VBR vs VO: 3% overlap
Vanguard Small-Cap Value ETF and Vanguard Mid-Cap ETF share 2.9% 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
VBR and VO hold 25 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBR | in VO | Δ |
|---|---|---|---|
| CASH | 0.8% | 0.5% | 0.3% |
| FLEX | 0.3% | 0.3% | 0.0% |
| Q | 0.4% | 0.2% | 0.2% |
| EQT | 0.2% | 0.2% | 0.0% |
| CNC | 0.3% | 0.2% | 0.2% |
| STLD | 0.3% | 0.2% | 0.2% |
| HUBB | 0.1% | 0.1% | 0.0% |
| NI | 0.2% | 0.1% | 0.1% |
| IP | 0.2% | 0.1% | 0.1% |
| DOW | 0.2% | 0.1% | 0.1% |
Where VBR and VO 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 | VO | Δ |
|---|---|---|---|
| Information Technology | 9.4% | 16.1% | −6.7pp |
| Real Estate | 9.8% | 5.1% | +4.7pp |
| Financials | 18.3% | 14.0% | +4.3pp |
| Energy | 4.0% | 7.3% | −3.3pp |
| Utilities | 5.2% | 8.4% | −3.1pp |
| Materials | 7.2% | 4.3% | +2.9pp |
| Consumer Discretionary | 11.4% | 8.9% | +2.5pp |
| Industrials | 18.8% | 19.6% | −0.8pp |
Δ is VBR minus VO, 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
94.5% of VBR by weight, held in no part of VO.
97.1% of VO 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 | VO | |
|---|---|---|
| Top 10 holdings | 6.2% | 9.5% |
| Positions held | 839 | 283 |
| Cost per $10,000 held, per year | $5 | $3 |
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 VO overlap?
VBR and VO overlap 2.9% by portfolio weight — largely distinct portfolios. They share 25 holdings. The figure comes from current issuer holdings files (VBR as of 2026-06-30, VO as of 2026-06-30).
How is the overlap between VBR and VO 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 VO 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 VO?
That depends on your goals — we state facts, not advice. At 2.9% overlap, each fund still contributes meaningfully distinct exposure.
What does VBR own that VO doesn't?
VBR holds 839 positions and VO holds 283; 814 of VBR's positions don't appear in VO at all, and they are 94.5% of VBR by weight.
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Related comparisons
Sources: issuer holdings files, VBR as of 2026-06-30, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.