SCHD vs SMH: 9% overlap
Schwab U.S. Dividend Equity ETF and VanEck Semiconductor ETF share 8.9% 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 — SMH as of 2026-03-31, the rest through 2026-05-31. 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHD and SMH hold 3 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in SMH | Δ |
|---|---|---|---|
| TXN | 5.9% | 4.6% | 1.3% |
| QCOM | 6.7% | 4.1% | 2.6% |
| SWKS | 0.3% | 0.2% | 0.1% |
Where SCHD and SMH 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 | SCHD | SMH | Δ |
|---|---|---|---|
| Information Technology | 12.9% | 92.8% | −79.9pp |
| Consumer Staples | 18.4% | 0.0% | +18.4pp |
| Health Care | 18.3% | 0.0% | +18.3pp |
| Energy | 14.6% | 0.0% | +14.6pp |
| Industrials | 10.8% | 0.0% | +10.8pp |
| Financials | 8.8% | 0.0% | +8.8pp |
| Consumer Discretionary | 6.8% | 0.0% | +6.8pp |
| Communication Services | 6.0% | 0.0% | +6.0pp |
Δ is SCHD minus SMH, 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
86.9% of SCHD by weight, held in no part of SMH.
91.1% of SMH by weight, held in no part of SCHD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHD | SMH | |
|---|---|---|
| Top 10 holdings | 43.6% | 72.2% |
| Positions held | 101 | 26 |
| Cost per $10,000 held, per year | $6 | $35 |
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 SCHD and SMH overlap?
SCHD and SMH overlap 8.9% by portfolio weight — largely distinct portfolios. They share 3 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, SMH as of 2026-03-31).
How is the overlap between SCHD and SMH calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHD holds a stock at 6% and SMH 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 SCHD and SMH?
That depends on your goals — we state facts, not advice. At 8.9% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that SMH doesn't?
SCHD holds 101 positions and SMH holds 26; 97 of SCHD's positions don't appear in SMH at all, and they are 86.9% of SCHD by weight.
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, SMH as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.