TSPI vs VFMO: 2% overlap
TSP I Fund — shown via international proxy and Vanguard U.S. Momentum Factor ETF share 2.2% 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 — VFMO 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
TSPI and VFMO hold 47 of the same securities. The ten contributing most to the overlap figure:
| Holding | in TSPI | in VFMO | Δ |
|---|---|---|---|
| CASH | 2.4% | 1.4% | 1.0% |
| DG | 0.2% | 0.2% | 0.0% |
| NXT | 0.1% | 0.3% | 0.2% |
| EBS | 0.1% | 0.1% | 0.0% |
| AIR | 0.3% | 0.1% | 0.2% |
| HEI | 0.1% | 0.2% | 0.1% |
| MRK | 0.0% | 0.4% | 0.4% |
| ACA | 0.0% | 0.1% | 0.1% |
| BG | 0.0% | 0.2% | 0.2% |
| TLS | 0.0% | 0.1% | 0.0% |
Where TSPI 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 | TSPI | VFMO | Δ |
|---|---|---|---|
| Health Care | 5.3% | 22.3% | −17.0pp |
| Financials | 19.7% | 6.3% | +13.4pp |
| Industrials | 13.8% | 24.4% | −10.6pp |
| Unclassified | 9.1% | 0.9% | +8.2pp |
| Energy | 3.0% | 7.7% | −4.7pp |
| Information Technology | 20.9% | 17.0% | +3.9pp |
| Utilities | 3.0% | 0.0% | +2.9pp |
| Consumer Staples | 4.9% | 2.4% | +2.4pp |
Δ is TSPI 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
96.4% of TSPI by weight, held in no part of VFMO.
91.3% of VFMO by weight, held in no part of TSPI.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| TSPI | VFMO | |
|---|---|---|
| Top 10 holdings | 16.3% | 10.2% |
| Positions held | 8,453 | 672 |
| Cost per $10,000 held, per year | $5 | $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 TSPI and VFMO overlap?
TSPI and VFMO overlap 2.2% by portfolio weight — largely distinct portfolios. They share 47 holdings. The figure comes from current issuer holdings files (TSPI as of 2026-06-30, VFMO as of 2026-03-31).
How is the overlap between TSPI and VFMO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If TSPI 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 TSPI and VFMO?
That depends on your goals — we state facts, not advice. At 2.2% overlap, each fund still contributes meaningfully distinct exposure.
What does TSPI own that VFMO doesn't?
TSPI holds 8,453 positions and VFMO holds 672; 8,406 of TSPI's positions don't appear in VFMO at all, and they are 96.4% of TSPI by weight.
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Related comparisons
Sources: issuer holdings files, TSPI as of 2026-06-30, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.