VNQ vs VXF: 5% overlap
Vanguard Real Estate ETF and Vanguard Extended Market ETF share 5.4% 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
VNQ and VXF hold 110 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VNQ | in VXF | Δ |
|---|---|---|---|
| CASH | 0.6% | 3.8% | 3.2% |
| WPC | 0.8% | 0.2% | 0.7% |
| JLL | 0.8% | 0.2% | 0.6% |
| OHI | 0.7% | 0.2% | 0.6% |
| SUI | 0.8% | 0.2% | 0.6% |
| LAMR | 0.7% | 0.2% | 0.6% |
| GLPI | 0.6% | 0.1% | 0.5% |
| ELS | 0.6% | 0.1% | 0.5% |
| EGP | 0.6% | 0.1% | 0.5% |
| AMH | 0.6% | 0.1% | 0.4% |
Where VNQ and VXF 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 | VXF | Δ |
|---|---|---|---|
| Real Estate | 84.0% | 4.8% | +79.2pp |
| Industrials | 0.0% | 19.8% | −19.8pp |
| Information Technology | 0.0% | 17.6% | −17.6pp |
| Unclassified | 14.7% | 1.0% | +13.7pp |
| Financials | 0.3% | 13.9% | −13.6pp |
| Health Care | 0.0% | 13.2% | −13.2pp |
| Consumer Discretionary | 0.2% | 8.8% | −8.5pp |
| Communication Services | 0.0% | 4.5% | −4.5pp |
Δ is VNQ minus VXF, 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
77.0% of VNQ by weight, held in no part of VXF.
91.4% of VXF 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 | VXF | |
|---|---|---|
| Top 10 holdings | 54.1% | 10.6% |
| Positions held | 145 | 3,327 |
| Cost per $10,000 held, per year | $13 | $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 VNQ and VXF overlap?
VNQ and VXF overlap 5.4% by portfolio weight — largely distinct portfolios. They share 110 holdings. The figure comes from current issuer holdings files (VNQ as of 2026-06-30, VXF as of 2026-06-30).
How is the overlap between VNQ and VXF 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 VXF 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 VXF?
That depends on your goals — we state facts, not advice. At 5.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VNQ own that VXF doesn't?
VNQ holds 145 positions and VXF holds 3,327; 35 of VNQ's positions don't appear in VXF at all, and they are 77.0% 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, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.