FTEC vs SMH: how much do they really overlap?
FTEC (Fidelity MSCI Information Technology Index ETF, tracking the MSCI US IMI Info Tech 25/50) and SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) overlap by roughly 54% by weight. 7 of FTEC's top 10 holdings also appear in SMH. A 50/50 blend of the two behaves like about 18 equally-weighted bets (diversification grade C). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 12 holdings appear in both FTEC and SMH. The weight columns show how much of each fund each name represents.
| Holding | in FTEC | in SMH |
|---|---|---|
| NVDA NVIDIA Corporation | 16.20% | 18.16% |
| MU Micron Technology, Inc. | 5.19% | 5.99% |
| AVGO Broadcom Inc. | 3.89% | 5.49% |
| AMD Advanced Micro Devices, Inc. | 3.44% | 5.44% |
| INTC Intel Corporation | 2.32% | 5.09% |
| AMAT Applied Materials, Inc. | 2.06% | 5.35% |
| LRCX Lam Research Corporation | 1.97% | 5.00% |
| KLAC KLA Corporation | 1.38% | 4.94% |
| TXN Texas Instruments Incorporated | 1.09% | 4.29% |
| MRVL Marvell Technology, Inc. | 0.99% | 4.49% |
| QCOM QUALCOMM Incorporated | 0.86% | 4.12% |
| ADI Analog Devices, Inc. | 0.81% | 4.19% |
Only in FTEC
Fidelity MSCI Information Technology Index ETF — US tech sector. Its biggest holdings that SMH doesn’t have:
| AAPL Apple Inc. | 14.71% |
| MSFT Microsoft Corporation | 8.67% |
| CSCO Cisco Systems, Inc. | 1.85% |
| SNDK Sandisk Corporation | 1.29% |
| PANW Palo Alto Networks, Inc. | 1.06% |
| IBM International Business Machines Corporation | 1.05% |
| PLTR Palantir Technologies Inc. | 1.02% |
| ORCL Oracle Corporation | 1.02% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that FTEC doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| ASML ASML Holding N.V. | 4.89% |
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
| TER Teradyne, Inc. | 1.45% |
| STM STMicroelectronics N.V. | 1.29% |
| MPWR Monolithic Power Systems, Inc. | 1.25% |
| NXPI NXP Semiconductors N.V. | 1.22% |
So — partly overlapping. Should you hold both?
FTEC and SMH share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~18 effective positions (grade C).
Holdings as of — FTEC: Jun 27, 2026 (Fidelity); SMH: Jun 27, 2026 (VanEck). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →FTEC vs SMH — FAQ
- How much do FTEC and SMH overlap?
- FTEC and SMH overlap by approximately 54% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 7 of FTEC's 10 largest holdings are also held by SMH. They share 12 of their listed top holdings in total.
- Is it redundant to hold both FTEC and SMH?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (NVDA) while each fund still adds distinct exposure. A 50/50 blend has an effective 18 positions and a C diversification grade.
- What does SMH hold that FTEC doesn't?
- SMH's largest holdings that FTEC doesn't hold include TSM, ASML, CDNS, SNPS, TER. Its category is semiconductors, versus FTEC's US tech sector.
- Which is more concentrated, FTEC or SMH?
- FTEC's top 10 holdings are 80% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.