SMH vs VXF: how much do they really overlap?
SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) and VXF (Vanguard Extended Market ETF, tracking the S&P Completion) overlap by roughly 4% by weight. 0 of SMH's top 10 holdings also appear in VXF. 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 1 holdings appear in both SMH and VXF. The weight columns show how much of each fund each name represents.
| Holding | in SMH | in VXF |
|---|---|---|
| ALAB Astera Labs, Inc. | 1.11% | 0.73% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that VXF 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 VXF
Vanguard Extended Market ETF — US mid/small completion. Its biggest holdings that SMH doesn’t have:
| SPCX Space Exploration Technologies Corp. Class A | 1.14% |
| SNOW Snowflake Inc. | 0.99% |
| BE Bloom Energy Corp. Class A | 0.89% |
| NET Cloudflare Inc. Class A | 0.88% |
| RKLB Rocket Lab Corp. | 0.58% |
| LNG Cheniere Energy Inc. | 0.56% |
| FERG Ferguson Enterprises Inc./DE | 0.52% |
| CRDO Credo Technology Group Holding Ltd. | 0.50% |
So — essentially different. Should you hold both?
SMH and VXF 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); VXF: 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 VXF — FAQ
- How much do SMH and VXF overlap?
- SMH and VXF overlap by approximately 4% 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 VXF. They share 1 of their listed top holdings in total.
- Is it redundant to hold both SMH and VXF?
- 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 VXF hold that SMH doesn't?
- VXF's largest holdings that SMH doesn't hold include SPCX, SNOW, BE, NET, RKLB. Its category is US mid/small completion, versus SMH's semiconductors.
- Which is more concentrated, SMH or VXF?
- SMH's top 10 holdings are 69% of its listed weight; VXF's are 38%. The more concentrated fund leans harder on its largest names.