SMH vs VIG: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VIG (Vanguard Dividend Appreciation ETF, tracking the S&P US Dividend Growers) overlap by roughly 16% by weight. 3 of SMH's top 10 holdings also appear in VIG. A 50/50 blend of the two behaves like about 40 equally-weighted bets (diversification grade B). In short, the two funds have only a small shared core — they mostly hold different things and are largely complementary.
The same companies, in both funds
These 6 holdings appear in both SMH and VIG. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VIG |
|---|---|---|
| AVGO Broadcom Inc. | 5.49% | 4.53% |
| LRCX Lam Research Corporation | 5.00% | 2.36% |
| KLAC KLA Corporation | 4.94% | 1.72% |
| TXN Texas Instruments Incorporated | 4.29% | 1.18% |
| ADI Analog Devices, Inc. | 4.19% | 0.85% |
| QCOM QUALCOMM Incorporated | 4.12% | 0.85% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VIG doesn’t have:
| NVDA NVIDIA Corporation | 18.16% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| MU Micron Technology, Inc. | 5.99% |
| AMD Advanced Micro Devices, Inc. | 5.44% |
| AMAT Applied Materials, Inc. | 5.35% |
| INTC Intel Corporation | 5.09% |
| ASML ASML Holding N.V. | 4.89% |
| MRVL Marvell Technology, Inc. | 4.49% |
Only in VIG
Vanguard Dividend Appreciation ETF — US dividend-growth. Its biggest holdings that SMH doesn’t have:
| AAPL Apple Inc. | 4.20% |
| LLY Eli Lilly & Co. | 4.14% |
| JPM JPMorgan Chase & Co. | 3.56% |
| MSFT Microsoft Corp. | 3.51% |
| JNJ Johnson & Johnson | 2.66% |
| V Visa Inc. Class A | 2.31% |
| WMT Walmart Inc. | 2.16% |
| CAT Caterpillar Inc. | 2.14% |
So — mostly different. Should you hold both?
SMH and VIG have only a small shared core — they mostly hold different things and are largely complementary. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~40 effective positions (grade B), because they hold largely different securities.
Holdings as of — SMH: Jun 27, 2026 (VanEck); VIG: 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 VIG — FAQ
- How much do SMH and VIG overlap?
- SMH and VIG overlap by approximately 16% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of SMH's 10 largest holdings are also held by VIG. They share 6 of their listed top holdings in total.
- Is it redundant to hold both SMH and VIG?
- Because they have only a small shared core — they mostly hold different things and are largely complementary, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 40 positions and a B diversification grade.
- What does VIG hold that SMH doesn't?
- VIG's largest holdings that SMH doesn't hold include AAPL, LLY, JPM, MSFT, JNJ. Its category is US dividend-growth, versus SMH's semiconductors.
- Which is more concentrated, SMH or VIG?
- SMH's top 10 holdings are 69% of its listed weight; VIG's are 44%. The more concentrated fund leans harder on its largest names.