VOOG vs VSMAX: 1% overlap
Vanguard S&P 500 Growth ETF and Vanguard Small-Cap Index Admiral share 1.1% 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
VOOG and VSMAX hold 16 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VOOG | in VSMAX | Δ |
|---|---|---|---|
| CASH | 0.2% | 1.7% | 1.5% |
| FLEX | 0.2% | 0.4% | 0.2% |
| EME | 0.1% | 0.4% | 0.3% |
| TPR | 0.1% | 0.4% | 0.3% |
| CASY | 0.1% | 0.4% | 0.3% |
| FSLR | 0.1% | 0.1% | 0.1% |
| JBL | 0.1% | 0.5% | 0.4% |
| NRG | 0.1% | 0.4% | 0.3% |
| INCY | 0.1% | 0.2% | 0.2% |
| RL | 0.0% | 0.2% | 0.1% |
Where VOOG 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 | VOOG | VSMAX | Δ |
|---|---|---|---|
| Information Technology | 52.2% | 16.1% | +36.1pp |
| Industrials | 6.9% | 21.0% | −14.1pp |
| Communication Services | 15.2% | 3.0% | +12.2pp |
| Real Estate | 0.6% | 7.1% | −6.5pp |
| Health Care | 6.2% | 11.9% | −5.8pp |
| Materials | 0.3% | 5.3% | −5.0pp |
| Financials | 8.5% | 12.7% | −4.2pp |
| Energy | 0.0% | 3.7% | −3.7pp |
Δ is VOOG 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
98.9% of VOOG by weight, held in no part of VSMAX.
94.7% of VSMAX by weight, held in no part of VOOG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VOOG | VSMAX | |
|---|---|---|
| Top 10 holdings | 56.4% | 5.6% |
| Positions held | 148 | 1,308 |
| Cost per $10,000 held, per year | $7 | $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 VOOG and VSMAX overlap?
VOOG and VSMAX overlap 1.1% by portfolio weight — largely distinct portfolios. They share 16 holdings. The figure comes from current issuer holdings files (VOOG as of 2026-06-30, VSMAX as of 2026-06-30).
How is the overlap between VOOG and VSMAX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VOOG 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 VOOG and VSMAX?
That depends on your goals — we state facts, not advice. At 1.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VOOG own that VSMAX doesn't?
VOOG holds 148 positions and VSMAX holds 1,308; 132 of VOOG's positions don't appear in VSMAX at all, and they are 98.9% of VOOG by weight.
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Related comparisons
Sources: issuer holdings files, VOOG as of 2026-06-30, VSMAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.