VNQ vs VTWAX: 2% overlap
Vanguard Real Estate ETF and Vanguard Total World Stock Index Admiral share 2.0% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VNQ and VTWAX hold 103 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VNQ | in VTWAX | Δ |
|---|---|---|---|
| CASH | 0.6% | 1.0% | 0.3% |
| WELL | 8.4% | 0.1% | 8.3% |
| PLD | 6.7% | 0.1% | 6.6% |
| EQIX | 5.5% | 0.1% | 5.4% |
| AMT | 4.0% | 0.1% | 4.0% |
| SPG | 3.9% | 0.1% | 3.8% |
| DLR | 3.3% | 0.1% | 3.2% |
| O | 3.0% | 0.0% | 3.0% |
| PSA | 2.7% | 0.0% | 2.6% |
| VTR | 2.2% | 0.0% | 2.2% |
Where VNQ 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 | VNQ | VTWAX | Δ |
|---|---|---|---|
| Real Estate | 84.0% | 2.1% | +81.9pp |
| Information Technology | 0.0% | 30.1% | −30.1pp |
| Financials | 0.3% | 14.9% | −14.6pp |
| Industrials | 0.0% | 11.5% | −11.4pp |
| Unclassified | 14.7% | 3.8% | +10.9pp |
| Consumer Discretionary | 0.2% | 8.6% | −8.4pp |
| Health Care | 0.0% | 7.7% | −7.7pp |
| Communication Services | 0.0% | 7.0% | −7.0pp |
Δ is VNQ 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
16.5% of VNQ by weight, held in no part of VTWAX.
97.7% of VTWAX by weight, held in no part of VNQ.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VNQ | VTWAX | |
|---|---|---|
| Top 10 holdings | 54.1% | 20.5% |
| Positions held | 145 | 9,600 |
| Cost per $10,000 held, per year | $13 | $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 VNQ and VTWAX overlap?
VNQ and VTWAX overlap 2.0% by portfolio weight — largely distinct portfolios. They share 103 holdings. The figure comes from current issuer holdings files (VNQ as of 2026-06-30, VTWAX as of 2026-06-30).
How is the overlap between VNQ and VTWAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VNQ 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 VNQ and VTWAX?
That depends on your goals — we state facts, not advice. At 2.0% overlap, each fund still contributes meaningfully distinct exposure.
What does VNQ own that VTWAX doesn't?
VNQ holds 145 positions and VTWAX holds 9,600; 42 of VNQ's positions don't appear in VTWAX at all, and they are 16.5% of VNQ by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VNQ as of 2026-06-30, VTWAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.