VB vs VXF: how much do they really overlap?
VB (Vanguard Small-Cap ETF, tracking the CRSP US Small Cap) and VXF (Vanguard Extended Market ETF, tracking the S&P Completion) overlap by roughly 58% by weight. 5 of VB's top 10 holdings also appear in VXF. A 50/50 blend of the two behaves like about 1448 equally-weighted bets (diversification grade A). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 30 holdings appear in both VB and VXF. The weight columns show how much of each fund each name represents.
| Holding | in VB | in VXF |
|---|---|---|
| FLEX Flex Ltd. | 0.69% | 0.65% |
| ALAB Astera Labs Inc. | 0.62% | 0.54% |
| RKLB Rocket Lab Corp. | 0.50% | 0.80% |
| BE Bloom Energy Corp. Class A | 0.47% | 0.87% |
| CRDO Credo Technology Group Holding Ltd. | 0.48% | 0.44% |
| RVMD Revolution Medicines Inc. | 0.39% | 0.36% |
| NTRA Natera Inc. | 0.37% | 0.36% |
| TWLO Twilio Inc. Class A | 0.36% | 0.34% |
| ASTS AST SpaceMobile Inc. Class A | 0.37% | 0.33% |
| FTI TechnipFMC plc | 0.34% | 0.33% |
| CW Curtiss-Wright Corp. | 0.34% | 0.32% |
| NVT nVent Electric plc | 0.33% | 0.32% |
| FTAI FTAI Aviation Ltd. | 0.33% | 0.31% |
| STRL Sterling Construction Co. Inc. | 0.31% | 0.31% |
| XPO XPO Logistics Inc. | 0.30% | 0.30% |
+ 15 more shared holdings.
Only in VB
Vanguard Small-Cap ETF — US small-cap. Its biggest holdings that VXF doesn’t have:
| CIEN Ciena Corp. | 0.51% |
| EME EMCOR Group Inc. | 0.46% |
| JBL Jabil Inc. | 0.45% |
| COHR Coherent Corp. | 0.42% |
| FIX Comfort Systems USA Inc. | 0.40% |
| LITE Lumentum Holdings Inc. | 0.38% |
| TPR Tapestry Inc. | 0.37% |
| NRG NRG Energy Inc. | 0.35% |
Only in VXF
Vanguard Extended Market ETF — US mid/small completion. Its biggest holdings that VB doesn’t have:
| MRVL Marvell Technology Inc. | 2.11% |
| SNOW Snowflake Inc. | 1.03% |
| NET Cloudflare Inc. Class A | 0.90% |
| MSTR MicroStrategy Inc. Class A | 0.59% |
| LNG Cheniere Energy Inc. | 0.57% |
| FERG Ferguson Enterprises Inc./DE | 0.52% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.47% |
| RBLX ROBLOX Corp. | 0.37% |
So — heavily overlapping. Should you hold both?
VB and VXF share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold VB, adding VXF mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~1448 equal positions, with the top 10 alone at 6% and the Magnificent Seven at 0%.
Holdings as of — VB: May 31, 2026 (Vanguard); VXF: 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 →VB vs VXF — FAQ
- How much do VB and VXF overlap?
- VB and VXF overlap by approximately 58% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 5 of VB's 10 largest holdings are also held by VXF. They share 30 of their listed top holdings in total.
- Is it redundant to hold both VB and VXF?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 1448 positions and a A diversification grade.
- What does VXF hold that VB doesn't?
- VXF's largest holdings that VB doesn't hold include MRVL, SNOW, NET, MSTR, LNG. Its category is US mid/small completion, versus VB's US small-cap.
- Which is more concentrated, VB or VXF?
- VB's top 10 holdings are 29% of its listed weight; VXF's are 42%. The more concentrated fund leans harder on its largest names.