SWPPX vs VFMO: 21% overlap
Schwab S&P 500 Index and Vanguard U.S. Momentum Factor ETF share 21.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 30 days apart — VFMO as of 2026-03-31, the rest through 2026-04-30. 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
SWPPX and VFMO hold 123 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWPPX | in VFMO | Δ |
|---|---|---|---|
| AMD | 0.9% | 1.0% | 0.0% |
| GOOGL | 3.6% | 0.9% | 2.7% |
| JNJ | 0.9% | 1.0% | 0.1% |
| MU | 0.9% | 0.8% | 0.2% |
| INTC | 0.7% | 0.8% | 0.0% |
| CAT | 0.7% | 0.8% | 0.1% |
| AVGO | 3.2% | 0.6% | 2.6% |
| GOOG | 2.9% | 0.6% | 2.3% |
| LRCX | 0.5% | 1.1% | 0.6% |
| XOM | 1.0% | 0.5% | 0.5% |
Where SWPPX and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Information Technology | 34.2% | 17.0% | +17.2pp |
| Industrials | 8.1% | 24.4% | −16.3pp |
| Health Care | 8.3% | 22.3% | −14.0pp |
| Communication Services | 11.0% | 3.4% | +7.6pp |
| Financials | 11.5% | 6.3% | +5.3pp |
| Materials | 1.3% | 6.2% | −4.9pp |
| Energy | 3.4% | 7.7% | −4.3pp |
| Consumer Staples | 4.9% | 2.4% | +2.5pp |
Δ is SWPPX minus VFMO, 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
64.4% of SWPPX by weight, held in no part of VFMO.
57.8% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 38.3% | 10.2% |
| Positions held | 503 | 672 |
| Cost per $10,000 held, per year | $2 | $13 |
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 VFMO overlap?
SWPPX and VFMO overlap 21.0% by portfolio weight — moderate overlap. They share 123 holdings. The figure comes from current issuer holdings files (SWPPX as of 2026-04-30, VFMO as of 2026-03-31).
How is the overlap between SWPPX and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 21.0% overlap, each fund still contributes meaningfully distinct exposure.
What does SWPPX own that VFMO doesn't?
SWPPX holds 503 positions and VFMO holds 672; 379 of SWPPX's positions don't appear in VFMO at all, and they are 64.4% of SWPPX by weight.
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Related comparisons
Sources: issuer holdings files, SWPPX as of 2026-04-30, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.