IVV vs SMH: how much do they really overlap?
IVV (iShares Core S&P 500 ETF, tracking the S&P 500) and SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) overlap by roughly 28% by weight. 3 of IVV's top 10 holdings also appear in SMH. A 50/50 blend of the two behaves like about 31 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 IVV and SMH. The weight columns show how much of each fund each name represents.
| Holding | in IVV | in SMH |
|---|---|---|
| NVDA NVIDIA CORP | 7.51% | 18.16% |
| AVGO BROADCOM INC | 2.77% | 5.49% |
| MU MICRON TECHNOLOGY INC | 2.02% | 5.99% |
| AMD ADVANCED MICRO DEVICES INC | 1.47% | 5.44% |
| INTC INTEL CORPORATION | 1.02% | 5.09% |
| AMAT APPLIED MATERIAL INC | 0.89% | 5.35% |
| LRCX LAM RESEARCH CORP | 0.84% | 5.00% |
| KLAC KLA CORP | 0.61% | 4.94% |
| TXN TEXAS INSTRUMENT INC | 0.42% | 4.29% |
| MRVL MARVELL TECHNOLOGY INC | 0.40% | 4.49% |
Only in IVV
iShares Core S&P 500 ETF — US large-cap. Its biggest holdings that SMH doesn’t have:
| AAPL APPLE INC | 6.58% |
| MSFT MICROSOFT CORP | 4.29% |
| AMZN AMAZON.COM INC | 3.61% |
| GOOGL ALPHABET INC CLASS A | 3.25% |
| GOOG ALPHABET INC CLASS C | 2.59% |
| META META PLATFORMS INC CLASS A | 1.92% |
| TSLA TESLA INC | 1.83% |
| LLY ELI LILLY | 1.47% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that IVV 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?
IVV 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 ~31 effective positions (grade B).
Holdings as of — IVV: 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 →IVV vs SMH — FAQ
- How much do IVV and SMH overlap?
- IVV 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 IVV'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 IVV 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 31 positions and a B diversification grade.
- What does SMH hold that IVV doesn't?
- SMH's largest holdings that IVV doesn't hold include TSM, ASML, ADI, QCOM, CDNS. Its category is semiconductors, versus IVV's US large-cap.
- Which is more concentrated, IVV or SMH?
- IVV's top 10 holdings are 58% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.