VNQ vs VXF: how much do they really overlap?
VNQ (Vanguard Real Estate ETF, tracking the MSCI US IMI Real Estate 25/50) and VXF (Vanguard Extended Market ETF, tracking the S&P Completion) overlap by roughly 0% by weight. 0 of VNQ's top 10 holdings also appear in VXF. A 50/50 blend of the two behaves like about 87 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 VNQ and VXF. The weight columns show how much of each fund each name represents.
| Holding | in VNQ | in VXF |
|---|
Only in VNQ
Vanguard Real Estate ETF — US real estate. Its biggest holdings that VXF doesn’t have:
| VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares | 14.42% |
| WELL Welltower Inc. | 8.41% |
| PLD Prologis Inc. | 6.70% |
| EQIX Equinix Inc. | 5.46% |
| AMT American Tower Corp. | 4.05% |
| SPG Simon Property Group Inc. | 3.86% |
| DLR Digital Realty Trust Inc. | 3.28% |
| O Realty Income Corp. | 3.04% |
Only in VXF
Vanguard Extended Market ETF — US mid/small completion. Its biggest holdings that VNQ 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?
VNQ 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 ~87 effective positions (grade A), because they hold largely different securities.
Holdings as of — VNQ: 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 →VNQ vs VXF — FAQ
- How much do VNQ and VXF overlap?
- VNQ and VXF 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 VNQ's 10 largest holdings are also held by VXF. They share 0 of their listed top holdings in total.
- Is it redundant to hold both VNQ 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 87 positions and a A diversification grade.
- What does VXF hold that VNQ doesn't?
- VXF's largest holdings that VNQ doesn't hold include SPCX, SNOW, BE, NET, ALAB. Its category is US mid/small completion, versus VNQ's US real estate.
- Which is more concentrated, VNQ or VXF?
- VNQ's top 10 holdings are 62% of its listed weight; VXF's are 38%. The more concentrated fund leans harder on its largest names.