VFMO vs VYM: 16% overlap
Vanguard U.S. Momentum Factor ETF and Vanguard High Dividend Yield ETF share 15.5% 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VFMO and VYM hold 117 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFMO | in VYM | Δ |
|---|---|---|---|
| JNJ | 1.0% | 2.5% | 1.5% |
| CAT | 0.8% | 2.0% | 1.2% |
| RTX | 0.6% | 1.1% | 0.4% |
| AVGO | 0.6% | 7.3% | 6.7% |
| CVS | 0.6% | 0.6% | 0.0% |
| XOM | 0.5% | 2.4% | 1.8% |
| CASH | 1.4% | 0.5% | 0.9% |
| MRK | 0.4% | 1.3% | 0.9% |
| LMT | 0.6% | 0.4% | 0.2% |
| NEM | 1.0% | 0.4% | 0.6% |
Where VFMO 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 | VFMO | VYM | Δ |
|---|---|---|---|
| Financials | 6.3% | 20.9% | −14.7pp |
| Industrials | 24.4% | 13.2% | +11.2pp |
| Health Care | 22.3% | 13.1% | +9.2pp |
| Utilities | 0.0% | 5.7% | −5.7pp |
| Consumer Staples | 2.4% | 8.0% | −5.6pp |
| Materials | 6.2% | 3.7% | +2.5pp |
| Consumer Discretionary | 7.8% | 6.4% | +1.4pp |
| Cash and/or Derivatives | 1.4% | 0.5% | +0.9pp |
Δ is VFMO 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
74.3% of VFMO by weight, held in no part of VYM.
60.1% of VYM 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 | VYM | |
|---|---|---|
| Top 10 holdings | 10.2% | 26.0% |
| Positions held | 672 | 606 |
| Cost per $10,000 held, per year | $13 | $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 VFMO and VYM overlap?
VFMO and VYM overlap 15.5% by portfolio weight — moderate overlap. They share 117 holdings. The figure comes from current issuer holdings files (VFMO as of 2026-03-31, VYM as of 2026-06-30).
How is the overlap between VFMO and VYM 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 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 VFMO and VYM?
That depends on your goals — we state facts, not advice. At 15.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VFMO own that VYM doesn't?
VFMO holds 672 positions and VYM holds 606; 555 of VFMO's positions don't appear in VYM at all, and they are 74.3% of VFMO by weight.
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Related comparisons
Sources: issuer holdings files, VFMO as of 2026-03-31, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.