SMH vs VBR: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VBR (Vanguard Small-Cap Value ETF, tracking the CRSP US Small Cap Value) overlap by roughly 0% by weight. 0 of SMH's top 10 holdings also appear in VBR. 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 0 holdings appear in both SMH and VBR. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VBR |
|---|
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VBR 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 VBR
Vanguard Small-Cap Value ETF — US small-cap value. Its biggest holdings that SMH doesn’t have:
| FLEX Flex Ltd. | 1.25% |
| JBL Jabil Inc. | 0.82% |
| TPR Tapestry Inc. | 0.66% |
| NRG NRG Energy Inc. | 0.64% |
| ATO Atmos Energy Corp. | 0.63% |
| UTHR United Therapeutics Corp. | 0.55% |
| WSM Williams-Sonoma Inc. | 0.55% |
| ILMN Illumina Inc. | 0.53% |
So — essentially different. Should you hold both?
SMH and VBR 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); VBR: 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 VBR — FAQ
- How much do SMH and VBR overlap?
- SMH and VBR 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 SMH's 10 largest holdings are also held by VBR. They share 0 of their listed top holdings in total.
- Is it redundant to hold both SMH and VBR?
- 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 VBR hold that SMH doesn't?
- VBR's largest holdings that SMH doesn't hold include FLEX, JBL, TPR, NRG, ATO. Its category is US small-cap value, versus SMH's semiconductors.
- Which is more concentrated, SMH or VBR?
- SMH's top 10 holdings are 69% of its listed weight; VBR's are 30%. The more concentrated fund leans harder on its largest names.