VSMAX vs VTSAX: 13% overlap
Vanguard Small-Cap Index Admiral and Vanguard Total Stock Market Index Admiral share 12.5% 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 VTSAX hold 1,306 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VSMAX | in VTSAX | Δ |
|---|---|---|---|
| CASH | 1.7% | 0.6% | 1.1% |
| ALAB | 0.4% | 0.1% | 0.3% |
| FLEX | 0.4% | 0.1% | 0.3% |
| CRDO | 0.5% | 0.1% | 0.5% |
| JBL | 0.5% | 0.1% | 0.4% |
| RVMD | 0.5% | 0.1% | 0.4% |
| NTRA | 0.4% | 0.1% | 0.4% |
| EME | 0.4% | 0.1% | 0.4% |
| Q | 0.2% | 0.0% | 0.2% |
| EQT | 0.2% | 0.0% | 0.2% |
Where VSMAX and VTSAX 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 | VTSAX | Δ |
|---|---|---|---|
| Information Technology | 16.1% | 35.2% | −19.1pp |
| Industrials | 21.0% | 10.4% | +10.6pp |
| Communication Services | 3.0% | 9.1% | −6.0pp |
| Real Estate | 7.1% | 2.2% | +4.9pp |
| Materials | 5.3% | 2.0% | +3.3pp |
| Health Care | 11.9% | 9.5% | +2.4pp |
| Utilities | 3.3% | 2.2% | +1.2pp |
| Cash and/or Derivatives | 1.7% | 0.6% | +1.1pp |
Δ is VSMAX minus VTSAX, 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
0.0% of VSMAX by weight, held in no part of VTSAX.
87.5% of VTSAX 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 | VTSAX | |
|---|---|---|
| Top 10 holdings | 5.6% | 31.9% |
| Positions held | 1,308 | 3,495 |
| Cost per $10,000 held, per year | $5 | $4 |
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 VTSAX overlap?
VSMAX and VTSAX overlap 12.5% by portfolio weight — largely distinct portfolios. They share 1,306 holdings. The figure comes from current issuer holdings files (VSMAX as of 2026-06-30, VTSAX as of 2026-06-30).
How is the overlap between VSMAX and VTSAX 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 VTSAX 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 VTSAX?
That depends on your goals — we state facts, not advice. At 12.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VSMAX own that VTSAX doesn't?
VSMAX holds 1,308 positions and VTSAX holds 3,495; 2 of VSMAX's positions don't appear in VTSAX at all, and they are 0.0% of VSMAX by weight.
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Related comparisons
Sources: issuer holdings files, VSMAX as of 2026-06-30, VTSAX as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.