SMH vs VOOG: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VOOG (Vanguard S&P 500 Growth ETF, tracking the S&P 500 Growth) overlap by roughly 31% by weight. 7 of SMH's top 10 holdings also appear in VOOG. A 50/50 blend of the two behaves like about 21 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 7 holdings appear in both SMH and VOOG. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VOOG |
|---|---|---|
| NVDA NVIDIA Corporation | 18.16% | 14.26% |
| AVGO Broadcom Inc. | 5.49% | 5.89% |
| MU Micron Technology, Inc. | 5.99% | 3.04% |
| AMD Advanced Micro Devices, Inc. | 5.44% | 2.34% |
| LRCX Lam Research Corporation | 5.00% | 1.10% |
| AMAT Applied Materials, Inc. | 5.35% | 0.99% |
| KLAC KLA Corporation | 4.94% | 0.70% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VOOG doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| INTC Intel Corporation | 5.09% |
| ASML ASML Holding N.V. | 4.89% |
| MRVL Marvell Technology, Inc. | 4.49% |
| TXN Texas Instruments Incorporated | 4.29% |
| ADI Analog Devices, Inc. | 4.19% |
| QCOM QUALCOMM Incorporated | 4.12% |
| CDNS Cadence Design Systems, Inc. | 2.33% |
Only in VOOG
Vanguard S&P 500 Growth ETF — US large-cap growth. Its biggest holdings that SMH doesn’t have:
| MSFT Microsoft Corp. | 9.29% |
| AAPL Apple Inc. | 6.37% |
| GOOGL Alphabet Inc. Class A | 6.15% |
| GOOG Alphabet Inc. Class C | 4.89% |
| AMZN Amazon.com Inc. | 3.89% |
| META Facebook Inc. Class A | 3.84% |
| LLY Eli Lilly & Co. | 2.43% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.42% |
So — partly overlapping. Should you hold both?
SMH and VOOG 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 ~21 effective positions (grade C).
Holdings as of — SMH: Jun 27, 2026 (VanEck); VOOG: 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 VOOG — FAQ
- How much do SMH and VOOG overlap?
- SMH and VOOG overlap by approximately 31% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 7 of SMH's 10 largest holdings are also held by VOOG. They share 7 of their listed top holdings in total.
- Is it redundant to hold both SMH and VOOG?
- 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 21 positions and a C diversification grade.
- What does VOOG hold that SMH doesn't?
- VOOG's largest holdings that SMH doesn't hold include MSFT, AAPL, GOOGL, GOOG, AMZN. Its category is US large-cap growth, versus SMH's semiconductors.
- Which is more concentrated, SMH or VOOG?
- SMH's top 10 holdings are 69% of its listed weight; VOOG's are 67%. The more concentrated fund leans harder on its largest names.