SCHX vs VSMAX: 6% overlap
Schwab U.S. Large-Cap ETF and Vanguard Small-Cap Index Admiral share 6.2% 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 — SCHX 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHX and VSMAX hold 324 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHX | in VSMAX | Δ |
|---|---|---|---|
| CASH | 0.1% | 1.7% | 1.6% |
| ALAB | 0.1% | 0.4% | 0.4% |
| JBL | 0.1% | 0.5% | 0.4% |
| EME | 0.1% | 0.4% | 0.4% |
| STLD | 0.1% | 0.2% | 0.1% |
| EQT | 0.1% | 0.2% | 0.1% |
| FSLR | 0.0% | 0.1% | 0.1% |
| Q | 0.0% | 0.2% | 0.2% |
| NTRA | 0.0% | 0.4% | 0.4% |
| TPR | 0.0% | 0.4% | 0.3% |
Where SCHX 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 | SCHX | VSMAX | Δ |
|---|---|---|---|
| Information Technology | 36.8% | 16.1% | +20.7pp |
| Industrials | 8.2% | 21.0% | −12.8pp |
| Communication Services | 10.1% | 3.0% | +7.0pp |
| Real Estate | 1.9% | 7.1% | −5.2pp |
| Materials | 1.4% | 5.3% | −3.9pp |
| Health Care | 8.1% | 11.9% | −3.8pp |
| Unclassified | 3.4% | 0.6% | +2.8pp |
| Financials | 10.9% | 12.7% | −1.8pp |
Δ is SCHX 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
93.7% of SCHX by weight, held in no part of VSMAX.
51.2% of VSMAX 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 | VSMAX | |
|---|---|---|
| Top 10 holdings | 37.3% | 5.6% |
| Positions held | 750 | 1,308 |
| Cost per $10,000 held, per year | $3 | $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 SCHX and VSMAX overlap?
SCHX and VSMAX overlap 6.2% by portfolio weight — largely distinct portfolios. They share 324 holdings. The figure comes from current issuer holdings files (SCHX as of 2026-05-31, VSMAX as of 2026-06-30).
How is the overlap between SCHX and VSMAX 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 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 SCHX and VSMAX?
That depends on your goals — we state facts, not advice. At 6.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHX own that VSMAX doesn't?
SCHX holds 750 positions and VSMAX holds 1,308; 425 of SCHX's positions don't appear in VSMAX at all, and they are 93.7% of SCHX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, SCHX as of 2026-05-31, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.