ETF overlap measures how much of two funds' money goes to the same stocks. The calculator adds up the smaller of the two weights for every stock both ETFs hold, so 100% means the same stocks at the same weights and 0% means no stocks in common.

How do I check ETF overlap?

Enter two to five ETF tickers and press Compare. The calculator lists the stocks they share, each fund's weight in them, the overlap by weight and how many holdings the funds have in common.

How much ETF overlap is too much?

There is no fixed cutoff. A high overlap means the funds hold many of the same stocks at similar weights, so owning both adds little diversification. Whether that matters depends on what each fund is for in your portfolio.

Not always. Broad funds overlap by design, and some investors pair a core fund with a narrower one on purpose. Overlap becomes a concern when it puts more of your money in a few stocks than you meant to hold.

Can I compare more than two ETFs?

Yes. Add up to five funds to compare ETF overlap across all of them. The results show the overlap for every pair, the stocks two or more of them own and your combined exposure to each of those stocks.

Does the overlap calculator work with mutual funds?

Yes, for the few mutual funds GNG has holdings for, such as VTSAX, FXAIX and VVIAX. For an index mutual fund GNG does not cover, enter an ETF that tracks the same index, such as VOO for an S&P 500 fund.

ETF overlap tool

ETF Overlap Calculator

This free ETF overlap calculator shows how much two to five ETFs overlap: the stocks they share, the overlap by weight and your combined exposure to each of those stocks. Overlapping ETFs hold many of the same stocks, so owning both adds less diversification than it seems.

Free to use. No account or sign-up needed.

Funds to compare

Results

Loading VOO and QQQ holdings.

Measuring ETF overlap

Overlap by weight is the share of two funds' money that sits in the same stocks. For every stock both ETFs hold, the calculator takes the smaller of its two weights and adds them up. A stock that is 5% of one fund and 3% of the other adds 3%, so two funds with the same stocks at the same weights overlap 100% and two with no stocks in common overlap 0%.

Each ETF overlap comparison also counts the shared holdings and shows how much of each fund sits in stocks the other fund owns. Those two figures differ when one fund is much broader. Nearly all of a narrow fund can sit inside a broad index fund, while the same stocks make up only a small part of the broad fund.

Each fund's weights come from its latest holdings in GNG's data, with stocks matched by ticker across funds, including share classes such as BRK.B. Short positions and cash are left out, and the results show each fund's coverage and holdings date.

Combined stock exposure

Enter how much you hold, or plan to put, in each fund to see your combined exposure to each stock two or more of your funds hold. The calculator multiplies a stock's weight in each fund by the amount in that fund and adds the results, so a stock held by three of your funds shows its full combined weight.

With two funds, the shared holdings table shows both weights, the overlap and your combined weight for each stock. With three to five funds, it shows your combined weight and how many of your funds hold each stock, and a grid shows the overlap for every pair.

The share of your money in stocks that two or more of your funds own is a quick measure of portfolio overlap, or duplicated exposure. Each fund starts at $10,000, so change the amounts to see how a different split changes the result.

When overlap matters

There is no fixed level of overlap that is too much. A high overlap means the funds hold many of the same stocks at similar weights, so they tend to move together and the second fund adds little diversification, though you still pay its fees.

Some overlap is expected. Index funds overlap heavily when they track similar markets, such as an S&P 500 fund and a total market fund. Overlap matters most when it puts more of your money, and more of your risk, in a few large stocks than you meant to hold.

A worked example

Take SCHD and VYM, two dividend ETFs that are often compared. Pick SCHD vs VYM overlap above, or enter both tickers, and the results show how many of SCHD's stocks VYM also holds and how much the two funds overlap by weight.

The shared holdings table shows the stock overlap, largest first, with each fund's weight and the overlap for each stock. With $10,000 in each fund, the Combined column shows your combined weight in each shared stock at a 50/50 split.

Because VYM holds several hundred more stocks than SCHD, a much larger part of SCHD sits in stocks VYM owns than the other way around.

ETF overlap FAQ

What is ETF overlap?: ETF overlap measures how much of two funds' money goes to the same stocks. The calculator adds up the smaller of the two weights for every stock both ETFs hold, so 100% means the same stocks at the same weights and 0% means no stocks in common.
How do I check ETF overlap?: Enter two to five ETF tickers and press Compare. The calculator lists the stocks they share, each fund's weight in them, the overlap by weight and how many holdings the funds have in common.
How much ETF overlap is too much?: There is no fixed cutoff. A high overlap means the funds hold many of the same stocks at similar weights, so owning both adds little diversification. Whether that matters depends on what each fund is for in your portfolio.
Is ETF overlap bad?: Not always. Broad funds overlap by design, and some investors pair a core fund with a narrower one on purpose. Overlap becomes a concern when it puts more of your money in a few stocks than you meant to hold.
Can I compare more than two ETFs?: Yes. Add up to five funds to compare ETF overlap across all of them. The results show the overlap for every pair, the stocks two or more of them own and your combined exposure to each of those stocks.
Does the overlap calculator work with mutual funds?: Yes, for the few mutual funds GNG has holdings for, such as VTSAX, FXAIX and VVIAX. For an index mutual fund GNG does not cover, enter an ETF that tracks the same index, such as VOO for an S&P 500 fund.

Track the ETFs and stocks you own, and the dividends they pay, with a free GNG account.

This calculator is for education and is not investment advice. It uses the latest holdings GNG has for each fund, which can lag the fund and may not list every position. Dollar figures split the amounts you enter by each fund's weights, leave out short positions and cash, and are estimates, not your account. Read our disclosures.