SMH vs VO: 3% overlap
VanEck Semiconductor ETF and Vanguard Mid-Cap ETF share 2.5% 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 3 months apart — SMH as of 2026-03-31, 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SMH and VO hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in VO | Δ |
|---|---|---|---|
| TER | 1.4% | 0.7% | 0.7% |
| MPWR | 1.2% | 0.6% | 0.6% |
| MCHP | 1.0% | 0.5% | 0.5% |
| ALAB | 0.4% | 0.4% | 0.1% |
| ON | 0.6% | 0.4% | 0.2% |
Where SMH and VO 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 | SMH | VO | Δ |
|---|---|---|---|
| Information Technology | 92.8% | 16.1% | +76.7pp |
| Industrials | 0.0% | 19.6% | −19.6pp |
| Financials | 0.0% | 14.0% | −14.0pp |
| Consumer Discretionary | 0.0% | 8.9% | −8.9pp |
| Utilities | 0.0% | 8.4% | −8.4pp |
| Health Care | 0.0% | 7.8% | −7.8pp |
| Energy | 0.0% | 7.3% | −7.3pp |
| Unclassified | 7.2% | 0.4% | +6.8pp |
Δ is SMH minus VO, 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
95.3% of SMH by weight, held in no part of VO.
97.5% of VO by weight, held in no part of SMH.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SMH | VO | |
|---|---|---|
| Top 10 holdings | 72.2% | 9.5% |
| Positions held | 26 | 283 |
| Cost per $10,000 held, per year | $35 | $3 |
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 SMH and VO overlap?
SMH and VO overlap 2.5% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, VO as of 2026-06-30).
How is the overlap between SMH and VO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SMH holds a stock at 6% and VO 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 SMH and VO?
That depends on your goals — we state facts, not advice. At 2.5% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that VO doesn't?
SMH holds 26 positions and VO holds 283; 21 of SMH's positions don't appear in VO at all, and they are 95.3% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.