etf overlap tool · heavy overlap
VWO vs EEM overlap
78% of VWO's money sits in companies EEM also holds; 74% of the two funds is the same money, spread over 1,027 companies both hold.
Holdings as of September 30, 2026 · source: Vanguard (VWO), iShares (EEM) · How we measured all 1,431 pairs
- same money
- same companies, extra weight
- only in this fund
Swapping one for the other to harvest a loss? In our study of 32 tax-loss harvesting ETF pairs, VWO and EEM correlated 0.9711 over the 261 weeks to October 16, 2026 and were more than 1 point apart in 6.5% of weeks; over the year to that date, EEM returned 9.13 points more than VWO. IRS Publication 550 sets no test for when two ETFs are “substantially identical” under the wash-sale rule: it says to consider “all the facts and circumstances in your particular case,” so no correlation figure settles the question.
Hold VWO and EEM with other funds or stocks? The free portfolio optimizer opens VWO and EEM beside the rest of what you own: the companies you hold twice, what the funds cost a year, and where the next deposit should go. No account.
What only one of them gives you
Where each fund puts its money
VWO and EEM: what people ask
How much do VWO and EEM overlap?
74% by weight, as of September 30, 2026: heavy overlap. 1,027 companies appear in both funds; they make up 78% of VWO and 77% of EEM.
Which stocks do VWO and EEM both hold?
The largest shared positions are 2330, 700, 9988, 2454 and 939. Ranked by the smaller of the two weights, which is the part you would own twice.
Is it redundant to hold both VWO and EEM?
Out of every $100 split evenly between them, about $74 (half in each fund) buys identical positions. The rest is exposure only one of the two funds gives you: 3,990 names only in VWO, 142 only in EEM. Half in each behaves like 33 equally weighted stocks, against 33 for VWO alone and 29 for EEM alone. Whether that duplication is a problem depends on the mix you want; this is a description, not advice.
How is ETF overlap calculated here?
For every company held by both funds we take the smaller of its two weights and add them up. The weights come from the full holdings files Vanguard and iShares publish, not a top-10 sample, and companies are matched by their ISIN so share classes stay apart. Sector overlap applies the same rule to the issuers' sector labels; "behaves like N equally weighted stocks" is one over the sum of the squared weights.
Weights come from each issuer's published holdings file and are matched company by company on their ISIN. Cash, futures and currency positions are left out. This page describes what the funds hold; it is not investment advice.