VFMO vs VWO: 1% overlap
Vanguard U.S. Momentum Factor ETF and Vanguard FTSE Emerging Markets ETF share 1.5% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 3 months apart — VFMO as of 2026-03-31, the rest through 2026-06-30. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
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
VFMO and VWO hold 9 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFMO | in VWO | Δ |
|---|---|---|---|
| CASH | 1.4% | 4.2% | 2.8% |
| HAL | 0.2% | 0.1% | 0.1% |
| AMR | 0.1% | 0.0% | 0.1% |
| EL | 0.0% | 0.0% | 0.0% |
| CCL | 0.0% | 0.0% | 0.0% |
| M | 0.2% | 0.0% | 0.2% |
| HCC | 0.1% | 0.0% | 0.1% |
| MEG | 0.0% | 0.0% | 0.0% |
| CTOS | 0.0% | 0.0% | 0.0% |
Where VFMO 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 | VFMO | VWO | Δ |
|---|---|---|---|
| Health Care | 22.3% | 2.8% | +19.5pp |
| Industrials | 24.4% | 5.9% | +18.6pp |
| Information Technology | 17.0% | 31.6% | −14.6pp |
| Financials | 6.3% | 17.2% | −10.9pp |
| Unclassified | 0.9% | 9.2% | −8.4pp |
| Energy | 7.7% | 3.3% | +4.4pp |
| Cash and/or Derivatives | 1.4% | 4.2% | −2.8pp |
| Utilities | 0.0% | 2.2% | −2.1pp |
Δ is VFMO 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
98.0% of VFMO by weight, held in no part of VWO.
95.7% of VWO by weight, held in no part of VFMO.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VFMO | VWO | |
|---|---|---|
| Top 10 holdings | 10.2% | 30.3% |
| Positions held | 672 | 5,003 |
| Cost per $10,000 held, per year | $13 | $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 VFMO and VWO overlap?
VFMO and VWO overlap 1.5% by portfolio weight — largely distinct portfolios. They share 9 holdings. The figure comes from current issuer holdings files (VFMO as of 2026-03-31, VWO as of 2026-06-30).
How is the overlap between VFMO and VWO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VFMO 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 VFMO and VWO?
That depends on your goals — we state facts, not advice. At 1.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VFMO own that VWO doesn't?
VFMO holds 672 positions and VWO holds 5,003; 663 of VFMO's positions don't appear in VWO at all, and they are 98.0% of VFMO by weight.
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Related comparisons
Sources: issuer holdings files, VFMO as of 2026-03-31, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.