VBR vs VFMO: 14% overlap
Vanguard Small-Cap Value ETF and Vanguard U.S. Momentum Factor ETF share 14.4% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VBR and VFMO hold 151 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBR | in VFMO | Δ |
|---|---|---|---|
| CASH | 0.8% | 1.4% | 0.6% |
| CHRW | 0.4% | 0.5% | 0.0% |
| TPR | 0.6% | 0.4% | 0.3% |
| ELAN | 0.3% | 0.3% | 0.0% |
| BWA | 0.3% | 0.2% | 0.0% |
| DINO | 0.2% | 0.3% | 0.0% |
| DTM | 0.3% | 0.2% | 0.1% |
| BG | 0.4% | 0.2% | 0.1% |
| UTHR | 0.2% | 0.2% | 0.0% |
| R | 0.2% | 0.2% | 0.0% |
Where VBR 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 | VBR | VFMO | Δ |
|---|---|---|---|
| Health Care | 8.0% | 22.3% | −14.3pp |
| Financials | 18.3% | 6.3% | +12.0pp |
| Real Estate | 9.8% | 0.1% | +9.7pp |
| Information Technology | 9.4% | 17.0% | −7.6pp |
| Industrials | 18.8% | 24.4% | −5.6pp |
| Utilities | 5.2% | 0.0% | +5.2pp |
| Energy | 4.0% | 7.7% | −3.7pp |
| Consumer Discretionary | 11.4% | 7.8% | +3.5pp |
Δ is VBR 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
76.0% of VBR by weight, held in no part of VFMO.
82.5% of VFMO by weight, held in no part of VBR.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VBR | VFMO | |
|---|---|---|
| Top 10 holdings | 6.2% | 10.2% |
| Positions held | 839 | 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 VBR and VFMO overlap?
VBR and VFMO overlap 14.4% by portfolio weight — largely distinct portfolios. They share 151 holdings. The figure comes from current issuer holdings files (VBR as of 2026-06-30, VFMO as of 2026-03-31).
How is the overlap between VBR and VFMO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VBR 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 VBR and VFMO?
That depends on your goals — we state facts, not advice. At 14.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VBR own that VFMO doesn't?
VBR holds 839 positions and VFMO holds 672; 688 of VBR's positions don't appear in VFMO at all, and they are 76.0% of VBR by weight.
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Related comparisons
Sources: issuer holdings files, VBR as of 2026-06-30, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.