SMH vs VGT: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VGT (Vanguard Information Technology ETF, tracking the MSCI US IMI Info Tech 25/50) overlap by roughly 51% by weight. 8 of SMH's top 10 holdings also appear in VGT. A 50/50 blend of the two behaves like about 18 equally-weighted bets (diversification grade C). 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 18 holdings appear in both SMH and VGT. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VGT |
|---|---|---|
| NVDA NVIDIA Corporation | 18.16% | 16.10% |
| MU Micron Technology, Inc. | 5.99% | 5.04% |
| AVGO Broadcom Inc. | 5.49% | 3.84% |
| AMD Advanced Micro Devices, Inc. | 5.44% | 3.65% |
| INTC Intel Corporation | 5.09% | 2.41% |
| AMAT Applied Materials, Inc. | 5.35% | 2.26% |
| LRCX Lam Research Corporation | 5.00% | 2.14% |
| KLAC KLA Corporation | 4.94% | 1.59% |
| TXN Texas Instruments Incorporated | 4.29% | 1.09% |
| MRVL Marvell Technology, Inc. | 4.49% | 1.05% |
| QCOM QUALCOMM Incorporated | 4.12% | 0.80% |
| ADI Analog Devices, Inc. | 4.19% | 0.79% |
| CDNS Cadence Design Systems, Inc. | 2.33% | 0.45% |
| TER Teradyne, Inc. | 1.45% | 0.36% |
| SNPS Synopsys, Inc. | 1.96% | 0.35% |
+ 3 more shared holdings.
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VGT doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| ASML ASML Holding N.V. | 4.89% |
| STM STMicroelectronics N.V. | 1.29% |
| ARM Arm Holdings plc | 1.18% |
| MCHP Microchip Technology Incorporated | 0.93% |
| ON ON Semiconductor Corporation | 0.60% |
| SWKS Skyworks Solutions, Inc. | 0.17% |
Only in VGT
Vanguard Information Technology ETF — US tech sector. Its biggest holdings that SMH doesn’t have:
| AAPL Apple Inc. | 14.33% |
| MSFT Microsoft Corp. | 8.28% |
| CSCO Cisco Systems Inc. | 1.82% |
| SNDK Sandisk Corp. | 1.33% |
| PANW Palo Alto Networks Inc. | 1.12% |
| IBM International Business Machines Corp. | 1.03% |
| PLTR Palantir Technologies Inc. Class A | 1.01% |
| ORCL Oracle Corp. | 0.95% |
So — partly overlapping. Should you hold both?
SMH and VGT 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 ~18 effective positions (grade C).
Holdings as of — SMH: Jun 27, 2026 (VanEck); VGT: Jun 30, 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 VGT — FAQ
- How much do SMH and VGT overlap?
- SMH and VGT overlap by approximately 51% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 8 of SMH's 10 largest holdings are also held by VGT. They share 18 of their listed top holdings in total.
- Is it redundant to hold both SMH and VGT?
- 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 18 positions and a C diversification grade.
- What does VGT hold that SMH doesn't?
- VGT's largest holdings that SMH doesn't hold include AAPL, MSFT, CSCO, SNDK, PANW. Its category is US tech sector, versus SMH's semiconductors.
- Which is more concentrated, SMH or VGT?
- SMH's top 10 holdings are 69% of its listed weight; VGT's are 71%. The more concentrated fund leans harder on its largest names.