VFORX vs VTWAX: 73% overlap
Vanguard Target Retirement 2040 and Vanguard Total World Stock Index Admiral share 72.8% 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 1.3. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VFORX and VTWAX hold 9,494 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in VTWAX | Δ |
|---|---|---|---|
| NVDA | 2.8% | 4.0% | 1.3% |
| AAPL | 2.5% | 3.6% | 1.0% |
| MSFT | 1.7% | 2.4% | 0.7% |
| AMZN | 1.4% | 2.0% | 0.6% |
| 2330 | 1.3% | 1.6% | 0.4% |
| GOOGL | 1.3% | 1.8% | 0.6% |
| AVGO | 1.1% | 1.5% | 0.4% |
| GOOG | 1.0% | 1.4% | 0.4% |
| CASH | 1.8% | 1.0% | 0.9% |
| MU | 0.8% | 1.1% | 0.3% |
Where VFORX and VTWAX 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 | VTWAX | Δ |
|---|---|---|---|
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Information Technology | 21.6% | 30.1% | −8.4pp |
| Unclassified | 9.7% | 3.8% | +5.9pp |
| MBS Pass-Through | 3.7% | 0.0% | +3.7pp |
| Corporate — industrial & other | 2.8% | 0.0% | +2.8pp |
| Industrials | 8.7% | 11.5% | −2.8pp |
| Consumer Discretionary | 6.3% | 8.6% | −2.4pp |
| Financials | 12.7% | 14.9% | −2.2pp |
Δ is VFORX minus VTWAX, 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
25.8% of VFORX by weight, held in no part of VTWAX.
0.6% of VTWAX 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 | VTWAX | |
|---|---|---|
| Top 10 holdings | 23.9% | 20.5% |
| Positions held | 6 | 9,600 |
| Cost per $10,000 held, per year | $8 | $9 |
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 VTWAX overlap?
VFORX and VTWAX overlap 72.8% by portfolio weight — substantial duplication if you hold both. They share 9,494 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, VTWAX as of 2026-06-30).
How is the overlap between VFORX and VTWAX 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 VTWAX 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 VTWAX?
That depends on your goals — we state facts, not advice. At 72.8% overlap, most of what one fund holds, the other holds too. Expense ratios: VFORX 0.08% versus VTWAX 0.09%.
What does VFORX own that VTWAX doesn't?
VFORX holds 6 positions and VTWAX holds 9,600; 7,188 of VFORX's positions don't appear in VTWAX at all, and they are 25.8% 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, VTWAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.