VB vs VSMAX: 100% overlap
Vanguard Small-Cap ETF and Vanguard Small-Cap Index Admiral share 100.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VB and VSMAX hold 1,308 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VB | in VSMAX | Δ |
|---|---|---|---|
| CASH | 1.7% | 1.7% | 0.0% |
| CRDO | 0.5% | 0.5% | 0.0% |
| JBL | 0.5% | 0.5% | 0.0% |
| RVMD | 0.5% | 0.5% | 0.0% |
| ALAB | 0.4% | 0.4% | 0.0% |
| NTRA | 0.4% | 0.4% | 0.0% |
| EME | 0.4% | 0.4% | 0.0% |
| TWLO | 0.4% | 0.4% | 0.0% |
| NRG | 0.4% | 0.4% | 0.0% |
| MKSI | 0.4% | 0.4% | 0.0% |
Where VB and VSMAX 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 | VB | VSMAX | Δ |
|---|---|---|---|
| Cash and/or Derivatives | 1.7% | 1.7% | +0.0pp |
| Information Technology | 16.1% | 16.1% | +0.0pp |
| Health Care | 11.9% | 11.9% | +0.0pp |
| Industrials | 21.0% | 21.0% | +0.0pp |
| Utilities | 3.3% | 3.3% | +0.0pp |
| Consumer Discretionary | 9.9% | 9.9% | +0.0pp |
| Consumer Staples | 3.5% | 3.5% | +0.0pp |
| Energy | 3.7% | 3.7% | +0.0pp |
Δ is VB minus VSMAX, 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
0.0% of VB by weight, held in no part of VSMAX.
0.0% of VSMAX by weight, held in no part of VB.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VB | VSMAX | |
|---|---|---|
| Top 10 holdings | 5.6% | 5.6% |
| Positions held | 1,308 | 1,308 |
| Cost per $10,000 held, per year | $3 | $5 |
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 VB and VSMAX overlap?
VB and VSMAX overlap 100.0% by portfolio weight — they are effectively the same fund. They share 1,308 holdings. The figure comes from current issuer holdings files (VB as of 2026-06-30, VSMAX as of 2026-06-30).
How is the overlap between VB and VSMAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VB holds a stock at 6% and VSMAX 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 VB and VSMAX?
That depends on your goals — we state facts, not advice. At 100.0% overlap, most of what one fund holds, the other holds too. Expense ratios: VB 0.03% versus VSMAX 0.05%.
What does VB own that VSMAX doesn't?
VB holds 1,308 positions and VSMAX holds 1,308; 0 of VB's positions don't appear in VSMAX at all, and they are 0.0% of VB by weight.
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Related comparisons
Sources: issuer holdings files, VB as of 2026-06-30, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.