SCHD vs VFMO: 3% overlap
Schwab U.S. Dividend Equity ETF and Vanguard U.S. Momentum Factor ETF share 2.6% 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 — VFMO 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHD and VFMO hold 12 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in VFMO | Δ |
|---|---|---|---|
| LMT | 2.7% | 0.6% | 2.1% |
| SLB | 2.1% | 0.6% | 1.5% |
| MRK | 3.9% | 0.4% | 3.4% |
| DINO | 0.3% | 0.3% | 0.0% |
| AMGN | 3.5% | 0.2% | 3.3% |
| M | 0.1% | 0.2% | 0.1% |
| APA | 0.3% | 0.1% | 0.2% |
| ADM | 1.0% | 0.1% | 0.9% |
| NXST | 0.1% | 0.1% | 0.1% |
| FAST | 1.3% | 0.1% | 1.2% |
Where SCHD and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Consumer Staples | 18.4% | 2.4% | +16.0pp |
| Industrials | 10.8% | 24.4% | −13.6pp |
| Energy | 14.6% | 7.7% | +6.9pp |
| Materials | 0.1% | 6.2% | −6.1pp |
| Information Technology | 12.9% | 17.0% | −4.1pp |
| Health Care | 18.3% | 22.3% | −4.0pp |
| Communication Services | 6.0% | 3.4% | +2.6pp |
| Financials | 8.8% | 6.3% | +2.5pp |
Δ is SCHD minus VFMO, 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
82.8% of SCHD by weight, held in no part of VFMO.
96.0% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 43.6% | 10.2% |
| Positions held | 101 | 672 |
| Cost per $10,000 held, per year | $6 | $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 SCHD and VFMO overlap?
SCHD and VFMO overlap 2.6% by portfolio weight — largely distinct portfolios. They share 12 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, VFMO as of 2026-03-31).
How is the overlap between SCHD and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 2.6% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that VFMO doesn't?
SCHD holds 101 positions and VFMO holds 672; 88 of SCHD's positions don't appear in VFMO at all, and they are 82.8% of SCHD by weight.
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.