SCHX vs SPLG: 89% overlap
Schwab U.S. Large-Cap ETF and SPDR Portfolio S&P 500 ETF (now SPYM) share 88.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 2 months apart — SCHX as of 2026-05-31, the rest through 2026-07-23. 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHX and SPLG hold 464 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHX | in SPLG | Δ |
|---|---|---|---|
| NVDA | 7.5% | 7.9% | 0.4% |
| AAPL | 6.7% | 7.4% | 0.7% |
| MSFT | 4.9% | 4.4% | 0.4% |
| AMZN | 3.9% | 3.6% | 0.3% |
| GOOGL | 3.2% | 2.9% | 0.3% |
| AVGO | 3.1% | 2.9% | 0.2% |
| GOOG | 2.6% | 2.4% | 0.2% |
| META | 2.0% | 2.1% | 0.1% |
| MU | 1.6% | 1.8% | 0.2% |
| TSLA | 1.8% | 1.4% | 0.4% |
Where SCHX and SPLG 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 | SPLG | Δ |
|---|---|---|---|
| Unclassified | 3.4% | 0.0% | +3.4pp |
| Financials | 10.9% | 12.4% | −1.4pp |
| Health Care | 8.1% | 9.1% | −1.0pp |
| Communication Services | 10.1% | 9.3% | +0.8pp |
| Information Technology | 36.8% | 37.5% | −0.7pp |
| Industrials | 8.2% | 8.9% | −0.7pp |
| Consumer Discretionary | 9.4% | 8.7% | +0.6pp |
| Materials | 1.4% | 1.8% | −0.4pp |
Δ is SCHX minus SPLG, 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
8.0% of SCHX by weight, held in no part of SPLG.
3.7% of SPLG 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 | SPLG | |
|---|---|---|
| Top 10 holdings | 37.3% | 36.9% |
| Positions held | 750 | 507 |
| Cost per $10,000 held, per year | $3 | $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 SCHX and SPLG overlap?
SCHX and SPLG overlap 88.8% by portfolio weight — substantial duplication if you hold both. They share 464 holdings. The figure comes from current issuer holdings files (SCHX as of 2026-05-31, SPLG as of 2026-07-23).
How is the overlap between SCHX and SPLG 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 SPLG 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 SPLG?
That depends on your goals — we state facts, not advice. At 88.8% overlap, most of what one fund holds, the other holds too. Expense ratios: SCHX 0.03% versus SPLG 0.02%.
What does SCHX own that SPLG doesn't?
SCHX holds 750 positions and SPLG holds 507; 285 of SCHX's positions don't appear in SPLG at all, and they are 8.0% of SCHX by weight.
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Related comparisons
Sources: issuer holdings files, SCHX as of 2026-05-31, SPLG as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.