MUB vs VOO: 0% overlap
iShares National Muni Bond ETF and Vanguard S&P 500 ETF share 0.0% 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
MUB and VOO hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MUB | in VOO | Δ |
|---|---|---|---|
| CASH | 0.0% | 0.2% | 0.2% |
Where MUB and VOO 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 | MUB | VOO | Δ |
|---|---|---|---|
| Information Technology | 0.0% | 38.0% | −38.0pp |
| State Tax-Backed | 30.7% | 0.0% | +30.7pp |
| Local Tax-Backed | 14.9% | 0.0% | +14.9pp |
| Utilities | 16.8% | 2.2% | +14.6pp |
| Financials | 0.0% | 11.6% | −11.6pp |
| School Districts | 10.2% | 0.0% | +10.2pp |
| Transportation | 10.2% | 0.0% | +10.2pp |
| Communication Services | 0.0% | 9.7% | −9.7pp |
Δ is MUB minus VOO, 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
101.0% of MUB by weight, held in no part of VOO.
99.8% of VOO by weight, held in no part of MUB.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| MUB | VOO | |
|---|---|---|
| Top 10 holdings | 17.2% | 36.4% |
| Positions held | 969 | 505 |
| Cost per $10,000 held, per year | $5 | $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 MUB and VOO overlap?
MUB and VOO overlap 0.0% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (MUB as of 2026-07-23, VOO as of 2026-06-30).
How is the overlap between MUB and VOO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If MUB holds a stock at 6% and VOO 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 MUB and VOO?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does MUB own that VOO doesn't?
MUB holds 969 positions and VOO holds 505; 967 of MUB's positions don't appear in VOO at all, and they are 101.0% of MUB by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, MUB as of 2026-07-23, VOO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.