VFORX vs VSMAX: 8% overlap
Vanguard Target Retirement 2040 and Vanguard Small-Cap Index Admiral share 7.6% 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 VSMAX hold 1,307 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in VSMAX | Δ |
|---|---|---|---|
| CASH | 1.8% | 1.7% | 0.1% |
| CFR | 0.1% | 0.1% | 0.0% |
| AIR | 0.1% | 0.1% | 0.0% |
| MC | 0.1% | 0.1% | 0.0% |
| CNR | 0.0% | 0.0% | 0.0% |
| ALAB | 0.0% | 0.4% | 0.4% |
| AAL | 0.0% | 0.1% | 0.1% |
| FLEX | 0.0% | 0.4% | 0.3% |
| TSCO | 0.0% | 0.1% | 0.1% |
| CSL | 0.0% | 0.2% | 0.1% |
Where VFORX and VSMAX 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 | VSMAX | Δ |
|---|---|---|---|
| Industrials | 8.7% | 21.0% | −12.3pp |
| Unclassified | 9.7% | 0.6% | +9.1pp |
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Health Care | 5.8% | 11.9% | −6.2pp |
| Real Estate | 1.5% | 7.1% | −5.6pp |
| Information Technology | 21.6% | 16.1% | +5.5pp |
| MBS Pass-Through | 3.7% | 0.0% | +3.7pp |
| Consumer Discretionary | 6.3% | 9.9% | −3.7pp |
Δ is VFORX minus VSMAX, 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
92.0% of VFORX by weight, held in no part of VSMAX.
0.0% of VSMAX 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 | VSMAX | |
|---|---|---|
| Top 10 holdings | 23.9% | 5.6% |
| Positions held | 6 | 1,308 |
| Cost per $10,000 held, per year | $8 | $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 VFORX and VSMAX overlap?
VFORX and VSMAX overlap 7.6% by portfolio weight — largely distinct portfolios. They share 1,307 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, VSMAX as of 2026-06-30).
How is the overlap between VFORX and VSMAX 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 VSMAX 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 VSMAX?
That depends on your goals — we state facts, not advice. At 7.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VFORX own that VSMAX doesn't?
VFORX holds 6 positions and VSMAX holds 1,308; 15,375 of VFORX's positions don't appear in VSMAX at all, and they are 92.0% 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, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.