SMH vs VTWAX: 10% overlap
VanEck Semiconductor ETF and Vanguard Total World Stock Index Admiral share 10.5% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SMH and VTWAX hold 20 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in VTWAX | Δ |
|---|---|---|---|
| NVDA | 19.6% | 4.0% | 15.6% |
| AVGO | 7.8% | 1.5% | 6.3% |
| MU | 4.2% | 1.1% | 3.1% |
| AMD | 4.7% | 0.8% | 3.9% |
| INTC | 4.3% | 0.5% | 3.8% |
| AMAT | 4.6% | 0.5% | 4.1% |
| LRCX | 4.6% | 0.5% | 4.1% |
| KLAC | 4.7% | 0.3% | 4.4% |
| TXN | 4.6% | 0.2% | 4.4% |
| MRVL | 2.4% | 0.2% | 2.1% |
Where SMH and VTWAX 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 | VTWAX | Δ |
|---|---|---|---|
| Information Technology | 92.8% | 30.1% | +62.7pp |
| Financials | 0.0% | 14.9% | −14.9pp |
| Industrials | 0.0% | 11.5% | −11.5pp |
| Consumer Discretionary | 0.0% | 8.6% | −8.6pp |
| Health Care | 0.0% | 7.7% | −7.7pp |
| Communication Services | 0.0% | 7.0% | −7.0pp |
| Consumer Staples | 0.0% | 4.6% | −4.6pp |
| Unclassified | 7.2% | 3.8% | +3.4pp |
Δ is SMH minus VTWAX, 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
19.8% of SMH by weight, held in no part of VTWAX.
89.5% of VTWAX 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 | VTWAX | |
|---|---|---|
| Top 10 holdings | 72.2% | 20.5% |
| Positions held | 26 | 9,600 |
| Cost per $10,000 held, per year | $35 | $9 |
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 VTWAX overlap?
SMH and VTWAX overlap 10.5% by portfolio weight — largely distinct portfolios. They share 20 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, VTWAX as of 2026-06-30).
How is the overlap between SMH and VTWAX 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 VTWAX 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 VTWAX?
That depends on your goals — we state facts, not advice. At 10.5% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that VTWAX doesn't?
SMH holds 26 positions and VTWAX holds 9,600; 6 of SMH's positions don't appear in VTWAX at all, and they are 19.8% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, VTWAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.