VIG vs VSMAX: 7% overlap
Vanguard Dividend Appreciation ETF and Vanguard Small-Cap Index Admiral share 6.7% 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 VSMAX hold 161 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VIG | in VSMAX | Δ |
|---|---|---|---|
| CASH | 0.6% | 1.7% | 1.1% |
| STLD | 0.1% | 0.2% | 0.1% |
| CASY | 0.1% | 0.4% | 0.2% |
| ATO | 0.1% | 0.3% | 0.2% |
| HUBB | 0.1% | 0.2% | 0.0% |
| WSM | 0.1% | 0.3% | 0.2% |
| TPL | 0.1% | 0.2% | 0.0% |
| NI | 0.1% | 0.1% | 0.0% |
| CHRW | 0.1% | 0.3% | 0.2% |
| RBA | 0.1% | 0.3% | 0.2% |
Where VIG 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 | VIG | VSMAX | Δ |
|---|---|---|---|
| Information Technology | 26.3% | 16.1% | +10.2pp |
| Industrials | 12.2% | 21.0% | −8.8pp |
| Financials | 20.2% | 12.7% | +7.5pp |
| Real Estate | 0.0% | 7.1% | −7.1pp |
| Consumer Staples | 9.3% | 3.5% | +5.8pp |
| Health Care | 17.7% | 11.9% | +5.8pp |
| Consumer Discretionary | 4.3% | 9.9% | −5.6pp |
| Communication Services | 0.0% | 3.0% | −3.0pp |
Δ is VIG 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
93.3% of VIG by weight, held in no part of VSMAX.
82.6% of VSMAX 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 | VSMAX | |
|---|---|---|
| Top 10 holdings | 31.9% | 5.6% |
| Positions held | 333 | 1,308 |
| Cost per $10,000 held, per year | $4 | $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 VIG and VSMAX overlap?
VIG and VSMAX overlap 6.7% by portfolio weight — largely distinct portfolios. They share 161 holdings. The figure comes from current issuer holdings files (VIG as of 2026-06-30, VSMAX as of 2026-06-30).
How is the overlap between VIG and VSMAX 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 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 VIG and VSMAX?
That depends on your goals — we state facts, not advice. At 6.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VIG own that VSMAX doesn't?
VIG holds 333 positions and VSMAX holds 1,308; 172 of VIG's positions don't appear in VSMAX at all, and they are 93.3% of VIG by weight.
You probably hold more than two funds
This page compares VIG and VSMAX. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch VIG vs VSMAX
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, VIG as of 2026-06-30, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.