VEA vs VWO: how much do they really overlap?
VEA (Vanguard FTSE Developed Markets ETF, tracking the FTSE Developed All Cap ex US) and VWO (Vanguard FTSE Emerging Markets ETF, tracking the FTSE Emerging Markets All Cap) overlap by roughly 0% by weight. 0 of VEA's top 10 holdings also appear in VWO. A 50/50 blend of the two behaves like about 147 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 VWO. The weight columns show how much of each fund each name represents.
| Holding | in VEA | in VWO |
|---|
Only in VEA
Vanguard FTSE Developed Markets ETF — developed ex-US. Its biggest holdings that VWO 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 VWO
Vanguard FTSE Emerging Markets ETF — emerging markets. Its biggest holdings that VEA doesn’t have:
| 2330 Taiwan Semiconductor Manufacturing Co. Ltd. | 14.64% |
| 700 Tencent Holdings Ltd. | 2.74% |
| 9988 Alibaba Group Holding Ltd. | 2.26% |
| 2454 MediaTek Inc. | 1.62% |
| 2308 Delta Electronics Inc. | 1.20% |
| 2317 Hon Hai Precision Industry Co. Ltd. | 0.90% |
| RELIANCE Reliance Industries Ltd. | 0.77% |
| 939 China Construction Bank Corp. Class H | 0.77% |
So — essentially different. Should you hold both?
VEA and VWO hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~147 effective positions (grade A), because they hold largely different securities.
Holdings as of — VEA: May 31, 2026 (Vanguard); VWO: 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 VWO — FAQ
- How much do VEA and VWO overlap?
- VEA and VWO 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 VWO. They share 0 of their listed top holdings in total.
- Is it redundant to hold both VEA and VWO?
- 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 147 positions and a A diversification grade.
- What does VWO hold that VEA doesn't?
- VWO's largest holdings that VEA doesn't hold include 2330, 700, 9988, 2454, 2308. Its category is emerging markets, versus VEA's developed ex-US.
- Which is more concentrated, VEA or VWO?
- VEA's top 10 holdings are 43% of its listed weight; VWO's are 66%. The more concentrated fund leans harder on its largest names.