MUB vs VYM: 0% overlap
iShares National Muni Bond ETF and Vanguard High Dividend Yield 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 VYM hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MUB | in VYM | Δ |
|---|---|---|---|
| CASH | 0.0% | 0.5% | 0.5% |
Where MUB and VYM 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 | VYM | Δ |
|---|---|---|---|
| State Tax-Backed | 30.7% | 0.0% | +30.7pp |
| Financials | 0.0% | 20.9% | −20.9pp |
| Information Technology | 0.0% | 16.7% | −16.7pp |
| Local Tax-Backed | 14.9% | 0.0% | +14.9pp |
| Industrials | 0.0% | 13.2% | −13.2pp |
| Health Care | 0.0% | 13.1% | −13.1pp |
| Utilities | 16.8% | 5.7% | +11.1pp |
| School Districts | 10.2% | 0.0% | +10.2pp |
Δ is MUB minus VYM, 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 VYM.
99.5% of VYM 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 | VYM | |
|---|---|---|
| Top 10 holdings | 17.2% | 26.0% |
| Positions held | 969 | 606 |
| Cost per $10,000 held, per year | $5 | $4 |
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 VYM overlap?
MUB and VYM 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, VYM as of 2026-06-30).
How is the overlap between MUB and VYM 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 VYM 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 VYM?
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 VYM doesn't?
MUB holds 969 positions and VYM holds 606; 967 of MUB's positions don't appear in VYM 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, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.