ITOT vs SMH: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) overlap by roughly 25% by weight. 3 of ITOT's top 10 holdings also appear in SMH. A 50/50 blend of the two behaves like about 33 equally-weighted bets (diversification grade B). 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 9 holdings appear in both ITOT and SMH. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in SMH |
|---|---|---|
| NVDA NVIDIA CORP | 6.54% | 18.16% |
| AVGO BROADCOM INC | 2.54% | 5.49% |
| MU MICRON TECHNOLOGY INC | 1.36% | 5.99% |
| AMD ADVANCED MICRO DEVICES INC | 1.09% | 5.44% |
| INTC INTEL CORPORATION | 0.60% | 5.09% |
| AMAT APPLIED MATERIAL INC | 0.55% | 5.35% |
| LRCX LAM RESEARCH CORP | 0.51% | 5.00% |
| TXN TEXAS INSTRUMENT INC | 0.35% | 4.29% |
| KLAC KLA CORP | 0.33% | 4.94% |
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that SMH doesn’t have:
| AAPL APPLE INC | 6.78% |
| MSFT MICROSOFT CORP | 4.64% |
| AMZN AMAZON.COM INC | 3.19% |
| GOOGL ALPHABET INC CLASS A | 2.71% |
| GOOG ALPHABET INC CLASS C | 2.18% |
| META META PLATFORMS INC CLASS A | 1.64% |
| JPM JPMORGAN CHASE & CO | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.30% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that ITOT doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| ASML ASML Holding N.V. | 4.89% |
| MRVL Marvell Technology, Inc. | 4.49% |
| ADI Analog Devices, Inc. | 4.19% |
| QCOM QUALCOMM Incorporated | 4.12% |
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
| TER Teradyne, Inc. | 1.45% |
So — partly overlapping. Should you hold both?
ITOT 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 ~33 effective positions (grade B).
Holdings as of — ITOT: Jul 30, 2026 (iShares (BlackRock)); SMH: Jun 27, 2026 (VanEck). 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 SMH — FAQ
- How much do ITOT and SMH overlap?
- ITOT and SMH overlap by approximately 25% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of ITOT's 10 largest holdings are also held by SMH. They share 9 of their listed top holdings in total.
- Is it redundant to hold both ITOT 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 33 positions and a B diversification grade.
- What does SMH hold that ITOT doesn't?
- SMH's largest holdings that ITOT doesn't hold include TSM, ASML, MRVL, ADI, QCOM. Its category is semiconductors, versus ITOT's total US market.
- Which is more concentrated, ITOT or SMH?
- ITOT's top 10 holdings are 59% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.