VIG vs VO: 14% overlap
Vanguard Dividend Appreciation ETF and Vanguard Mid-Cap ETF share 13.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
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
VIG and VO hold 79 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VIG | in VO | Δ |
|---|---|---|---|
| CASH | 0.6% | 0.5% | 0.1% |
| CMI | 0.4% | 1.0% | 0.5% |
| AEP | 0.3% | 0.4% | 0.0% |
| AON | 0.3% | 0.3% | 0.0% |
| TRV | 0.3% | 0.3% | 0.0% |
| FIX | 0.3% | 0.7% | 0.4% |
| MSI | 0.3% | 0.7% | 0.4% |
| PSX | 0.3% | 0.7% | 0.4% |
| APD | 0.3% | 0.3% | 0.0% |
| ALL | 0.3% | 0.6% | 0.3% |
Where VIG 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 | VIG | VO | Δ |
|---|---|---|---|
| Information Technology | 26.3% | 16.1% | +10.2pp |
| Health Care | 17.7% | 7.8% | +9.9pp |
| Industrials | 12.2% | 19.6% | −7.4pp |
| Financials | 20.2% | 14.0% | +6.2pp |
| Utilities | 3.0% | 8.4% | −5.3pp |
| Real Estate | 0.0% | 5.1% | −5.1pp |
| Consumer Discretionary | 4.3% | 8.9% | −4.6pp |
| Consumer Staples | 9.3% | 4.9% | +4.5pp |
Δ is VIG 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
86.1% of VIG by weight, held in no part of VO.
72.9% of VO by weight, held in no part of VIG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VIG | VO | |
|---|---|---|
| Top 10 holdings | 31.9% | 9.5% |
| Positions held | 333 | 283 |
| Cost per $10,000 held, per year | $4 | $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 VIG and VO overlap?
VIG and VO overlap 13.8% by portfolio weight — largely distinct portfolios. They share 79 holdings. The figure comes from current issuer holdings files (VIG as of 2026-06-30, VO as of 2026-06-30).
How is the overlap between VIG and VO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VIG 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 VIG and VO?
That depends on your goals — we state facts, not advice. At 13.8% overlap, each fund still contributes meaningfully distinct exposure.
What does VIG own that VO doesn't?
VIG holds 333 positions and VO holds 283; 254 of VIG's positions don't appear in VO at all, and they are 86.1% of VIG by weight.
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Related comparisons
Sources: issuer holdings files, VIG as of 2026-06-30, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.