IWM vs VEA: how much do they really overlap?
IWM (iShares Russell 2000 ETF, tracking the Russell 2000) and VEA (Vanguard FTSE Developed Markets ETF, tracking the FTSE Developed All Cap ex US) overlap by roughly 0% by weight. 0 of IWM's top 10 holdings also appear in VEA. A 50/50 blend of the two behaves like about 1106 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 VEA. The weight columns show how much of each fund each name represents.
| Holding | in IWM | in VEA |
|---|
Only in IWM
iShares Russell 2000 ETF — US small-cap. Its biggest holdings that VEA 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 VEA
Vanguard FTSE Developed Markets ETF — developed ex-US. Its biggest holdings that IWM doesn’t have:
| 005930 Samsung Electronics Co. Ltd. | 2.99% |
| 000660 SK hynix Inc | 2.55% |
| ASML ASML Holding NV | 1.90% |
| HSBA HSBC Holdings plc | 0.98% |
| ROP Roche Holding AG | 0.89% |
| NOVN Novartis AG | 0.87% |
| AZN AstraZeneca plc | 0.84% |
| RY Royal Bank of Canada | 0.81% |
So — essentially different. Should you hold both?
IWM and VEA hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~1106 effective positions (grade A), because they hold largely different securities.
Holdings as of — IWM: Jun 30, 2026 (iShares (BlackRock)); VEA: May 31, 2026 (Vanguard). 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 VEA — FAQ
- How much do IWM and VEA overlap?
- IWM and VEA 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 VEA. They share 0 of their listed top holdings in total.
- Is it redundant to hold both IWM and VEA?
- 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 1106 positions and a A diversification grade.
- What does VEA hold that IWM doesn't?
- VEA's largest holdings that IWM doesn't hold include 005930, 000660, ASML, HSBA, ROP. Its category is developed ex-US, versus IWM's US small-cap.
- Which is more concentrated, IWM or VEA?
- IWM's top 10 holdings are 26% of its listed weight; VEA's are 43%. The more concentrated fund leans harder on its largest names.