SMH vs VYM: 10% overlap
VanEck Semiconductor ETF and Vanguard High Dividend Yield ETF share 10.3% 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 VYM hold 6 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in VYM | Δ |
|---|---|---|---|
| AVGO | 7.8% | 7.3% | 0.5% |
| TXN | 4.6% | 1.1% | 3.5% |
| QCOM | 4.1% | 0.8% | 3.3% |
| ADI | 4.7% | 0.8% | 3.9% |
| MCHP | 1.0% | 0.2% | 0.8% |
| SWKS | 0.2% | 0.0% | 0.2% |
Where SMH and VYM 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 | VYM | Δ |
|---|---|---|---|
| Information Technology | 92.8% | 16.7% | +76.1pp |
| Financials | 0.0% | 20.9% | −20.9pp |
| Industrials | 0.0% | 13.2% | −13.2pp |
| Health Care | 0.0% | 13.1% | −13.1pp |
| Energy | 0.0% | 8.5% | −8.5pp |
| Consumer Staples | 0.0% | 8.0% | −8.0pp |
| Unclassified | 7.2% | 0.0% | +7.2pp |
| Consumer Discretionary | 0.0% | 6.4% | −6.4pp |
Δ is SMH minus VYM, 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
77.6% of SMH by weight, held in no part of VYM.
89.7% of VYM 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 | VYM | |
|---|---|---|
| Top 10 holdings | 72.2% | 26.0% |
| Positions held | 26 | 606 |
| Cost per $10,000 held, per year | $35 | $4 |
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 VYM overlap?
SMH and VYM overlap 10.3% by portfolio weight — largely distinct portfolios. They share 6 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, VYM as of 2026-06-30).
How is the overlap between SMH and VYM 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 VYM 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 VYM?
That depends on your goals — we state facts, not advice. At 10.3% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that VYM doesn't?
SMH holds 26 positions and VYM holds 606; 20 of SMH's positions don't appear in VYM at all, and they are 77.6% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.