SCHD vs VSMAX: 3% overlap
Schwab U.S. Dividend Equity ETF and Vanguard Small-Cap Index Admiral share 2.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 30 days apart — SCHD as of 2026-05-31, the rest through 2026-06-30. 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 VSMAX hold 43 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in VSMAX | Δ |
|---|---|---|---|
| EWBC | 0.4% | 0.2% | 0.2% |
| BBY | 0.4% | 0.2% | 0.2% |
| WSO | 0.3% | 0.2% | 0.1% |
| FNF | 0.3% | 0.1% | 0.2% |
| APA | 0.3% | 0.1% | 0.2% |
| DINO | 0.3% | 0.1% | 0.1% |
| SWKS | 0.3% | 0.1% | 0.2% |
| AFG | 0.2% | 0.1% | 0.1% |
| COLB | 0.2% | 0.1% | 0.1% |
| GIS | 0.5% | 0.1% | 0.3% |
Where SCHD and VSMAX 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 | VSMAX | Δ |
|---|---|---|---|
| Consumer Staples | 18.4% | 3.5% | +14.9pp |
| Energy | 14.6% | 3.7% | +10.8pp |
| Industrials | 10.8% | 21.0% | −10.2pp |
| Real Estate | 0.0% | 7.1% | −7.1pp |
| Health Care | 18.3% | 11.9% | +6.4pp |
| Materials | 0.1% | 5.3% | −5.3pp |
| Financials | 8.8% | 12.7% | −3.9pp |
| Utilities | 0.1% | 3.3% | −3.3pp |
Δ is SCHD minus VSMAX, 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
93.5% of SCHD by weight, held in no part of VSMAX.
95.5% of VSMAX 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 | VSMAX | |
|---|---|---|
| Top 10 holdings | 43.6% | 5.6% |
| Positions held | 101 | 1,308 |
| Cost per $10,000 held, per year | $6 | $5 |
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 VSMAX overlap?
SCHD and VSMAX overlap 2.8% by portfolio weight — largely distinct portfolios. They share 43 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, VSMAX as of 2026-06-30).
How is the overlap between SCHD and VSMAX 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 VSMAX 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 VSMAX?
That depends on your goals — we state facts, not advice. At 2.8% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that VSMAX doesn't?
SCHD holds 101 positions and VSMAX holds 1,308; 57 of SCHD's positions don't appear in VSMAX at all, and they are 93.5% of SCHD by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.