VAW vs VTWO: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
VTWOVanguard Russell 2000 Index Fund
Vanguard · 1952 holdings · $17.4B · as of 2026-05-31
How similar are VAW and VTWO?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; Vanguard Russell 2000 Index Fund (VTWO, by Vanguard) holds 1952. They have 55 holdings in common, and by portfolio weight the two funds are 4.2% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 55VAW holds 110 · VTWO holds 1952
- Weight in Shared Holdings
- VAW 9%·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 VAW
55 of 110 positions (90.9% of the fund) are not held by VTWO. Showing the top 30 by weight.
Only in VTWO
1897 of 1952 positions (95.5% of the fund) are not held by VAW. Showing the top 30 by weight.
Sector Breakdown
| Sector | VAW | 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 VAW, 5% of VTWO).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
| 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 VAW vs VTWO →
Shared Holdings(55)
The top 10 shared positions account for 51% of the overlap, led by CDE, HL and CMC.
 CDECoeur Mining Inc COM NEW | 1.28% | 0.58% | 0.58% |
|---|---|---|---|
 HLHecla Mining Company COM | 0.76% | 0.33% | 0.33% |
 CMCCommercial Metals Company COM | 0.54% | 0.25% | 0.25% |
 BCPCBalchem Corp COM | 0.33% | 0.15% | 0.15% |
 HCCWarrior Met Coal Inc COM | 0.32% | 0.14% | 0.14% |
 SXTSensient Technologies Corp COM | 0.26% | 0.14% | 0.14% |
 CSTMConstellium SE, Class A | 0.27% | 0.14% | 0.14% |
 USARUSA Rare Earth Inc. COM | 0.14% | 0.15% | 0.14% |
 CBTCabot Corporation COM | 0.30% | 0.13% | 0.13% |
 MTRNMaterion Corp COM | 0.29% | 0.13% | 0.13% |
 PRMPerimeter Solutions Inc. COMMON STOCK | 0.29% | 0.13% | 0.13% |
 KNFKnife River Corp. COMMON STOCK | 0.29% | 0.13% | 0.13% |
 CENXCentury Aluminum Company COM | 0.24% | 0.11% | 0.11% |
 FULH B Fuller Company COM | 0.22% | 0.10% | 0.10% |
 CCThe Chemours Company LLC COM | 0.21% | 0.10% | 0.10% |
 AVNTAvient Corporation COM | 0.21% | 0.10% | 0.10% |
 HWKNHawkins Inc COM | 0.20% | 0.09% | 0.09% |
 KALUKaiser Aluminium Corporation COM PAR $0.01 | 0.19% | 0.09% | 0.09% |
 NGVTIngevity Corporation COM | 0.16% | 0.07% | 0.07% |
 MTXMinerals Technologies Inc. COM | 0.15% | 0.07% | 0.07% |
 PPTAPerpetua Resources Corp COM | 0.15% | 0.07% | 0.07% |
 AMRAlpha Metallurgical Resources Inc COM | 0.14% | 0.07% | 0.07% |
 IOSPInnospec Inc COM | 0.13% | 0.06% | 0.06% |
 KWRQuaker Chemical Corp. | 0.13% | 0.06% | 0.06% |
 PCTPureCycle Technologies Inc. COM | 0.11% | 0.05% | 0.05% |
Frequently Asked Questions
How much do VAW and VTWO overlap?
VAW and VTWO overlap by 4.2% of portfolio weight. They share 55 holdings (VAW holds 110 positions and VTWO holds 1952), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and VTWO?
The two portfolios are 4.2% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of VAW and VTWO?
The largest positions held by both funds are CDE, HL, CMC, BCPC and HCC. Together the top 10 shared positions account for 51% of the total overlap.
What does VAW own that VTWO doesn't?
55 positions (90.9% of VAW) are unique to VAW, led by LIN, NEM and FCX. In the other direction, 1897 positions (95.5% of VTWO) are unique to VTWO.