VTWNX vs VYM: 7% overlap
Vanguard Target Retirement 2020 and Vanguard High Dividend Yield ETF share 7.5% 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
VTWNX and VYM hold 586 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTWNX | in VYM | Δ |
|---|---|---|---|
| AVGO | 0.5% | 7.3% | 6.8% |
| CASH | 1.7% | 0.5% | 1.2% |
| JPM | 0.2% | 3.4% | 3.2% |
| JNJ | 0.2% | 2.5% | 2.4% |
| XOM | 0.2% | 2.4% | 2.2% |
| CAT | 0.1% | 2.0% | 1.9% |
| ABBV | 0.1% | 1.8% | 1.7% |
| CSCO | 0.1% | 1.9% | 1.8% |
| BAC | 0.1% | 1.6% | 1.5% |
| UNH | 0.1% | 1.6% | 1.5% |
Where VTWNX and VYM 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 | VTWNX | VYM | Δ |
|---|---|---|---|
| Unclassified | 29.8% | 0.0% | +29.7pp |
| Treasuries | 17.1% | 0.0% | +17.1pp |
| Financials | 8.2% | 20.9% | −12.7pp |
| Health Care | 2.7% | 13.1% | −10.4pp |
| Industrials | 4.0% | 13.2% | −9.2pp |
| Energy | 1.1% | 8.5% | −7.4pp |
| MBS Pass-Through | 7.2% | 0.0% | +7.2pp |
| Information Technology | 10.0% | 16.7% | −6.8pp |
Δ is VTWNX minus VYM, 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
91.1% of VTWNX by weight, held in no part of VYM.
0.8% of VYM by weight, held in no part of VTWNX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTWNX | VYM | |
|---|---|---|
| Top 10 holdings | 44.9% | 26.0% |
| Positions held | 7 | 606 |
| Cost per $10,000 held, per year | $8 | $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 VTWNX and VYM overlap?
VTWNX and VYM overlap 7.5% by portfolio weight — largely distinct portfolios. They share 586 holdings. The figure comes from current issuer holdings files (VTWNX as of 2026-03-31, VYM as of 2026-06-30).
How is the overlap between VTWNX and VYM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTWNX holds a stock at 6% and VYM 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 VTWNX and VYM?
That depends on your goals — we state facts, not advice. At 7.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VTWNX own that VYM doesn't?
VTWNX holds 7 positions and VYM holds 606; 16,097 of VTWNX's positions don't appear in VYM at all, and they are 91.1% of VTWNX by weight.
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Related comparisons
Sources: issuer holdings files, VTWNX as of 2026-03-31, VYM as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.