TSPS vs VFMO: 27% overlap
TSP S Fund — shown via extended-market proxy and Vanguard U.S. Momentum Factor ETF share 27.1% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
TSPS and VFMO hold 502 of the same securities. The ten contributing most to the overlap figure:
| Holding | in TSPS | in VFMO | Δ |
|---|---|---|---|
| CASH | 3.8% | 1.4% | 2.4% |
| FTI | 0.3% | 0.3% | 0.0% |
| RVMD | 0.4% | 0.3% | 0.1% |
| STRL | 0.3% | 0.3% | 0.0% |
| MTZ | 0.3% | 0.3% | 0.0% |
| CW | 0.3% | 0.2% | 0.1% |
| BE | 0.9% | 0.2% | 0.7% |
| FN | 0.2% | 0.2% | 0.0% |
| CRS | 0.3% | 0.2% | 0.1% |
| GH | 0.2% | 0.2% | 0.0% |
Where TSPS 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 | TSPS | VFMO | Δ |
|---|---|---|---|
| Health Care | 13.2% | 22.3% | −9.1pp |
| Financials | 13.9% | 6.3% | +7.6pp |
| Real Estate | 4.8% | 0.1% | +4.7pp |
| Industrials | 19.8% | 24.4% | −4.6pp |
| Energy | 4.0% | 7.7% | −3.7pp |
| Cash and/or Derivatives | 3.8% | 1.4% | +2.4pp |
| Materials | 4.1% | 6.2% | −2.2pp |
| Utilities | 1.9% | 0.0% | +1.8pp |
Δ is TSPS 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
63.1% of TSPS by weight, held in no part of VFMO.
47.2% of VFMO by weight, held in no part of TSPS.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| TSPS | VFMO | |
|---|---|---|
| Top 10 holdings | 10.6% | 10.2% |
| Positions held | 3,327 | 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 TSPS and VFMO overlap?
TSPS and VFMO overlap 27.1% by portfolio weight — moderate overlap. They share 502 holdings. The figure comes from current issuer holdings files (TSPS as of 2026-06-30, VFMO as of 2026-03-31).
How is the overlap between TSPS and VFMO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If TSPS 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 TSPS and VFMO?
That depends on your goals — we state facts, not advice. At 27.1% overlap, each fund still contributes meaningfully distinct exposure.
What does TSPS own that VFMO doesn't?
TSPS holds 3,327 positions and VFMO holds 672; 2,825 of TSPS's positions don't appear in VFMO at all, and they are 63.1% of TSPS by weight.
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Related comparisons
Sources: issuer holdings files, TSPS as of 2026-06-30, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.