DFEM vs VWO: Holdings Overlap
DFEMDimensional Emerging Markets Core Equity 2 ETF
Dimensional · 6579 holdings · $9.0B · as of 2026-04-30
VWOVanguard Emerging Markets Stock Index Fund
Vanguard · 5015 holdings · $124.9B · as of 2026-04-30
How similar are DFEM and VWO?
Dimensional Emerging Markets Core Equity 2 ETF (DFEM, by Dimensional) holds 6579 positions; Vanguard Emerging Markets Stock Index Fund (VWO, by Vanguard) holds 5015. They have 3540 holdings in common, and by portfolio weight the two funds are 57.1% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 57.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 3540DFEM holds 6579 · VWO holds 5015
- Weight in Shared Holdings
- DFEM 72%·VWO 88%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in DFEM
3039 of 6579 positions (27.8% of the fund) are not held by VWO. Showing the top 30 by weight.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| DFEM | +0.2% | +19.5% | +31.4% | +19.8% | — | — | 1.89% |
| VWO | +2.7% | +12.6% | +22.3% | +16.6% | +6.6% | +7.9% | 2.29% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in DFEM vs VWO →
Shared Holdings(3540)
The top 10 shared positions account for 27% of the overlap, led by TSMWF, 700 and 9988.
 TSMWFTaiwan Semiconductor Manufacturing Co Ltd | 9.23% | 14.61% | 9.23% |
|---|---|---|---|
 700Tencent Holdings Ltd. | 1.95% | 3.26% | 1.95% |
 9988Alibaba Group Holding Ltd | 0.95% | 2.55% | 0.95% |
 C6TChina Construction Bank Corp | 0.75% | 0.85% | 0.75% |
 2308Delta Electronics Inc | 0.51% | 1.17% | 0.51% |
 PDDPDD Holdings Inc. SPONSORED ADS | 0.51% | 0.66% | 0.51% |
 2318RUBPing An Insurance Group Co of China Ltd | 0.54% | 0.46% | 0.46% |
 HNHAFHon Hai Precision Industry Co Ltd | 0.40% | 0.74% | 0.40% |
 PETR4Petroleo Brasileiro SA - Petrobras | 0.43% | 0.38% | 0.38% |
 BHARTIBharti Airtel Ltd | 0.35% | 0.51% | 0.35% |
 2383Elite Material Co Ltd | 0.33% | 0.37% | 0.33% |
 3037Unimicron Technology Corp | 0.47% | 0.33% | 0.33% |
 2454MediaTek Inc | 0.32% | 1.06% | 0.32% |
 3711ASE Technology Holding Co Ltd | 0.32% | 0.44% | 0.32% |
 ICKIndustrial & Commercial Bank of China Ltd | 0.31% | 0.62% | 0.31% |
 RJHISARAl Rajhi Bank | 0.29% | 0.47% | 0.29% |
 3690Meituan, B Shares | 0.29% | 0.50% | 0.29% |
 PC6PetroChina Co Ltd | 0.35% | 0.28% | 0.28% |
 W8VBank of China Ltd | 0.28% | 0.38% | 0.28% |
 MMMahindra & Mahindra Ltd | 0.25% | 0.26% | 0.25% |
 1810Xiaomi Corp | 0.24% | 0.56% | 0.24% |
 FJZZijin Mining Group Co Ltd | 0.27% | 0.24% | 0.24% |
 1211RUBBYD Co Ltd | 0.23% | 0.42% | 0.23% |
 2891CTBC Financial Holding Co Ltd | 0.23% | 0.25% | 0.23% |
 2345Accton Technology Corp | 0.23% | 0.31% | 0.23% |
Showing the top 250 of 3540 shared holdings by overlap weight.
Frequently Asked Questions
How much do DFEM and VWO overlap?
DFEM and VWO overlap by 57.1% of portfolio weight. They share 3540 holdings (DFEM holds 6579 positions and VWO holds 5015), based on each fund's latest SEC-reported holdings.
Is it redundant to own both DFEM and VWO?
The two portfolios are 57.1% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of DFEM and VWO?
The largest positions held by both funds are TSMWF, 700, 9988, C6T and 2308. Together the top 10 shared positions account for 27% of the total overlap.
What does DFEM own that VWO doesn't?
3039 positions (27.8% of DFEM) are unique to DFEM, led by 005930, 000660 and 005380. In the other direction, 1475 positions (10.8% of VWO) are unique to VWO.