VWO vs VXF: 4% overlap
Vanguard FTSE Emerging Markets ETF and Vanguard Extended Market ETF share 4.2% 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
VWO and VXF hold 33 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VWO | in VXF | Δ |
|---|---|---|---|
| CASH | 4.2% | 3.8% | 0.4% |
| SLM | 0.1% | 0.1% | 0.0% |
| MTN | 0.2% | 0.1% | 0.1% |
| VAL | 0.1% | 0.1% | 0.1% |
| ABG | 0.1% | 0.0% | 0.0% |
| OUT | 0.0% | 0.1% | 0.0% |
| HTO | 0.0% | 0.0% | 0.0% |
| MRP | 0.0% | 0.1% | 0.0% |
| MOH | 0.0% | 0.1% | 0.1% |
| PPC | 0.1% | 0.0% | 0.1% |
Where VWO 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 | VWO | VXF | Δ |
|---|---|---|---|
| Industrials | 5.9% | 19.8% | −14.0pp |
| Information Technology | 31.6% | 17.6% | +13.9pp |
| Health Care | 2.8% | 13.2% | −10.3pp |
| Unclassified | 9.3% | 1.0% | +8.3pp |
| Financials | 17.2% | 13.9% | +3.3pp |
| Real Estate | 1.6% | 4.8% | −3.2pp |
| Materials | 5.7% | 4.1% | +1.6pp |
| Communication Services | 5.4% | 4.5% | +1.0pp |
Δ is VWO 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
95.0% of VWO by weight, held in no part of VXF.
94.7% of VXF by weight, held in no part of VWO.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VWO | VXF | |
|---|---|---|
| Top 10 holdings | 30.3% | 10.6% |
| Positions held | 5,003 | 3,327 |
| Cost per $10,000 held, per year | $6 | $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 VWO and VXF overlap?
VWO and VXF overlap 4.2% by portfolio weight — largely distinct portfolios. They share 33 holdings. The figure comes from current issuer holdings files (VWO as of 2026-06-30, VXF as of 2026-06-30).
How is the overlap between VWO and VXF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VWO 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 VWO and VXF?
That depends on your goals — we state facts, not advice. At 4.2% overlap, each fund still contributes meaningfully distinct exposure.
What does VWO own that VXF doesn't?
VWO holds 5,003 positions and VXF holds 3,327; 4,970 of VWO's positions don't appear in VXF at all, and they are 95.0% of VWO by weight.
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Related comparisons
Sources: issuer holdings files, VWO as of 2026-06-30, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.