VEA vs VWO: 2% overlap
Vanguard FTSE Developed Markets ETF and Vanguard FTSE Emerging Markets ETF share 2.1% 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 VWO hold 157 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VEA | in VWO | Δ |
|---|---|---|---|
| CASH | 1.4% | 4.2% | 2.8% |
| DSY | 0.0% | 0.1% | 0.0% |
| SOL | 0.0% | 0.1% | 0.0% |
| 1801 | 0.0% | 0.1% | 0.1% |
| 7203 | 0.5% | 0.0% | 0.5% |
| VOD | 0.1% | 0.0% | 0.0% |
| 1605 | 0.1% | 0.0% | 0.0% |
| CLS | 0.1% | 0.0% | 0.1% |
| 2801 | 0.0% | 0.0% | 0.0% |
| 1802 | 0.0% | 0.0% | 0.0% |
Where VEA and VWO 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 | VWO | Δ |
|---|---|---|---|
| Information Technology | 17.1% | 31.6% | −14.5pp |
| Industrials | 16.9% | 5.9% | +11.0pp |
| Financials | 20.7% | 17.2% | +3.5pp |
| Health Care | 6.2% | 2.8% | +3.4pp |
| Communication Services | 2.5% | 5.4% | −3.0pp |
| Cash and/or Derivatives | 1.4% | 4.2% | −2.8pp |
| Consumer Staples | 5.6% | 2.9% | +2.7pp |
| Utilities | 3.3% | 2.1% | +1.2pp |
Δ is VEA minus VWO, 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
95.0% of VEA by weight, held in no part of VWO.
90.9% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 15.2% | 30.3% |
| Positions held | 3,792 | 5,003 |
| Cost per $10,000 held, per year | $3 | $6 |
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 VWO overlap?
VEA and VWO overlap 2.1% by portfolio weight — largely distinct portfolios. They share 157 holdings. The figure comes from current issuer holdings files (VEA as of 2026-06-30, VWO as of 2026-06-30).
How is the overlap between VEA and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 2.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VEA own that VWO doesn't?
VEA holds 3,792 positions and VWO holds 5,003; 3,635 of VEA's positions don't appear in VWO at all, and they are 95.0% of VEA by weight.
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Related comparisons
Sources: issuer holdings files, VEA as of 2026-06-30, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.