SWPPX vs VIG: 39% overlap
Schwab S&P 500 Index and Vanguard Dividend Appreciation ETF share 39.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SWPPX and VIG hold 160 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWPPX | in VIG | Δ |
|---|---|---|---|
| AAPL | 6.4% | 4.2% | 2.2% |
| MSFT | 4.9% | 3.5% | 1.4% |
| AVGO | 3.2% | 4.5% | 1.3% |
| JPM | 1.4% | 3.6% | 2.2% |
| LLY | 1.2% | 4.1% | 2.9% |
| XOM | 1.0% | 2.5% | 1.4% |
| WMT | 0.9% | 2.2% | 1.2% |
| V | 0.9% | 2.3% | 1.4% |
| JNJ | 0.9% | 2.7% | 1.8% |
| COST | 0.7% | 1.8% | 1.1% |
Where SWPPX and VIG 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 | VIG | Δ |
|---|---|---|---|
| Communication Services | 11.0% | 0.0% | +11.0pp |
| Health Care | 8.3% | 17.7% | −9.4pp |
| Financials | 11.5% | 20.2% | −8.6pp |
| Information Technology | 34.2% | 26.3% | +7.9pp |
| Consumer Discretionary | 9.7% | 4.3% | +5.4pp |
| Consumer Staples | 4.9% | 9.3% | −4.4pp |
| Industrials | 8.1% | 12.2% | −4.0pp |
| Unclassified | 2.8% | 0.0% | +2.8pp |
Δ is SWPPX minus VIG, 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
57.0% of SWPPX by weight, held in no part of VIG.
8.4% of VIG 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 | VIG | |
|---|---|---|
| Top 10 holdings | 38.3% | 31.9% |
| Positions held | 503 | 333 |
| Cost per $10,000 held, per year | $2 | $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 SWPPX and VIG overlap?
SWPPX and VIG overlap 39.0% by portfolio weight — moderate overlap. They share 160 holdings. The figure comes from current issuer holdings files (SWPPX as of 2026-04-30, VIG as of 2026-06-30).
How is the overlap between SWPPX and VIG 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 VIG 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 VIG?
That depends on your goals — we state facts, not advice. At 39.0% overlap, each fund still contributes meaningfully distinct exposure.
What does SWPPX own that VIG doesn't?
SWPPX holds 503 positions and VIG holds 333; 342 of SWPPX's positions don't appear in VIG at all, and they are 57.0% of SWPPX by weight.
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Related comparisons
Sources: issuer holdings files, SWPPX as of 2026-04-30, VIG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.