VBR vs VYM: 10% overlap
Vanguard Small-Cap Value ETF and Vanguard High Dividend Yield ETF share 10.4% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VBR and VYM hold 345 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBR | in VYM | Δ |
|---|---|---|---|
| CASH | 0.8% | 0.5% | 0.3% |
| EQT | 0.2% | 0.1% | 0.0% |
| NRG | 0.7% | 0.1% | 0.5% |
| TPR | 0.6% | 0.1% | 0.5% |
| ATO | 0.6% | 0.1% | 0.5% |
| HUBB | 0.1% | 0.1% | 0.0% |
| WSM | 0.6% | 0.1% | 0.5% |
| SW | 0.5% | 0.1% | 0.4% |
| NI | 0.2% | 0.1% | 0.1% |
| CHRW | 0.4% | 0.1% | 0.4% |
Where VBR and VYM 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 | VYM | Δ |
|---|---|---|---|
| Real Estate | 9.8% | 0.0% | +9.8pp |
| Information Technology | 9.4% | 16.7% | −7.3pp |
| Industrials | 18.8% | 13.2% | +5.6pp |
| Health Care | 8.0% | 13.1% | −5.1pp |
| Consumer Discretionary | 11.4% | 6.4% | +5.0pp |
| Energy | 4.0% | 8.5% | −4.5pp |
| Consumer Staples | 4.1% | 8.0% | −3.9pp |
| Materials | 7.2% | 3.7% | +3.5pp |
Δ is VBR minus VYM, 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
52.6% of VBR by weight, held in no part of VYM.
89.6% of VYM 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 | VYM | |
|---|---|---|
| Top 10 holdings | 6.2% | 26.0% |
| Positions held | 839 | 606 |
| Cost per $10,000 held, per year | $5 | $4 |
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 VYM overlap?
VBR and VYM overlap 10.4% by portfolio weight — largely distinct portfolios. They share 345 holdings. The figure comes from current issuer holdings files (VBR as of 2026-06-30, VYM as of 2026-06-30).
How is the overlap between VBR and VYM 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 VYM 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 VYM?
That depends on your goals — we state facts, not advice. At 10.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VBR own that VYM doesn't?
VBR holds 839 positions and VYM holds 606; 494 of VBR's positions don't appear in VYM at all, and they are 52.6% of VBR by weight.
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Related comparisons
Sources: issuer holdings files, VBR as of 2026-06-30, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.