SWPPX vs VBR: 2% overlap
Schwab S&P 500 Index and Vanguard Small-Cap Value ETF share 2.4% 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 2 months apart — SWPPX as of 2026-04-30, 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
SWPPX and VBR hold 98 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWPPX | in VBR | Δ |
|---|---|---|---|
| EME | 0.1% | 0.4% | 0.3% |
| EQT | 0.1% | 0.2% | 0.1% |
| JBL | 0.1% | 0.9% | 0.8% |
| NRG | 0.1% | 0.7% | 0.6% |
| STLD | 0.1% | 0.3% | 0.3% |
| ATO | 0.1% | 0.6% | 0.6% |
| Q | 0.0% | 0.4% | 0.3% |
| TPR | 0.0% | 0.6% | 0.6% |
| DOW | 0.0% | 0.2% | 0.2% |
| HUBB | 0.0% | 0.1% | 0.1% |
Where SWPPX and VBR 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 | SWPPX | VBR | Δ |
|---|---|---|---|
| Information Technology | 34.2% | 9.4% | +24.8pp |
| Industrials | 8.1% | 18.8% | −10.7pp |
| Communication Services | 11.0% | 2.4% | +8.6pp |
| Real Estate | 2.0% | 9.8% | −7.8pp |
| Financials | 11.5% | 18.3% | −6.8pp |
| Materials | 1.3% | 7.2% | −5.9pp |
| Utilities | 2.3% | 5.2% | −2.9pp |
| Unclassified | 2.8% | 0.5% | +2.3pp |
Δ is SWPPX minus VBR, 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
97.1% of SWPPX by weight, held in no part of VBR.
72.1% of VBR by weight, held in no part of SWPPX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SWPPX | VBR | |
|---|---|---|
| Top 10 holdings | 38.3% | 6.2% |
| Positions held | 503 | 839 |
| Cost per $10,000 held, per year | $2 | $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 SWPPX and VBR overlap?
SWPPX and VBR overlap 2.4% by portfolio weight — largely distinct portfolios. They share 98 holdings. The figure comes from current issuer holdings files (SWPPX as of 2026-04-30, VBR as of 2026-06-30).
How is the overlap between SWPPX and VBR calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SWPPX holds a stock at 6% and VBR 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 SWPPX and VBR?
That depends on your goals — we state facts, not advice. At 2.4% overlap, each fund still contributes meaningfully distinct exposure.
What does SWPPX own that VBR doesn't?
SWPPX holds 503 positions and VBR holds 839; 404 of SWPPX's positions don't appear in VBR at all, and they are 97.1% of SWPPX by weight.
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Related comparisons
Sources: issuer holdings files, SWPPX as of 2026-04-30, VBR as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.