VBR vs VXF: 40% overlap
Vanguard Small-Cap Value ETF and Vanguard Extended Market ETF share 39.5% 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VBR and VXF hold 727 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBR | in VXF | Δ |
|---|---|---|---|
| CASH | 0.8% | 3.8% | 3.0% |
| MKSI | 0.3% | 0.3% | 0.0% |
| ILMN | 0.3% | 0.3% | 0.0% |
| USFD | 0.5% | 0.3% | 0.2% |
| UTHR | 0.2% | 0.3% | 0.0% |
| SNX | 0.4% | 0.2% | 0.2% |
| FCNCA | 0.3% | 0.2% | 0.1% |
| RS | 0.4% | 0.2% | 0.2% |
| EWBC | 0.4% | 0.2% | 0.2% |
| PFGC | 0.4% | 0.2% | 0.2% |
Where VBR and VXF 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 | VXF | Δ |
|---|---|---|---|
| Information Technology | 9.4% | 17.6% | −8.2pp |
| Health Care | 8.0% | 13.2% | −5.1pp |
| Real Estate | 9.8% | 4.8% | +5.0pp |
| Financials | 18.3% | 13.9% | +4.4pp |
| Utilities | 5.2% | 1.9% | +3.3pp |
| Materials | 7.2% | 4.1% | +3.2pp |
| Cash and/or Derivatives | 0.8% | 3.8% | −3.0pp |
| Consumer Discretionary | 11.4% | 8.8% | +2.6pp |
Δ is VBR minus VXF, 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
30.1% of VBR by weight, held in no part of VXF.
57.1% of VXF 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 | VXF | |
|---|---|---|
| Top 10 holdings | 6.2% | 10.6% |
| Positions held | 839 | 3,327 |
| Cost per $10,000 held, per year | $5 | $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 VBR and VXF overlap?
VBR and VXF overlap 39.5% by portfolio weight — moderate overlap. They share 727 holdings. The figure comes from current issuer holdings files (VBR as of 2026-06-30, VXF as of 2026-06-30).
How is the overlap between VBR and VXF 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 VXF 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 VXF?
That depends on your goals — we state facts, not advice. At 39.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VBR own that VXF doesn't?
VBR holds 839 positions and VXF holds 3,327; 112 of VBR's positions don't appear in VXF at all, and they are 30.1% of VBR by weight.
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Related comparisons
Sources: issuer holdings files, VBR as of 2026-06-30, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.