VBR vs VXF: how much do they really overlap?
VBR (Vanguard Small-Cap Value ETF, tracking the CRSP US Small Cap Value) and VXF (Vanguard Extended Market ETF, tracking the S&P Completion) overlap by roughly 3% by weight. 1 of VBR's top 10 holdings also appear in VXF. A 50/50 blend of the two behaves like about 2138 equally-weighted bets (diversification grade A). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 2 holdings appear in both VBR and VXF. The weight columns show how much of each fund each name represents.
| Holding | in VBR | in VXF |
|---|---|---|
| MKSI MKS Instruments Inc. | 0.32% | 0.34% |
| USFD US Foods Holding Corp. | 0.48% | 0.25% |
Only in VBR
Vanguard Small-Cap Value ETF — US small-cap value. Its biggest holdings that VXF doesn’t have:
| JBL Jabil Inc. | 0.87% |
| NRG NRG Energy Inc. | 0.66% |
| TPR Tapestry Inc. | 0.63% |
| ATO Atmos Energy Corp. | 0.61% |
| WSM Williams-Sonoma Inc. | 0.58% |
| MRNA Moderna Inc. | 0.53% |
| SW Smurfit Westrock plc | 0.52% |
| FFIV F5 Networks Inc. | 0.50% |
Only in VXF
Vanguard Extended Market ETF — US mid/small completion. Its biggest holdings that VBR 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% |
| ALAB Astera Labs Inc. | 0.73% |
| RKLB Rocket Lab Corp. | 0.58% |
| LNG Cheniere Energy Inc. | 0.56% |
| FERG Ferguson Enterprises Inc./DE | 0.52% |
So — essentially different. Should you hold both?
VBR 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 ~2138 effective positions (grade A), because they hold largely different securities.
Holdings as of — VBR: Jun 30, 2026 (Vanguard); 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 →VBR vs VXF — FAQ
- How much do VBR and VXF overlap?
- VBR and VXF overlap by approximately 3% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 1 of VBR's 10 largest holdings are also held by VXF. They share 2 of their listed top holdings in total.
- Is it redundant to hold both VBR 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 2138 positions and a A diversification grade.
- What does VXF hold that VBR doesn't?
- VXF's largest holdings that VBR doesn't hold include SPCX, SNOW, BE, NET, ALAB. Its category is US mid/small completion, versus VBR's US small-cap value.
- Which is more concentrated, VBR or VXF?
- VBR's top 10 holdings are 29% of its listed weight; VXF's are 38%. The more concentrated fund leans harder on its largest names.