VFORX vs VIG: 18% overlap
Vanguard Target Retirement 2040 and Vanguard Dividend Appreciation ETF share 18.3% 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 — VFORX 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
VFORX and VIG hold 333 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in VIG | Δ |
|---|---|---|---|
| AAPL | 2.5% | 4.2% | 1.7% |
| MSFT | 1.7% | 3.5% | 1.9% |
| AVGO | 1.1% | 4.5% | 3.5% |
| LLY | 0.6% | 4.1% | 3.5% |
| CASH | 1.8% | 0.6% | 1.2% |
| JPM | 0.5% | 3.6% | 3.1% |
| JNJ | 0.4% | 2.7% | 2.3% |
| XOM | 0.3% | 2.5% | 2.1% |
| V | 0.3% | 2.3% | 2.0% |
| LRCX | 0.3% | 2.4% | 2.0% |
Where VFORX and VIG 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 | VFORX | VIG | Δ |
|---|---|---|---|
| Health Care | 5.8% | 17.7% | −11.9pp |
| Unclassified | 9.7% | 0.0% | +9.7pp |
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Financials | 12.7% | 20.2% | −7.5pp |
| Consumer Staples | 3.4% | 9.3% | −6.0pp |
| Communication Services | 4.9% | 0.0% | +4.9pp |
| Information Technology | 21.6% | 26.3% | −4.6pp |
| MBS Pass-Through | 3.7% | 0.0% | +3.7pp |
Δ is VFORX minus VIG, 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
80.3% of VFORX by weight, held in no part of VIG.
0.0% of VIG by weight, held in no part of VFORX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VFORX | VIG | |
|---|---|---|
| Top 10 holdings | 23.9% | 31.9% |
| Positions held | 6 | 333 |
| Cost per $10,000 held, per year | $8 | $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 VFORX and VIG overlap?
VFORX and VIG overlap 18.3% by portfolio weight — moderate overlap. They share 333 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, VIG as of 2026-06-30).
How is the overlap between VFORX and VIG calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VFORX holds a stock at 6% and VIG 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 VFORX and VIG?
That depends on your goals — we state facts, not advice. At 18.3% overlap, each fund still contributes meaningfully distinct exposure.
What does VFORX own that VIG doesn't?
VFORX holds 6 positions and VIG holds 333; 16,349 of VFORX's positions don't appear in VIG at all, and they are 80.3% of VFORX by weight.
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Related comparisons
Sources: issuer holdings files, VFORX as of 2026-03-31, VIG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.