VEA vs VSMAX: 3% overlap
Vanguard FTSE Developed Markets ETF and Vanguard Small-Cap Index Admiral share 3.1% 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
VEA and VSMAX hold 95 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VEA | in VSMAX | Δ |
|---|---|---|---|
| CASH | 1.4% | 1.7% | 0.4% |
| AAL | 0.2% | 0.1% | 0.0% |
| CSL | 0.1% | 0.2% | 0.1% |
| CFR | 0.4% | 0.1% | 0.3% |
| TSCO | 0.1% | 0.1% | 0.0% |
| NXT | 0.1% | 0.2% | 0.1% |
| ORA | 0.1% | 0.1% | 0.0% |
| RBA | 0.1% | 0.3% | 0.2% |
| AIR | 0.4% | 0.1% | 0.3% |
| MC | 0.4% | 0.1% | 0.4% |
Where VEA and VSMAX 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 | VEA | VSMAX | Δ |
|---|---|---|---|
| Unclassified | 8.9% | 0.6% | +8.3pp |
| Financials | 20.7% | 12.7% | +8.0pp |
| Health Care | 6.2% | 11.9% | −5.7pp |
| Real Estate | 2.0% | 7.1% | −5.1pp |
| Industrials | 16.9% | 21.0% | −4.2pp |
| Consumer Discretionary | 7.3% | 9.9% | −2.6pp |
| Consumer Staples | 5.6% | 3.5% | +2.1pp |
| Information Technology | 17.1% | 16.1% | +1.0pp |
Δ is VEA minus VSMAX, 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
94.8% of VEA by weight, held in no part of VSMAX.
91.2% of VSMAX by weight, held in no part of VEA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VEA | VSMAX | |
|---|---|---|
| Top 10 holdings | 15.2% | 5.6% |
| Positions held | 3,792 | 1,308 |
| Cost per $10,000 held, per year | $3 | $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 VEA and VSMAX overlap?
VEA and VSMAX overlap 3.1% by portfolio weight — largely distinct portfolios. They share 95 holdings. The figure comes from current issuer holdings files (VEA as of 2026-06-30, VSMAX as of 2026-06-30).
How is the overlap between VEA and VSMAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VEA holds a stock at 6% and VSMAX 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 VEA and VSMAX?
That depends on your goals — we state facts, not advice. At 3.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VEA own that VSMAX doesn't?
VEA holds 3,792 positions and VSMAX holds 1,308; 3,697 of VEA's positions don't appear in VSMAX at all, and they are 94.8% of VEA by weight.
You probably hold more than two funds
This page compares VEA and VSMAX. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch VEA vs VSMAX
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, VEA as of 2026-06-30, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.