SMH vs VB: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VB (Vanguard Small-Cap ETF, tracking the CRSP US Small Cap) overlap by roughly 4% by weight. 0 of SMH's top 10 holdings also appear in VB. A 50/50 blend of the two behaves like about 54 equally-weighted bets (diversification grade B). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 1 holdings appear in both SMH and VB. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VB |
|---|---|---|
| ALAB Astera Labs, Inc. | 1.11% | 0.62% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VB doesn’t have:
| NVDA NVIDIA Corporation | 18.16% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| MU Micron Technology, Inc. | 5.99% |
| AVGO Broadcom Inc. | 5.49% |
| AMD Advanced Micro Devices, Inc. | 5.44% |
| AMAT Applied Materials, Inc. | 5.35% |
| INTC Intel Corporation | 5.09% |
| LRCX Lam Research Corporation | 5.00% |
Only in VB
Vanguard Small-Cap ETF — US small-cap. Its biggest holdings that SMH doesn’t have:
| FLEX Flex Ltd. | 0.69% |
| CIEN Ciena Corp. | 0.51% |
| RKLB Rocket Lab Corp. | 0.50% |
| CRDO Credo Technology Group Holding Ltd. | 0.48% |
| BE Bloom Energy Corp. Class A | 0.47% |
| EME EMCOR Group Inc. | 0.46% |
| JBL Jabil Inc. | 0.45% |
| COHR Coherent Corp. | 0.42% |
So — essentially different. Should you hold both?
SMH and VB hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~54 effective positions (grade B), because they hold largely different securities.
Holdings as of — SMH: Jun 27, 2026 (VanEck); VB: 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 →SMH vs VB — FAQ
- How much do SMH and VB overlap?
- SMH and VB overlap by approximately 4% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of SMH's 10 largest holdings are also held by VB. They share 1 of their listed top holdings in total.
- Is it redundant to hold both SMH and VB?
- 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 54 positions and a B diversification grade.
- What does VB hold that SMH doesn't?
- VB's largest holdings that SMH doesn't hold include FLEX, CIEN, RKLB, CRDO, BE. Its category is US small-cap, versus SMH's semiconductors.
- Which is more concentrated, SMH or VB?
- SMH's top 10 holdings are 69% of its listed weight; VB's are 29%. The more concentrated fund leans harder on its largest names.