VSMAX vs VTV: 1% overlap
Vanguard Small-Cap Index Admiral and Vanguard Value ETF share 1.2% 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 VTV hold 23 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VSMAX | in VTV | Δ |
|---|---|---|---|
| CASH | 1.7% | 0.4% | 1.3% |
| Q | 0.2% | 0.1% | 0.1% |
| CNC | 0.2% | 0.1% | 0.1% |
| STLD | 0.2% | 0.1% | 0.1% |
| HUBB | 0.2% | 0.1% | 0.1% |
| NI | 0.1% | 0.0% | 0.1% |
| IP | 0.1% | 0.0% | 0.1% |
| LNT | 0.1% | 0.0% | 0.1% |
| DOW | 0.1% | 0.0% | 0.1% |
| IFF | 0.1% | 0.0% | 0.1% |
Where VSMAX and VTV 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 | VTV | Δ |
|---|---|---|---|
| Financials | 12.7% | 22.1% | −9.3pp |
| Industrials | 21.0% | 15.0% | +6.0pp |
| Consumer Discretionary | 9.9% | 3.9% | +6.0pp |
| Consumer Staples | 3.5% | 8.7% | −5.2pp |
| Real Estate | 7.1% | 2.5% | +4.6pp |
| Health Care | 11.9% | 15.1% | −3.2pp |
| Energy | 3.7% | 6.8% | −3.1pp |
| Materials | 5.3% | 3.1% | +2.2pp |
Δ is VSMAX minus VTV, 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
95.6% of VSMAX by weight, held in no part of VTV.
98.8% of VTV 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 | VTV | |
|---|---|---|
| Top 10 holdings | 5.6% | 23.6% |
| Positions held | 1,308 | 309 |
| Cost per $10,000 held, per year | $5 | $3 |
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 VTV overlap?
VSMAX and VTV overlap 1.2% by portfolio weight — largely distinct portfolios. They share 23 holdings. The figure comes from current issuer holdings files (VSMAX as of 2026-06-30, VTV as of 2026-06-30).
How is the overlap between VSMAX and VTV 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 VTV 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 VTV?
That depends on your goals — we state facts, not advice. At 1.2% overlap, each fund still contributes meaningfully distinct exposure.
What does VSMAX own that VTV doesn't?
VSMAX holds 1,308 positions and VTV holds 309; 1,285 of VSMAX's positions don't appear in VTV at all, and they are 95.6% 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, VTV as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.