Health Care | 10.0% | 8.0% | +1.9pp |
| Materials | 5.5% | 7.2% | −1.7pp |
| Cash & Other | 1.1% | 0.0% | +1.1pp |
Δ is MDY minus VBR, 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
40.9% of MDY by weight, held in no part of VBR.
58.9% of VBR by weight, held in no part of MDY.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| MDY | VBR | |
|---|---|---|
| Top 10 holdings | 7.4% | 6.2% |
| Positions held | 400 | 839 |
| Cost per $10,000 held, per year | $23 | $5 |
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 MDY and VBR overlap?
MDY and VBR overlap 41.0% by portfolio weight — moderate overlap. They share 257 holdings. The figure comes from current issuer holdings files (MDY as of 2026-07-27, VBR as of 2026-06-30).
How is the overlap between MDY and VBR calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If MDY holds a stock at 6% and VBR 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 MDY and VBR?
That depends on your goals — we state facts, not advice. At 41.0% overlap, each fund still contributes meaningfully distinct exposure.
What does MDY own that VBR doesn't?
MDY holds 400 positions and VBR holds 839; 142 of MDY's positions don't appear in VBR at all, and they are 40.9% of MDY by weight.
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Related comparisons
Sources: issuer holdings files, MDY as of 2026-07-27, VBR as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.