VSMAX vs VTIAX: 3% overlap
Vanguard Small-Cap Index Admiral and Vanguard Total International Stock Index Admiral share 3.4% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VSMAX and VTIAX hold 118 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VSMAX | in VTIAX | Δ |
|---|---|---|---|
| CASH | 1.7% | 2.4% | 0.7% |
| AAL | 0.1% | 0.1% | 0.0% |
| CFR | 0.1% | 0.3% | 0.2% |
| CSL | 0.2% | 0.1% | 0.1% |
| TSCO | 0.1% | 0.1% | 0.0% |
| ORA | 0.1% | 0.1% | 0.0% |
| NXT | 0.2% | 0.1% | 0.1% |
| AIR | 0.1% | 0.3% | 0.2% |
| MC | 0.1% | 0.3% | 0.2% |
| G | 0.1% | 0.1% | 0.0% |
Where VSMAX and VTIAX 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 | VTIAX | Δ |
|---|---|---|---|
| Unclassified | 0.6% | 9.1% | −8.6pp |
| Industrials | 21.0% | 13.8% | +7.2pp |
| Financials | 12.7% | 19.7% | −6.9pp |
| Health Care | 11.9% | 5.3% | +6.6pp |
| Real Estate | 7.1% | 1.9% | +5.2pp |
| Information Technology | 16.1% | 20.9% | −4.8pp |
| Consumer Discretionary | 9.9% | 7.5% | +2.5pp |
| Consumer Staples | 3.5% | 4.9% | −1.3pp |
Δ is VSMAX minus VTIAX, 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
89.6% of VSMAX by weight, held in no part of VTIAX.
94.6% of VTIAX 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 | VTIAX | |
|---|---|---|
| Top 10 holdings | 5.6% | 16.3% |
| Positions held | 1,308 | 8,453 |
| Cost per $10,000 held, per year | $5 | $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 VSMAX and VTIAX overlap?
VSMAX and VTIAX overlap 3.4% by portfolio weight — largely distinct portfolios. They share 118 holdings. The figure comes from current issuer holdings files (VSMAX as of 2026-06-30, VTIAX as of 2026-06-30).
How is the overlap between VSMAX and VTIAX 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 VTIAX 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 VTIAX?
That depends on your goals — we state facts, not advice. At 3.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VSMAX own that VTIAX doesn't?
VSMAX holds 1,308 positions and VTIAX holds 8,453; 1,190 of VSMAX's positions don't appear in VTIAX at all, and they are 89.6% of VSMAX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VSMAX as of 2026-06-30, VTIAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.