VFORX vs VWO: 10% overlap
Vanguard Target Retirement 2040 and Vanguard FTSE Emerging Markets ETF share 10.1% 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 VWO hold 5,003 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in VWO | Δ |
|---|---|---|---|
| CASH | 1.8% | 4.2% | 2.3% |
| 2330 | 1.3% | 15.7% | 14.4% |
| 700 | 0.2% | 2.8% | 2.6% |
| 9988 | 0.1% | 1.8% | 1.7% |
| 2454 | 0.1% | 1.6% | 1.5% |
| 2308 | 0.1% | 1.0% | 0.9% |
| 2317 | 0.1% | 0.8% | 0.7% |
| HDFCBANK | 0.1% | 0.8% | 0.7% |
| RELIANCE | 0.1% | 0.8% | 0.7% |
| 939 | 0.1% | 0.7% | 0.7% |
Where VFORX and VWO 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 | VWO | Δ |
|---|---|---|---|
| Information Technology | 21.7% | 31.6% | −9.9pp |
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Financials | 12.7% | 17.2% | −4.5pp |
| MBS Pass-Through | 3.7% | 0.0% | +3.7pp |
| Materials | 2.5% | 5.7% | −3.2pp |
| Health Care | 5.8% | 2.8% | +2.9pp |
| Industrials | 8.7% | 5.9% | +2.8pp |
| Corporate — industrial & other | 2.8% | 0.0% | +2.8pp |
Δ is VFORX minus VWO, 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
88.9% of VFORX by weight, held in no part of VWO.
0.0% of VWO 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 | VWO | |
|---|---|---|
| Top 10 holdings | 23.9% | 30.3% |
| Positions held | 6 | 5,003 |
| Cost per $10,000 held, per year | $8 | $6 |
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 VWO overlap?
VFORX and VWO overlap 10.1% by portfolio weight — largely distinct portfolios. They share 5,003 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, VWO as of 2026-06-30).
How is the overlap between VFORX and VWO 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 VWO 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 VWO?
That depends on your goals — we state facts, not advice. At 10.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VFORX own that VWO doesn't?
VFORX holds 6 positions and VWO holds 5,003; 11,933 of VFORX's positions don't appear in VWO at all, and they are 88.9% 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, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.