SCHX vs SMH: 18% overlap
Schwab U.S. Large-Cap ETF and VanEck Semiconductor ETF share 17.9% 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHX and SMH hold 21 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHX | in SMH | Δ |
|---|---|---|---|
| NVDA | 7.5% | 19.6% | 12.1% |
| AVGO | 3.1% | 7.8% | 4.7% |
| MU | 1.6% | 4.2% | 2.6% |
| AMD | 1.2% | 4.7% | 3.5% |
| INTC | 0.8% | 4.3% | 3.5% |
| LRCX | 0.6% | 4.6% | 4.0% |
| AMAT | 0.5% | 4.6% | 4.1% |
| TXN | 0.4% | 4.6% | 4.2% |
| QCOM | 0.4% | 4.1% | 3.7% |
| KLAC | 0.4% | 4.7% | 4.4% |
Where SCHX 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 | SCHX | SMH | Δ |
|---|---|---|---|
| Information Technology | 36.8% | 92.8% | −56.0pp |
| Financials | 10.9% | 0.0% | +10.9pp |
| Communication Services | 10.1% | 0.0% | +10.1pp |
| Consumer Discretionary | 9.4% | 0.0% | +9.4pp |
| Industrials | 8.2% | 0.0% | +8.2pp |
| Health Care | 8.1% | 0.0% | +8.1pp |
| Consumer Staples | 4.4% | 0.0% | +4.4pp |
| Unclassified | 3.4% | 7.2% | −3.8pp |
Δ is SCHX 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
82.1% of SCHX by weight, held in no part of SMH.
18.6% of SMH by weight, held in no part of SCHX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHX | SMH | |
|---|---|---|
| Top 10 holdings | 37.3% | 72.2% |
| Positions held | 750 | 26 |
| Cost per $10,000 held, per year | $3 | $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 SCHX and SMH overlap?
SCHX and SMH overlap 17.9% by portfolio weight — moderate overlap. They share 21 holdings. The figure comes from current issuer holdings files (SCHX as of 2026-05-31, SMH as of 2026-03-31).
How is the overlap between SCHX and SMH calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHX 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 SCHX and SMH?
That depends on your goals — we state facts, not advice. At 17.9% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHX own that SMH doesn't?
SCHX holds 750 positions and SMH holds 26; 728 of SCHX's positions don't appear in SMH at all, and they are 82.1% of SCHX by weight.
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Related comparisons
Sources: issuer holdings files, SCHX as of 2026-05-31, SMH as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.