VTI vs VWO: 1% overlap
Vanguard Total Stock Market ETF and Vanguard FTSE Emerging Markets ETF share 0.9% 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
VTI and VWO hold 41 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTI | in VWO | Δ |
|---|---|---|---|
| CASH | 0.6% | 4.2% | 3.5% |
| HAL | 0.0% | 0.1% | 0.0% |
| MOH | 0.0% | 0.0% | 0.0% |
| TEL | 0.1% | 0.0% | 0.1% |
| EL | 0.0% | 0.0% | 0.0% |
| TRU | 0.0% | 0.0% | 0.0% |
| OUT | 0.0% | 0.0% | 0.0% |
| MTH | 0.0% | 0.0% | 0.0% |
| CCL | 0.0% | 0.0% | 0.0% |
| ECL | 0.1% | 0.0% | 0.1% |
Where VTI and VWO 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 | VTI | VWO | Δ |
|---|---|---|---|
| Unclassified | 0.2% | 9.3% | −9.1pp |
| Health Care | 9.5% | 2.8% | +6.7pp |
| Financials | 11.9% | 17.2% | −5.3pp |
| Industrials | 10.4% | 5.9% | +4.5pp |
| Information Technology | 35.2% | 31.6% | +3.7pp |
| Materials | 2.0% | 5.7% | −3.6pp |
| Communication Services | 9.1% | 5.4% | +3.6pp |
| Cash and/or Derivatives | 0.6% | 4.2% | −3.5pp |
Δ is VTI minus VWO, 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
98.7% of VTI by weight, held in no part of VWO.
94.9% of VWO by weight, held in no part of VTI.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTI | VWO | |
|---|---|---|
| Top 10 holdings | 31.9% | 30.3% |
| Positions held | 3,495 | 5,003 |
| Cost per $10,000 held, per year | $3 | $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 VTI and VWO overlap?
VTI and VWO overlap 0.9% by portfolio weight — largely distinct portfolios. They share 41 holdings. The figure comes from current issuer holdings files (VTI as of 2026-06-30, VWO as of 2026-06-30).
How is the overlap between VTI and VWO calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTI holds a stock at 6% and VWO 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 VTI and VWO?
That depends on your goals — we state facts, not advice. At 0.9% overlap, each fund still contributes meaningfully distinct exposure.
What does VTI own that VWO doesn't?
VTI holds 3,495 positions and VWO holds 5,003; 3,454 of VTI's positions don't appear in VWO at all, and they are 98.7% of VTI by weight.
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Related comparisons
Sources: issuer holdings files, VTI as of 2026-06-30, VWO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.