SMH vs VOO: 19% overlap
VanEck Semiconductor ETF and Vanguard S&P 500 ETF share 19.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SMH and VOO hold 19 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in VOO | Δ |
|---|---|---|---|
| NVDA | 19.6% | 7.5% | 12.1% |
| AVGO | 7.8% | 2.8% | 5.0% |
| MU | 4.2% | 2.0% | 2.2% |
| AMD | 4.7% | 1.5% | 3.2% |
| INTC | 4.3% | 1.0% | 3.3% |
| AMAT | 4.6% | 0.9% | 3.7% |
| LRCX | 4.6% | 0.8% | 3.8% |
| KLAC | 4.7% | 0.6% | 4.1% |
| TXN | 4.6% | 0.4% | 4.2% |
| MRVL | 2.4% | 0.4% | 1.9% |
Where SMH and VOO 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 | VOO | Δ |
|---|---|---|---|
| Information Technology | 92.8% | 38.0% | +54.8pp |
| Financials | 0.0% | 11.6% | −11.6pp |
| Communication Services | 0.0% | 9.7% | −9.7pp |
| Consumer Discretionary | 0.0% | 9.3% | −9.3pp |
| Industrials | 0.0% | 8.9% | −8.9pp |
| Health Care | 0.0% | 8.9% | −8.9pp |
| Unclassified | 7.2% | 0.0% | +7.2pp |
| Consumer Staples | 0.0% | 4.6% | −4.6pp |
Δ is SMH minus VOO, 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
20.2% of SMH by weight, held in no part of VOO.
80.8% of VOO 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 | VOO | |
|---|---|---|
| Top 10 holdings | 72.2% | 36.4% |
| Positions held | 26 | 505 |
| 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 VOO overlap?
SMH and VOO overlap 19.2% by portfolio weight — moderate overlap. They share 19 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, VOO as of 2026-06-30).
How is the overlap between SMH and VOO 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 VOO 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 VOO?
That depends on your goals — we state facts, not advice. At 19.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that VOO doesn't?
SMH holds 26 positions and VOO holds 505; 7 of SMH's positions don't appear in VOO at all, and they are 20.2% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, VOO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.