VEA vs VNQ: how much do they really overlap?
VEA (Vanguard FTSE Developed Markets ETF, tracking the FTSE Developed All Cap ex US) and VNQ (Vanguard Real Estate ETF, tracking the MSCI US IMI Real Estate 25/50) overlap by roughly 0% by weight. 0 of VEA's top 10 holdings also appear in VNQ. A 50/50 blend of the two behaves like about 82 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 0 holdings appear in both VEA and VNQ. The weight columns show how much of each fund each name represents.
| Holding | in VEA | in VNQ |
|---|
Only in VEA
Vanguard FTSE Developed Markets ETF — developed ex-US. Its biggest holdings that VNQ doesn’t have:
| 005930 Samsung Electronics Co. Ltd. | 2.99% |
| 000660 SK hynix Inc | 2.55% |
| ASML ASML Holding NV | 1.90% |
| HSBA HSBC Holdings plc | 0.98% |
| ROP Roche Holding AG | 0.89% |
| NOVN Novartis AG | 0.87% |
| AZN AstraZeneca plc | 0.84% |
| RY Royal Bank of Canada | 0.81% |
Only in VNQ
Vanguard Real Estate ETF — US real estate. Its biggest holdings that VEA doesn’t have:
| VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares | 14.54% |
| WELL Welltower Inc. | 7.68% |
| PLD Prologis Inc. | 7.17% |
| EQIX Equinix Inc. | 5.65% |
| AMT American Tower Corp. | 4.67% |
| SPG Simon Property Group Inc. | 3.57% |
| DLR Digital Realty Trust Inc. | 3.50% |
| O Realty Income Corp. | 3.04% |
So — essentially different. Should you hold both?
VEA and VNQ hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~82 effective positions (grade A), because they hold largely different securities.
Holdings as of — VEA: May 31, 2026 (Vanguard); VNQ: 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 →VEA vs VNQ — FAQ
- How much do VEA and VNQ overlap?
- VEA and VNQ overlap by approximately 0% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of VEA's 10 largest holdings are also held by VNQ. They share 0 of their listed top holdings in total.
- Is it redundant to hold both VEA and VNQ?
- 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 82 positions and a A diversification grade.
- What does VNQ hold that VEA doesn't?
- VNQ's largest holdings that VEA doesn't hold include VRTPX, WELL, PLD, EQIX, AMT. Its category is US real estate, versus VEA's developed ex-US.
- Which is more concentrated, VEA or VNQ?
- VEA's top 10 holdings are 43% of its listed weight; VNQ's are 62%. The more concentrated fund leans harder on its largest names.