ITOT vs IWM: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and IWM (iShares Russell 2000 ETF, tracking the Russell 2000) overlap by roughly 0% by weight. 0 of ITOT's top 10 holdings also appear in IWM. A 50/50 blend of the two behaves like about 243 equally-weighted bets (diversification grade A). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 0 holdings appear in both ITOT and IWM. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in IWM |
|---|
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that IWM doesn’t have:
| AAPL APPLE INC | 6.78% |
| NVDA NVIDIA CORP | 6.54% |
| MSFT MICROSOFT CORP | 4.64% |
| AMZN AMAZON.COM INC | 3.19% |
| GOOGL ALPHABET INC CLASS A | 2.71% |
| AVGO BROADCOM INC | 2.54% |
| GOOG ALPHABET INC CLASS C | 2.18% |
| META META PLATFORMS INC CLASS A | 1.64% |
Only in IWM
iShares Russell 2000 ETF — US small-cap. Its biggest holdings that ITOT doesn’t have:
| XTSLA BLK CSH FND TREASURY SL AGENCY | 0.46% |
| MOGA MOOG INC CLASS A | 0.39% |
| BTSG BRIGHTSPRING HEALTH SERVICES INC | 0.38% |
| HUT HUT CORP | 0.36% |
| UMBF UMB FINANCIAL CORP | 0.35% |
| CYTK CYTOKINETICS INC | 0.34% |
| VSAT VIASAT INC | 0.32% |
| GKOS GLAUKOS CORP | 0.31% |
So — essentially different. Should you hold both?
ITOT and IWM hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~243 effective positions (grade A), because they hold largely different securities.
Holdings as of — ITOT: Jul 30, 2026 (iShares (BlackRock)); IWM: Jul 30, 2026 (iShares (BlackRock)). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →ITOT vs IWM — FAQ
- How much do ITOT and IWM overlap?
- ITOT and IWM overlap by approximately 0% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of ITOT's 10 largest holdings are also held by IWM. They share 0 of their listed top holdings in total.
- Is it redundant to hold both ITOT and IWM?
- Because they hold almost none of the same securities — they are complementary, not redundant, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 243 positions and a A diversification grade.
- What does IWM hold that ITOT doesn't?
- IWM's largest holdings that ITOT doesn't hold include XTSLA, MOGA, BTSG, HUT, UMBF. Its category is US small-cap, versus ITOT's total US market.
- Which is more concentrated, ITOT or IWM?
- ITOT's top 10 holdings are 59% of its listed weight; IWM's are 26%. The more concentrated fund leans harder on its largest names.