VFORX vs VO: 8% overlap
Vanguard Target Retirement 2040 and Vanguard Mid-Cap ETF share 8.0% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VFORX and VO hold 283 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in VO | Δ |
|---|---|---|---|
| CASH | 1.8% | 0.5% | 1.3% |
| ROP | 0.2% | 0.3% | 0.1% |
| WDC | 0.1% | 1.1% | 0.9% |
| STX | 0.1% | 1.0% | 0.9% |
| DTE | 0.1% | 0.3% | 0.2% |
| VRT | 0.1% | 1.2% | 1.1% |
| PWR | 0.1% | 1.0% | 1.0% |
| HWM | 0.1% | 1.0% | 1.0% |
| DG | 0.1% | 0.2% | 0.2% |
| NEM | 0.1% | 0.5% | 0.4% |
Where VFORX and VO 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 | VO | Δ |
|---|---|---|---|
| Industrials | 8.7% | 19.6% | −10.9pp |
| Unclassified | 9.7% | 0.4% | +9.3pp |
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Utilities | 2.3% | 8.4% | −6.0pp |
| Information Technology | 21.6% | 16.1% | +5.6pp |
| Energy | 2.3% | 7.3% | −5.0pp |
| MBS Pass-Through | 3.7% | 0.0% | +3.7pp |
| Real Estate | 1.5% | 5.1% | −3.5pp |
Δ is VFORX minus VO, 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
90.5% of VFORX by weight, held in no part of VO.
0.0% of VO 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 | VO | |
|---|---|---|
| Top 10 holdings | 23.9% | 9.5% |
| Positions held | 6 | 283 |
| Cost per $10,000 held, per year | $8 | $3 |
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 VO overlap?
VFORX and VO overlap 8.0% by portfolio weight — largely distinct portfolios. They share 283 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, VO as of 2026-06-30).
How is the overlap between VFORX and VO 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 VO 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 VO?
That depends on your goals — we state facts, not advice. At 8.0% overlap, each fund still contributes meaningfully distinct exposure.
What does VFORX own that VO doesn't?
VFORX holds 6 positions and VO holds 283; 16,399 of VFORX's positions don't appear in VO at all, and they are 90.5% of VFORX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VFORX as of 2026-03-31, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.