MDY vs VNQ: 7% overlap
SPDR S&P MidCap 400 ETF Trust and Vanguard Real Estate ETF share 6.9% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
MDY and VNQ hold 28 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MDY | in VNQ | Δ |
|---|---|---|---|
| WPC | 0.5% | 0.8% | 0.4% |
| OHI | 0.4% | 0.7% | 0.3% |
| JLL | 0.4% | 0.8% | 0.4% |
| LAMR | 0.4% | 0.7% | 0.3% |
| ELS | 0.4% | 0.6% | 0.3% |
| GLPI | 0.3% | 0.6% | 0.3% |
| EGP | 0.3% | 0.6% | 0.3% |
| AHR | 0.3% | 0.5% | 0.2% |
| AMH | 0.3% | 0.6% | 0.3% |
| CTRE | 0.3% | 0.5% | 0.2% |
Where MDY 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 | MDY | VNQ | Δ |
|---|---|---|---|
| Real Estate | 6.9% | 84.0% | −77.1pp |
| Industrials | 25.4% | 0.0% | +25.3pp |
| Unclassified | 0.0% | 14.7% | −14.7pp |
| Financials | 14.8% | 0.3% | +14.6pp |
| Information Technology | 13.8% | 0.0% | +13.8pp |
| Consumer Discretionary | 10.2% | 0.2% | +10.0pp |
| Health Care | 9.7% | 0.0% | +9.7pp |
| Materials | 5.4% | 0.0% | +5.4pp |
Δ is MDY 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
92.0% of MDY by weight, held in no part of VNQ.
87.5% of VNQ 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 | VNQ | |
|---|---|---|
| Top 10 holdings | 7.6% | 54.1% |
| Positions held | 400 | 145 |
| Cost per $10,000 held, per year | $23 | $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 MDY and VNQ overlap?
MDY and VNQ overlap 6.9% by portfolio weight — largely distinct portfolios. They share 28 holdings. The figure comes from current issuer holdings files (MDY as of 2026-07-23, VNQ as of 2026-06-30).
How is the overlap between MDY and VNQ 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 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 MDY and VNQ?
That depends on your goals — we state facts, not advice. At 6.9% overlap, each fund still contributes meaningfully distinct exposure.
What does MDY own that VNQ doesn't?
MDY holds 400 positions and VNQ holds 145; 371 of MDY's positions don't appear in VNQ at all, and they are 92.0% of MDY by weight.
You probably hold more than two funds
This page compares MDY and VNQ. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch MDY vs VNQ
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, MDY as of 2026-07-23, VNQ as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.