VTWAX vs VXF: 8% overlap
Vanguard Total World Stock Index Admiral and Vanguard Extended Market ETF share 8.1% 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
VTWAX and VXF hold 1,086 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTWAX | in VXF | Δ |
|---|---|---|---|
| CASH | 1.0% | 3.8% | 2.8% |
| CFR | 0.1% | 0.1% | 0.0% |
| ALV | 0.2% | 0.1% | 0.1% |
| SPCX | 0.1% | 1.1% | 1.1% |
| SNOW | 0.1% | 1.0% | 0.9% |
| BE | 0.1% | 0.9% | 0.8% |
| NET | 0.1% | 0.9% | 0.8% |
| ALAB | 0.1% | 0.7% | 0.7% |
| AIR | 0.1% | 0.1% | 0.1% |
| MC | 0.1% | 0.1% | 0.1% |
Where VTWAX and VXF 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 | VTWAX | VXF | Δ |
|---|---|---|---|
| Information Technology | 30.1% | 17.6% | +12.5pp |
| Industrials | 11.5% | 19.8% | −8.4pp |
| Health Care | 7.7% | 13.2% | −5.5pp |
| Cash and/or Derivatives | 1.0% | 3.8% | −2.8pp |
| Unclassified | 3.8% | 1.0% | +2.7pp |
| Real Estate | 2.1% | 4.8% | −2.7pp |
| Communication Services | 7.0% | 4.5% | +2.5pp |
| Consumer Staples | 4.6% | 2.7% | +1.9pp |
Δ is VTWAX minus VXF, 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
91.0% of VTWAX by weight, held in no part of VXF.
14.4% of VXF by weight, held in no part of VTWAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTWAX | VXF | |
|---|---|---|
| Top 10 holdings | 20.5% | 10.6% |
| Positions held | 9,600 | 3,327 |
| Cost per $10,000 held, per year | $9 | $5 |
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 VTWAX and VXF overlap?
VTWAX and VXF overlap 8.1% by portfolio weight — largely distinct portfolios. They share 1,086 holdings. The figure comes from current issuer holdings files (VTWAX as of 2026-06-30, VXF as of 2026-06-30).
How is the overlap between VTWAX and VXF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTWAX holds a stock at 6% and VXF 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 VTWAX and VXF?
That depends on your goals — we state facts, not advice. At 8.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VTWAX own that VXF doesn't?
VTWAX holds 9,600 positions and VXF holds 3,327; 8,514 of VTWAX's positions don't appear in VXF at all, and they are 91.0% of VTWAX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VTWAX as of 2026-06-30, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.