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 28% 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 10 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 | 6.63% | 18.16% |
| AVGO BROADCOM INC | 2.45% | 5.49% |
| MU MICRON TECHNOLOGY INC | 1.78% | 5.99% |
| AMD ADVANCED MICRO DEVICES INC | 1.30% | 5.44% |
| INTC INTEL CORPORATION | 0.90% | 5.09% |
| AMAT APPLIED MATERIAL INC | 0.78% | 5.35% |
| LRCX LAM RESEARCH CORP | 0.74% | 5.00% |
| KLAC KLA CORP | 0.54% | 4.94% |
| TXN TEXAS INSTRUMENT INC | 0.37% | 4.29% |
| MRVL MARVELL TECHNOLOGY INC | 0.36% | 4.49% |
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 | 5.81% |
| MSFT MICROSOFT CORP | 3.79% |
| AMZN AMAZON.COM INC | 3.19% |
| GOOGL ALPHABET INC CLASS A | 2.86% |
| GOOG ALPHABET INC CLASS C | 2.29% |
| META META PLATFORMS INC CLASS A | 1.69% |
| TSLA TESLA INC | 1.62% |
| LLY ELI LILLY | 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% |
| 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% |
| STM STMicroelectronics N.V. | 1.29% |
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: Jun 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 28% 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 10 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, ADI, QCOM, CDNS. Its category is semiconductors, versus ITOT's total US market.
- Which is more concentrated, ITOT or SMH?
- ITOT's top 10 holdings are 58% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.