SWPPX vs VFORX: 37% overlap
Schwab S&P 500 Index and Vanguard Target Retirement 2040 share 37.3% 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 — VFORX 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SWPPX and VFORX hold 473 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWPPX | in VFORX | Δ |
|---|---|---|---|
| NVDA | 7.8% | 2.8% | 5.1% |
| AAPL | 6.4% | 2.5% | 3.9% |
| MSFT | 4.9% | 1.7% | 3.2% |
| AMZN | 4.2% | 1.4% | 2.8% |
| GOOGL | 3.6% | 1.3% | 2.4% |
| AVGO | 3.2% | 1.1% | 2.1% |
| GOOG | 2.9% | 1.0% | 1.9% |
| MU | 0.9% | 0.8% | 0.2% |
| META | 2.2% | 0.7% | 1.4% |
| TSLA | 1.7% | 0.7% | 1.0% |
Where SWPPX and VFORX 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 | VFORX | Δ |
|---|---|---|---|
| Information Technology | 34.2% | 21.6% | +12.6pp |
| Treasuries | 0.0% | 8.7% | −8.7pp |
| Unclassified | 2.8% | 9.7% | −6.9pp |
| Communication Services | 11.0% | 4.9% | +6.0pp |
| MBS Pass-Through | 0.0% | 3.7% | −3.7pp |
| Consumer Discretionary | 9.7% | 6.3% | +3.4pp |
| Corporate — industrial & other | 0.0% | 2.8% | −2.8pp |
| Health Care | 8.3% | 5.8% | +2.5pp |
Δ is SWPPX minus VFORX, 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
2.8% of SWPPX by weight, held in no part of VFORX.
60.6% of VFORX 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 | VFORX | |
|---|---|---|
| Top 10 holdings | 38.3% | 23.9% |
| Positions held | 503 | 6 |
| Cost per $10,000 held, per year | $2 | $8 |
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 VFORX overlap?
SWPPX and VFORX overlap 37.3% by portfolio weight — moderate overlap. They share 473 holdings. The figure comes from current issuer holdings files (SWPPX as of 2026-04-30, VFORX as of 2026-03-31).
How is the overlap between SWPPX and VFORX 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 VFORX 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 VFORX?
That depends on your goals — we state facts, not advice. At 37.3% overlap, each fund still contributes meaningfully distinct exposure.
What does SWPPX own that VFORX doesn't?
SWPPX holds 503 positions and VFORX holds 6; 29 of SWPPX's positions don't appear in VFORX at all, and they are 2.8% of SWPPX by weight.
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Related comparisons
Sources: issuer holdings files, SWPPX as of 2026-04-30, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.