VB vs VWO: 2% overlap
Vanguard Small-Cap ETF and Vanguard FTSE Emerging Markets ETF share 2.1% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VB and VWO hold 26 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VB | in VWO | Δ |
|---|---|---|---|
| CASH | 1.7% | 4.2% | 2.5% |
| MTN | 0.1% | 0.2% | 0.1% |
| SLM | 0.1% | 0.1% | 0.0% |
| VAL | 0.0% | 0.1% | 0.1% |
| ABG | 0.0% | 0.1% | 0.0% |
| OUT | 0.1% | 0.0% | 0.0% |
| MRP | 0.1% | 0.0% | 0.0% |
| MOH | 0.1% | 0.0% | 0.1% |
| PPC | 0.0% | 0.1% | 0.0% |
| AMR | 0.0% | 0.0% | 0.0% |
Where VB and VWO 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 | VWO | Δ |
|---|---|---|---|
| Information Technology | 16.1% | 31.6% | −15.5pp |
| Industrials | 21.0% | 5.9% | +15.1pp |
| Health Care | 11.9% | 2.8% | +9.1pp |
| Unclassified | 0.6% | 9.3% | −8.7pp |
| Real Estate | 7.1% | 1.6% | +5.5pp |
| Financials | 12.7% | 17.2% | −4.5pp |
| Cash and/or Derivatives | 1.7% | 4.2% | −2.5pp |
| Communication Services | 3.0% | 5.4% | −2.4pp |
Δ is VB minus VWO, 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
96.3% of VB by weight, held in no part of VWO.
95.1% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 5.6% | 30.3% |
| Positions held | 1,308 | 5,003 |
| Cost per $10,000 held, per year | $3 | $6 |
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 VWO overlap?
VB and VWO overlap 2.1% by portfolio weight — largely distinct portfolios. They share 26 holdings. The figure comes from current issuer holdings files (VB as of 2026-06-30, VWO as of 2026-06-30).
How is the overlap between VB and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 2.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VB own that VWO doesn't?
VB holds 1,308 positions and VWO holds 5,003; 1,282 of VB's positions don't appear in VWO at all, and they are 96.3% of VB by weight.
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Related comparisons
Sources: issuer holdings files, VB as of 2026-06-30, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.