SMH vs VOO: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 29% by weight. 8 of SMH's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 31 equally-weighted bets (diversification grade B). 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 10 holdings appear in both SMH and VOO. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VOO |
|---|---|---|
| NVDA NVIDIA Corporation | 18.16% | 7.51% |
| AVGO Broadcom Inc. | 5.49% | 2.77% |
| MU Micron Technology, Inc. | 5.99% | 2.02% |
| AMD Advanced Micro Devices, Inc. | 5.44% | 1.47% |
| INTC Intel Corporation | 5.09% | 1.02% |
| AMAT Applied Materials, Inc. | 5.35% | 0.89% |
| LRCX Lam Research Corporation | 5.00% | 0.84% |
| KLAC KLA Corporation | 4.94% | 0.61% |
| TXN Texas Instruments Incorporated | 4.29% | 0.42% |
| MRVL Marvell Technology, Inc. | 4.49% | 0.40% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VOO doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| ASML ASML Holding N.V. | 4.89% |
| ADI Analog Devices, Inc. | 4.19% |
| QCOM QUALCOMM Incorporated | 4.12% |
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
| TER Teradyne, Inc. | 1.45% |
| STM STMicroelectronics N.V. | 1.29% |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that SMH doesn’t have:
| AAPL Apple Inc. | 6.59% |
| MSFT Microsoft Corp. | 4.30% |
| AMZN Amazon.com Inc. | 3.62% |
| GOOGL Alphabet Inc. Class A | 3.25% |
| GOOG Alphabet Inc. Class C | 2.59% |
| META Facebook Inc. Class A | 1.92% |
| TSLA Tesla Inc. | 1.84% |
| LLY Eli Lilly & Co. | 1.47% |
So — partly overlapping. Should you hold both?
SMH and VOO 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 ~31 effective positions (grade B).
Holdings as of — SMH: Jun 27, 2026 (VanEck); VOO: 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 VOO — FAQ
- How much do SMH and VOO overlap?
- SMH and VOO overlap by approximately 29% 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 VOO. They share 10 of their listed top holdings in total.
- Is it redundant to hold both SMH and VOO?
- 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 31 positions and a B diversification grade.
- What does VOO hold that SMH doesn't?
- VOO's largest holdings that SMH doesn't hold include AAPL, MSFT, AMZN, GOOGL, GOOG. Its category is US large-cap, versus SMH's semiconductors.
- Which is more concentrated, SMH or VOO?
- SMH's top 10 holdings are 69% of its listed weight; VOO's are 58%. The more concentrated fund leans harder on its largest names.