VAW vs XMHQ: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
XMHQInvesco S&P MidCap Quality ETF
Invesco · 80 holdings · $5.5B · as of 2026-04-30
Holdings snapshots are 31 days apart (VAW: 2026-05-31, XMHQ: 2026-04-30). 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 VAW and XMHQ?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; Invesco S&P MidCap Quality ETF (XMHQ, by Invesco) holds 80. They have 6 holdings in common, and by portfolio weight the two funds are 3.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 3.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 6VAW holds 110 · XMHQ holds 80
- Weight in Shared Holdings
- VAW 4%·XMHQ 7%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
104 of 110 positions (95.9% of the fund) are not held by XMHQ. Showing the top 30 by weight.
Sector Breakdown
| Sector | VAW | XMHQ |
|---|---|---|
| Materials | 99.5% | 6.9% |
| Industrials | 0.0% | 28.5% |
| Health Care | 0.0% | 19.7% |
| Financials | 0.0% | 15.1% |
| Consumer Discretionary | 0.0% | 9.5% |
| Other Sectors | 0.3% | 20.2% |
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.
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% |
| XMHQ | +4.3% | +16.0% | +18.7% | +14.6% | +10.6% | +13.0% | 0.55% |
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 XMHQ →
Shared Holdings(6)
The top 6 shared positions account for 100% of the overlap, led by AA, RGLD and CCK.
 AAAlcoa Corporation COM | 1.29% | 1.94% | 1.29% |
|---|---|---|---|
 RGLDRoyal Gold, Inc. COM | 1.22% | 2.38% | 1.22% |
 CCKCrown Holdings Inc COM | 0.70% | 1.41% | 0.70% |
 LPXLouisiana Pacific Corporation COM | 0.31% | 0.50% | 0.31% |
 CBTCabot Corporation COM | 0.30% | 0.47% | 0.30% |
 GEFGreif, Inc., Class A | 0.10% | 0.22% | 0.10% |
Frequently Asked Questions
How much do VAW and XMHQ overlap?
VAW and XMHQ overlap by 3.9% of portfolio weight. They share 6 holdings (VAW holds 110 positions and XMHQ holds 80), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and XMHQ?
The two portfolios are 3.9% 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 XMHQ?
The largest positions held by both funds are AA, RGLD, CCK, LPX and CBT. Together the top 6 shared positions account for 100% of the total overlap.
What does VAW own that XMHQ doesn't?
104 positions (95.9% of VAW) are unique to VAW, led by LIN, NEM and FCX. In the other direction, 74 positions (93.0% of XMHQ) are unique to XMHQ.