VTV vs VTWNX: 9% overlap
Vanguard Value ETF and Vanguard Target Retirement 2020 share 8.6% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 3 months apart — VTWNX as of 2026-03-31, the rest through 2026-06-30. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
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
VTV and VTWNX hold 309 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTV | in VTWNX | Δ |
|---|---|---|---|
| CASH | 0.4% | 1.7% | 1.2% |
| MU | 4.9% | 0.4% | 4.5% |
| BRK-B | 2.9% | 0.2% | 2.7% |
| JPM | 3.1% | 0.2% | 2.8% |
| JNJ | 2.3% | 0.2% | 2.1% |
| XOM | 2.1% | 0.2% | 2.0% |
| INTC | 1.1% | 0.2% | 0.9% |
| WMT | 1.9% | 0.1% | 1.7% |
| CAT | 1.8% | 0.1% | 1.7% |
| ABBV | 1.7% | 0.1% | 1.5% |
Where VTV and VTWNX 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 | VTV | VTWNX | Δ |
|---|---|---|---|
| Unclassified | 0.5% | 29.8% | −29.2pp |
| Treasuries | 0.0% | 17.1% | −17.1pp |
| Financials | 22.1% | 8.2% | +13.9pp |
| Health Care | 15.1% | 2.7% | +12.5pp |
| Industrials | 15.0% | 4.0% | +11.0pp |
| MBS Pass-Through | 0.0% | 7.2% | −7.2pp |
| Consumer Staples | 8.7% | 1.6% | +7.2pp |
| Energy | 6.8% | 1.1% | +5.7pp |
Δ is VTV minus VTWNX, 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 VTV by weight, held in no part of VTWNX.
90.1% of VTWNX by weight, held in no part of VTV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTV | VTWNX | |
|---|---|---|
| Top 10 holdings | 23.6% | 44.9% |
| Positions held | 309 | 7 |
| Cost per $10,000 held, per year | $3 | $8 |
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 VTV and VTWNX overlap?
VTV and VTWNX overlap 8.6% by portfolio weight — largely distinct portfolios. They share 309 holdings. The figure comes from current issuer holdings files (VTV as of 2026-06-30, VTWNX as of 2026-03-31).
How is the overlap between VTV and VTWNX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTV holds a stock at 6% and VTWNX 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 VTV and VTWNX?
That depends on your goals — we state facts, not advice. At 8.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VTV own that VTWNX doesn't?
VTV holds 309 positions and VTWNX holds 7; 0 of VTV's positions don't appear in VTWNX at all, and they are 0.0% of VTV by weight.
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Related comparisons
Sources: issuer holdings files, VTV as of 2026-06-30, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.