SCHX vs SWPPX: 91% overlap
Schwab U.S. Large-Cap ETF and Schwab S&P 500 Index share 91.4% 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHX and SWPPX hold 494 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHX | in SWPPX | Δ |
|---|---|---|---|
| NVDA | 7.5% | 7.8% | 0.3% |
| AAPL | 6.7% | 6.4% | 0.3% |
| MSFT | 4.9% | 4.9% | 0.0% |
| AMZN | 3.9% | 4.2% | 0.3% |
| GOOGL | 3.2% | 3.6% | 0.4% |
| AVGO | 3.1% | 3.2% | 0.1% |
| GOOG | 2.6% | 2.9% | 0.3% |
| META | 2.0% | 2.2% | 0.1% |
| TSLA | 1.8% | 1.7% | 0.1% |
| BRK-B | 1.3% | 1.4% | 0.1% |
Where SCHX 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 | SCHX | SWPPX | Δ |
|---|---|---|---|
| Information Technology | 36.8% | 34.2% | +2.6pp |
| Communication Services | 10.1% | 11.0% | −0.9pp |
| Financials | 10.9% | 11.5% | −0.6pp |
| Unclassified | 3.4% | 2.8% | +0.6pp |
| Consumer Staples | 4.4% | 4.9% | −0.5pp |
| Utilities | 2.0% | 2.3% | −0.3pp |
| Energy | 3.2% | 3.4% | −0.3pp |
| Consumer Discretionary | 9.4% | 9.7% | −0.3pp |
Δ is SCHX 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
5.8% of SCHX by weight, held in no part of SWPPX.
0.8% of SWPPX 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 | SWPPX | |
|---|---|---|
| Top 10 holdings | 37.3% | 38.3% |
| Positions held | 750 | 503 |
| 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 SWPPX overlap?
SCHX and SWPPX overlap 91.4% by portfolio weight — they are effectively the same fund. They share 494 holdings. The figure comes from current issuer holdings files (SCHX as of 2026-05-31, SWPPX as of 2026-04-30).
How is the overlap between SCHX and SWPPX 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 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 SCHX and SWPPX?
That depends on your goals — we state facts, not advice. At 91.4% overlap, most of what one fund holds, the other holds too. Expense ratios: SCHX 0.03% versus SWPPX 0.02%.
What does SCHX own that SWPPX doesn't?
SCHX holds 750 positions and SWPPX holds 503; 255 of SCHX's positions don't appear in SWPPX at all, and they are 5.8% of SCHX by weight.
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Related comparisons
Sources: issuer holdings files, SCHX as of 2026-05-31, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.