VFMO vs VXF: 27% overlap
Vanguard U.S. Momentum Factor ETF and Vanguard Extended Market ETF share 27.1% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VFMO and VXF hold 502 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFMO | in VXF | Δ |
|---|---|---|---|
| CASH | 1.4% | 3.8% | 2.4% |
| FTI | 0.3% | 0.3% | 0.0% |
| RVMD | 0.3% | 0.4% | 0.1% |
| STRL | 0.3% | 0.3% | 0.0% |
| MTZ | 0.3% | 0.3% | 0.0% |
| CW | 0.2% | 0.3% | 0.1% |
| BE | 0.2% | 0.9% | 0.7% |
| FN | 0.2% | 0.2% | 0.0% |
| CRS | 0.2% | 0.3% | 0.1% |
| GH | 0.2% | 0.2% | 0.0% |
Where VFMO 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 | VFMO | VXF | Δ |
|---|---|---|---|
| Health Care | 22.3% | 13.2% | +9.1pp |
| Financials | 6.3% | 13.9% | −7.6pp |
| Real Estate | 0.1% | 4.8% | −4.7pp |
| Industrials | 24.4% | 19.8% | +4.6pp |
| Energy | 7.7% | 4.0% | +3.7pp |
| Cash and/or Derivatives | 1.4% | 3.8% | −2.4pp |
| Materials | 6.2% | 4.1% | +2.2pp |
| Utilities | 0.0% | 1.9% | −1.8pp |
Δ is VFMO 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
47.2% of VFMO by weight, held in no part of VXF.
63.1% of VXF 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 | VXF | |
|---|---|---|
| Top 10 holdings | 10.2% | 10.6% |
| Positions held | 672 | 3,327 |
| Cost per $10,000 held, per year | $13 | $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 VFMO and VXF overlap?
VFMO and VXF overlap 27.1% by portfolio weight — moderate overlap. They share 502 holdings. The figure comes from current issuer holdings files (VFMO as of 2026-03-31, VXF as of 2026-06-30).
How is the overlap between VFMO and VXF 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 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 VFMO and VXF?
That depends on your goals — we state facts, not advice. At 27.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VFMO own that VXF doesn't?
VFMO holds 672 positions and VXF holds 3,327; 170 of VFMO's positions don't appear in VXF at all, and they are 47.2% of VFMO by weight.
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Related comparisons
Sources: issuer holdings files, VFMO as of 2026-03-31, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.