VSMAX vs VT: 9% overlap
Vanguard Small-Cap Index Admiral and Vanguard Total World Stock ETF share 8.8% 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
VSMAX and VT hold 1,092 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VSMAX | in VT | Δ |
|---|---|---|---|
| CASH | 1.7% | 1.0% | 0.8% |
| CFR | 0.1% | 0.1% | 0.0% |
| AIR | 0.1% | 0.1% | 0.1% |
| ALAB | 0.4% | 0.1% | 0.4% |
| MC | 0.1% | 0.1% | 0.1% |
| FLEX | 0.4% | 0.1% | 0.3% |
| AAL | 0.1% | 0.0% | 0.1% |
| TSCO | 0.1% | 0.0% | 0.1% |
| CSL | 0.2% | 0.0% | 0.1% |
| CNR | 0.0% | 0.1% | 0.0% |
Where VSMAX and VT 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 | VSMAX | VT | Δ |
|---|---|---|---|
| Information Technology | 16.1% | 30.1% | −14.0pp |
| Industrials | 21.0% | 11.5% | +9.5pp |
| Real Estate | 7.1% | 2.1% | +5.0pp |
| Health Care | 11.9% | 7.7% | +4.2pp |
| Communication Services | 3.0% | 7.0% | −4.0pp |
| Unclassified | 0.6% | 3.8% | −3.2pp |
| Financials | 12.7% | 14.9% | −2.1pp |
| Materials | 5.3% | 3.3% | +2.0pp |
Δ is VSMAX minus VT, 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
4.4% of VSMAX by weight, held in no part of VT.
90.9% of VT by weight, held in no part of VSMAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VSMAX | VT | |
|---|---|---|
| Top 10 holdings | 5.6% | 20.5% |
| Positions held | 1,308 | 9,600 |
| Cost per $10,000 held, per year | $5 | $6 |
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 VSMAX and VT overlap?
VSMAX and VT overlap 8.8% by portfolio weight — largely distinct portfolios. They share 1,092 holdings. The figure comes from current issuer holdings files (VSMAX as of 2026-06-30, VT as of 2026-06-30).
How is the overlap between VSMAX and VT calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VSMAX holds a stock at 6% and VT 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 VSMAX and VT?
That depends on your goals — we state facts, not advice. At 8.8% overlap, each fund still contributes meaningfully distinct exposure.
What does VSMAX own that VT doesn't?
VSMAX holds 1,308 positions and VT holds 9,600; 216 of VSMAX's positions don't appear in VT at all, and they are 4.4% of VSMAX by weight.
You probably hold more than two funds
This page compares VSMAX and VT. 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 VSMAX vs VT
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, VSMAX as of 2026-06-30, VT as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.