IWM vs SOXQ: how much do they really overlap?
IWM (iShares Russell 2000 ETF, tracking the Russell 2000) and SOXQ (Invesco PHLX Semiconductor ETF, tracking the PHLX Semiconductor) overlap by roughly 0% by weight. 0 of IWM's top 10 holdings also appear in SOXQ. A 50/50 blend of the two behaves like about 77 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 IWM and SOXQ. The weight columns show how much of each fund each name represents.
| Holding | in IWM | in SOXQ |
|---|
Only in IWM
iShares Russell 2000 ETF — US small-cap. Its biggest holdings that SOXQ doesn’t have:
| MOGA MOOG INC CLASS A | 0.38% |
| HUT HUT CORP | 0.37% |
| VSAT VIASAT INC | 0.35% |
| BTSG BRIGHTSPRING HEALTH SERVICES INC | 0.35% |
| CYTK CYTOKINETICS INC | 0.35% |
| MXL MAXLINEAR INC | 0.34% |
| AGX ARGAN INC | 0.34% |
| UMBF UMB FINANCIAL CORP | 0.33% |
Only in SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that IWM doesn’t have:
| NVDA NVIDIA Corporation | 10.47% |
| MU Micron Technology, Inc. | 8.91% |
| AVGO Broadcom Inc. | 7.87% |
| AMAT Applied Materials, Inc. | 5.83% |
| KLAC KLA Corporation | 5.47% |
| MRVL Marvell Technology, Inc. | 5.12% |
| LRCX Lam Research Corporation | 4.88% |
| ASML ASML Holding N.V. | 4.41% |
So — essentially different. Should you hold both?
IWM and SOXQ hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~77 effective positions (grade A), because they hold largely different securities.
Holdings as of — IWM: Jun 30, 2026 (iShares (BlackRock)); SOXQ: Jun 29, 2026 (Invesco). 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 →IWM vs SOXQ — FAQ
- How much do IWM and SOXQ overlap?
- IWM and SOXQ 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 IWM's 10 largest holdings are also held by SOXQ. They share 0 of their listed top holdings in total.
- Is it redundant to hold both IWM and SOXQ?
- 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 77 positions and a A diversification grade.
- What does SOXQ hold that IWM doesn't?
- SOXQ's largest holdings that IWM doesn't hold include NVDA, MU, AVGO, AMAT, KLAC. Its category is semiconductors, versus IWM's US small-cap.
- Which is more concentrated, IWM or SOXQ?
- IWM's top 10 holdings are 26% of its listed weight; SOXQ's are 63%. The more concentrated fund leans harder on its largest names.