SCHG vs SWPPX: 55% overlap
Schwab U.S. Large-Cap Growth ETF and Schwab S&P 500 Index share 54.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — SWPPX as of 2026-04-30, 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHG and SWPPX hold 121 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHG | in SWPPX | Δ |
|---|---|---|---|
| NVDA | 11.0% | 7.8% | 3.2% |
| AAPL | 9.8% | 6.4% | 3.4% |
| MSFT | 7.2% | 4.9% | 2.3% |
| AMZN | 5.7% | 4.2% | 1.5% |
| GOOGL | 4.8% | 3.6% | 1.1% |
| AVGO | 4.5% | 3.2% | 1.4% |
| GOOG | 3.8% | 2.9% | 0.9% |
| META | 3.5% | 2.2% | 1.3% |
| TSLA | 3.9% | 1.7% | 2.2% |
| LLY | 3.1% | 1.2% | 1.9% |
Where SCHG and SWPPX 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 | SCHG | SWPPX | Δ |
|---|---|---|---|
| Information Technology | 46.1% | 34.2% | +11.9pp |
| Financials | 6.8% | 11.5% | −4.8pp |
| Communication Services | 14.7% | 11.0% | +3.7pp |
| Consumer Staples | 1.7% | 4.9% | −3.2pp |
| Energy | 0.7% | 3.4% | −2.7pp |
| Consumer Discretionary | 12.1% | 9.7% | +2.5pp |
| Industrials | 6.0% | 8.1% | −2.2pp |
| Utilities | 0.4% | 2.3% | −1.9pp |
Δ is SCHG minus SWPPX, 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
4.8% of SCHG by weight, held in no part of SWPPX.
44.8% of SWPPX by weight, held in no part of SCHG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHG | SWPPX | |
|---|---|---|
| Top 10 holdings | 57.2% | 38.3% |
| Positions held | 195 | 503 |
| Cost per $10,000 held, per year | $4 | $2 |
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 SCHG and SWPPX overlap?
SCHG and SWPPX overlap 54.8% by portfolio weight — substantial duplication if you hold both. They share 121 holdings. The figure comes from current issuer holdings files (SCHG as of 2026-05-31, SWPPX as of 2026-04-30).
How is the overlap between SCHG and SWPPX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHG holds a stock at 6% and SWPPX 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 SCHG and SWPPX?
That depends on your goals — we state facts, not advice. At 54.8% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHG own that SWPPX doesn't?
SCHG holds 195 positions and SWPPX holds 503; 73 of SCHG's positions don't appear in SWPPX at all, and they are 4.8% of SCHG by weight.
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Related comparisons
Sources: issuer holdings files, SCHG as of 2026-05-31, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.