What is ETF overlap / fund overlap?

ETF overlap (or fund overlap) is the percentage of holdings that two ETFs or funds have in common. It measures how much of the same companies or assets appear in both portfolios. Our overlap calculator shows you the weighted overlap. Meaning it considers the size of each position. High overlap can create concentration risk and duplicate fees.

What's the difference between overlap by holdings vs. overlap by weight?

Overlap by holdings counts how many securities appear in both funds. Overlap by weight (what we calculate) is more meaningful, it accounts for position sizes. For example, if Apple is 7% of Fund A and 5% of Fund B, that's a 5% weighted overlap contribution. This shows your actual exposure risk, not just a simple count.

Why does overlap matter if both ETFs track 'different indexes'?

Even ETFs tracking different indexes often have significant overlap because many companies appear in multiple indexes. For example, VOO (S&P 500) and SPY (S&P 500) have ~99% overlap. More importantly, sector ETFs, dividend-focused ETFs, and other strategies may overlap far more than investors realize, creating concentration and hidden fees.

Why do different tools show different overlap percentages?

Different tools use different data sources, update frequencies, and calculation methods. Some include small positions; others ignore them. Some count all holdings; others only count major positions. Our tool uses weighted overlap based on published holdings updated daily, which is the most accurate measure of true portfolio overlap.

How often are holdings updated in this overlap tool?

Holdings data is updated daily from official fund providers. Performance and price data is real-time. However, funds themselves only publish full holdings reports quarterly or semi-annually, so minor holdings may lag. For the most accurate current overlap, we always recommend checking directly with fund providers.

Can I compare more than 2 ETFs at once?

Currently, our tool compares two ETFs at a time to provide detailed analysis and clear visualizations. However, you can run multiple pairwise comparisons to understand overlaps across a larger portfolio. For example, compare ETF A vs. B, B vs. C, and A vs. C to see the full picture.

Do you support UCITS funds and ISIN lookup?

Yes! Our fund overlap tool covers 50,000+ ETFs and mutual funds globally, including UCITS funds. You can search by ticker, ISIN, fund name, or other identifiers. We support markets across Europe, North America, Asia, and beyond.

Does overlap include cash and derivatives?

No. Our overlap calculation focuses on direct holdings-equities, bonds, and commodities. Cash positions and money market holdings are excluded. Additionally, some funds use synthetic replication (swaps/derivatives) instead of holding actual securities. These synthetic positions are not included in our overlap calculation and may represent an important caveat.

What should I do if my ETF overlap is very high?

If overlap exceeds 50%, consider consolidating: (1) Review whether both funds serve distinct purposes. (2) Compare fees, sometimes one fund is cheaper and better overall. (3) Replace the overlapping fund with something complementary (e.g., a different sector or geography). (4) Monitor regularly, as holdings shift quarterly. High overlap creates unnecessary fees and concentration risk.

How can I use the overlap tool to build a better portfolio?

Use our tool to: (1) Audit your current holdings for hidden overlap. (2) Compare potential new ETF purchases against existing positions before buying. (3) Identify concentration in sectors or regions. (4) Find complementary ETFs with minimal overlap. (5) Monitor your portfolio quarterly as fund holdings evolve.

Are ETFs with high overlap always bad?

Not necessarily. VOO and SPY both track the S&P 500, so they have ~99% overlap, but if you only own one, that's fine. The problem arises when you own *both* without a clear reason. High overlap becomes an issue when it creates redundancy, doubles fees, or masks concentration risk you didn't intend.

ETF Overlap Tool - Calculate Fund Overlap for Free

Name: PinkLion ETF Comparison
Availability: OnlineOnly

Discover how much your ETFs overlap with our free fund overlap tool. Our ETF overlap calculator analyzes holdings across thousands of funds to show you exactly which companies appear in multiple ETFs you own. Whether you're comparing ETF overlap between VOO and SPY or exploring fund comparison across your portfolio, this ETF compare tool provides deep insights into your investment concentration, hidden risks, and diversification gaps

Select two Funds to start your comparison analysis

Results You Get from Our Fund Overlap Tool

Exact Overlap %

See precisely what percentage of your ETFs' holdings overlap, revealing hidden concentration risk you might miss with other tools.

Holdings in Common

Identify which companies appear in both ETFs and their individual weights, helping you understand your true exposure.

Side-by-Side Performance

Compare historical returns, volatility, drawdowns, and risk metrics across multiple timeframes with interactive charts.

Sector & Region Breakdown

Understand how different sectors and geographic regions are weighted in each fund to spot imbalances.

Fund Metrics

Review expense ratios, AUM, holdings count, beta, P/E ratios, and volatility metrics to make informed decisions.

Visual Overlap Display

Interactive Venn diagrams and charts visualize overlap, making it easy to spot concentration at a glance.

Popular ETF Overlap Examples

Explore common fund overlaps that investors encounter. See how major ETFs compare and learn from real-world examples of overlap risks and opportunities.

SPY vs QQQ

S&P 500 vs NASDAQ-100

Broad market vs technology focus

VTI vs VXUS

US vs International

Domestic vs global diversification

ARKK vs SPY

Active vs Passive

Innovation focus vs broad market

VTV vs VUG

Value vs Growth

Conservative vs aggressive growth

XLK vs XLF

Technology vs Financials

Growth vs cyclical sectors

EFA vs EEM

Developed vs Emerging

Stable vs high-growth markets

BND vs TLT

Total Bond vs Long Treasury

Diversified vs duration risk

SCHD vs DVY

Dividend vs High Yield

Quality vs yield focus

IWM vs VB

Russell 2000 vs Small Cap

Index methodology differences

VNQ vs SCHH

REIT vs Real Estate

Traditional vs diversified REITs

How We Calculate ETF & Fund Overlap

1 Methodology

Our fund overlap calculator uses a weighted average approach. For each holding that appears in both ETFs, we identify the smaller percentage and add them together. This tells you exactly how much of your portfolio would be "doubled up" if you owned both funds.

Example: If Apple is 7% of ETF A and 5% of ETF B, that's 5% overlap contribution from Apple alone.

2 Data Sources & Updates

Holdings updated: Daily from official fund providers
Coverage: 50,000+ ETFs and mutual funds globally
Assets & prices: Real-time market data
Performance history: 30 years of data

3 What's Included

All equity, bond, and commodity holdings
Performance, Risk, and Fund Metrics
Asset class, sector, and world region breakdown

4 What's Excluded

Synthetic replication (swaps/derivatives)

How Much ETF Overlap is Too Much?

Overlap Guidelines

0–20% Overlap: Healthy Diversification

This is ideal for most portfolios. You have meaningful exposure differences between funds, allowing you to achieve true diversification across sectors, geographies, and investment styles.

20–50% Overlap: Moderate Concentration

You're getting some redundancy, but it may be acceptable depending on your strategy. Review whether both funds serve a distinct purpose, or if you should consolidate.

50%+ Overlap: High Risk Zone

You're essentially owning the same portfolio twice. This creates unnecessary fees, tax drag, and concentration risk. Consider replacing one fund with a complementary strategy or consolidating positions.

What To Do If the Fund Overlap is High

1 Understand Your Intent

Do both ETFs serve different roles? For example, one might be for international exposure and one for US growth. If yes, overlap might be acceptable.

2 Review Fees

High overlap with higher fees is wasteful. Check if a single, cheaper alternative covers your needs better.

3 Consider Complementary Alternatives

Replace one overlapping ETF with something that adds true diversification: a different sector, asset class, or geography.

4 Monitor Over Time

Holdings shift. Use this tool regularly to ensure your overlap stays within your target range.