FMAT vs VTWO: Holdings Overlap
FMATFidelity MSCI Materials Index ETF
Fidelity · 103 holdings · $579M · as of 2026-04-30
VTWOVanguard Russell 2000 Index Fund
Vanguard · 1952 holdings · $17.4B · as of 2026-05-31
Holdings snapshots are 31 days apart (FMAT: 2026-04-30, VTWO: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are FMAT and VTWO?
Fidelity MSCI Materials Index ETF (FMAT, by Fidelity) holds 103 positions; Vanguard Russell 2000 Index Fund (VTWO, by Vanguard) holds 1952. They have 46 holdings in common, and by portfolio weight the two funds are 4.0% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 46FMAT holds 103 · VTWO holds 1952
- Weight in Shared Holdings
- FMAT 8%·VTWO 4%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 FMAT
57 of 103 positions (91.3% of the fund) are not held by VTWO. Showing the top 30 by weight.
Only in VTWO
1906 of 1952 positions (95.6% of the fund) are not held by FMAT. Showing the top 30 by weight.
Sector Breakdown
| Sector | FMAT | VTWO |
|---|---|---|
| Materials | 99.5% | 4.3% |
| Industrials | 0.0% | 19.4% |
| Information Technology | 0.0% | 17.8% |
| Health Care | 0.0% | 15.5% |
| Financials | 0.0% | 14.3% |
| Other Sectors | 0.3% | 23.8% |
| Unclassified | 0.0% | 4.8% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (0% of FMAT, 5% of VTWO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| FMAT | +3.2% | +14.7% | +20.8% | +10.3% | +6.9% | +10.0% | 1.38% |
| VTWO | +1.8% | +23.1% | +38.8% | +17.3% | +7.7% | +11.0% | 1.07% |
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 FMAT vs VTWO →
Shared Holdings(46)
The top 10 shared positions account for 53% of the overlap, led by CDE, HL and CMC.
 CDECoeur Mining Inc COM NEW | 1.19% | 0.58% | 0.58% |
|---|---|---|---|
 HLHecla Mining Company COM | 0.77% | 0.33% | 0.33% |
 CMCCommercial Metals Company COM | 0.49% | 0.25% | 0.25% |
 BCPCBalchem Corp COM | 0.34% | 0.15% | 0.15% |
 HCCWarrior Met Coal Inc COM | 0.30% | 0.14% | 0.14% |
 SXTSensient Technologies Corp COM | 0.26% | 0.14% | 0.14% |
 CSTMConstellium SE, Class A | 0.25% | 0.14% | 0.14% |
 CBTCabot Corporation COM | 0.26% | 0.13% | 0.13% |
 MTRNMaterion Corp COM | 0.24% | 0.13% | 0.13% |
 PRMPerimeter Solutions Inc. COMMON STOCK | 0.27% | 0.13% | 0.13% |
 KNFKnife River Corp. COMMON STOCK | 0.34% | 0.13% | 0.13% |
 USARUSA Rare Earth Inc. COM | 0.13% | 0.15% | 0.13% |
 CENXCentury Aluminum Company COM | 0.21% | 0.11% | 0.11% |
 FULH B Fuller Company COM | 0.21% | 0.10% | 0.10% |
 CCThe Chemours Company LLC COM | 0.26% | 0.10% | 0.10% |
 AVNTAvient Corporation COM | 0.22% | 0.10% | 0.10% |
 HWKNHawkins Inc COM | 0.21% | 0.09% | 0.09% |
 KALUKaiser Aluminium Corporation COM PAR $0.01 | 0.18% | 0.09% | 0.09% |
 NGVTIngevity Corporation COM | 0.18% | 0.07% | 0.07% |
 MTXMinerals Technologies Inc. COM | 0.14% | 0.07% | 0.07% |
 PPTAPerpetua Resources Corp COM | 0.15% | 0.07% | 0.07% |
 AMRAlpha Metallurgical Resources Inc COM | 0.13% | 0.07% | 0.07% |
 IOSPInnospec Inc COM | 0.12% | 0.06% | 0.06% |
 KWRQuaker Chemical Corp. | 0.12% | 0.06% | 0.06% |
 PCTPureCycle Technologies Inc. COM | 0.06% | 0.05% | 0.05% |
Frequently Asked Questions
How much do FMAT and VTWO overlap?
FMAT and VTWO overlap by 4.0% of portfolio weight. They share 46 holdings (FMAT holds 103 positions and VTWO holds 1952), based on each fund's latest SEC-reported holdings.
Is it redundant to own both FMAT and VTWO?
The two portfolios are 4.0% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of FMAT and VTWO?
The largest positions held by both funds are CDE, HL, CMC, BCPC and HCC. Together the top 10 shared positions account for 53% of the total overlap.
What does FMAT own that VTWO doesn't?
57 positions (91.3% of FMAT) are unique to FMAT, led by LIN, NEM and FCX. In the other direction, 1906 positions (95.6% of VTWO) are unique to VTWO.