THE DIVERSIFICATION ILLUSION — FREE TOOL

You think you own three funds. You actually own Apple five times.

A dozen ETFs can be one bet in a trench coat. Meshfolio x-rays your funds down to the individual share and shows what you truly hold — the overlap, the concentration, and a plain-letter grade for how diversified you really are.

YOUR PORTFOLIO
Enter tickers and allocation — start typing to see supported funds.
 
 
TOTAL — 100% ✓

Why this exists

Most overlap checkers only tell you two funds share a name-brand index. They don’t weight it by how much of your money is actually in each fund, don’t handle more than a couple of tickers gracefully, and don’t answer the question people actually ask on r/Bogleheads and r/personalfinance: “if I hold all of these, what am I really exposed to?”

Meshfolio does the look-through math directly — real fund holdings, aggregated by your actual allocation, graded with a standard concentration measure (Herfindahl / effective number of positions) instead of a vibe.

See exactly where this data comes from and how fresh it is →

ETF overlap & portfolio look-through — FAQ

What is ETF overlap?

ETF overlap is the degree to which two funds hold the same underlying stocks. Two funds that look different — say an S&P 500 fund and a total-market fund — can share 80–99% of their holdings, so owning both adds cost without adding diversification. Meshfolio measures the overlap between every pair of funds you hold.

How do I see what my ETFs actually hold?

Enter your funds and their weights into Meshfolio. It flattens every ETF down to its individual stocks, weights them by how much of your portfolio each fund is, and aggregates the result — so you see the true single-stock exposure across your whole portfolio, not just fund names.

Do VOO, VTI and QQQ overlap?

A lot. VOO (S&P 500) is almost entirely contained inside VTI (total US market), and most of QQQ (Nasdaq-100) also sits inside both. Held together they're mostly the same few dozen mega-cap stocks. Meshfolio shows the exact overlap percentages and the combined single-stock exposure.

How does Meshfolio grade diversification?

It computes the Herfindahl-Hirschman index over your look-through holdings and reports the 'effective number of positions' (1 / HHI) — how many equal-sized bets your portfolio really behaves like — then maps that to an A–F grade. It also shows your top-10 concentration and Magnificent-Seven weight.

Where does the holdings data come from and is it free?

Holdings are read directly from each fund issuer's own published pages (Vanguard, iShares, Invesco, Fidelity, SSGA, VanEck, J.P. Morgan). The core analysis — grade, overlap, top holdings, theme breakdown — is completely free with no signup.

Meshfolio
Illustrative holdings, sourced from issuer filings · Not investment advice.