VBR vs SPMD: Holdings Overlap
VBRVanguard Small-cap Value Index Fund
Vanguard · 838 holdings · $38.3B · as of 2026-03-31
SPMDState Street® SPDR® Portfolio S&P 400™ Mid Cap ETF
State Street (SPDR) · 399 holdings · $18.5B · as of 2026-08-06
Holdings snapshots are 128 days apart (VBR: 2026-03-31, SPMD: 2026-08-06). 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 VBR and SPMD?
Vanguard Small-cap Value Index Fund (VBR, by Vanguard) holds 838 positions; State Street® SPDR® Portfolio S&P 400™ Mid Cap ETF (SPMD, by State Street (SPDR)) holds 399. They have 258 holdings in common, and by portfolio weight the two funds are 43.7% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 43.7%Sum of the smaller weight of each shared holding
- Shared Holdings
- 258VBR holds 838 · SPMD holds 399
- Weight in Shared Holdings
- VBR 44%·SPMD 62%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 VBR
580 of 838 positions (56.0% of the fund) are not held by SPMD. Showing the top 30 by weight.
Sector Breakdown
| Sector | VBR | SPMD |
|---|---|---|
| Industrials | 18.8% | 26.0% |
| Financials | 18.7% | 16.1% |
| Information Technology | 8.2% | 15.7% |
| Consumer Discretionary | 10.9% | 11.7% |
| Health Care | 8.4% | 10.3% |
| Other Sectors | 34.3% | 25.8% |
| Unclassified | 0.5% | 0.0% |
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 (1% of VBR, 0% of SPMD).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VBR | +3.1% | +19.2% | +28.7% | +15.4% | +10.0% | +10.8% | 1.73% |
| SPMD | +3.1% | +18.5% | +26.0% | +14.6% | +9.1% | +11.3% | 1.19% |
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 VBR vs SPMD →
Shared Holdings(258)
The top 10 shared positions account for 10% of the overlap, led by UTHR, USFD and ILMN.
 UTHRUnited Therapeutics Corporation COM | 0.63% | 0.62% | 0.62% |
|---|---|---|---|
 USFDUS Foods Holding Corp COM | 0.49% | 0.65% | 0.49% |
 ILMNIllumina Inc COM | 0.43% | 0.81% | 0.43% |
 AAAlcoa Corporation COM | 0.42% | 0.68% | 0.42% |
 OVVOvintiv Inc COM | 0.41% | 0.45% | 0.41% |
 THCTenet Healthcare Corporation COM NEW | 0.40% | 0.61% | 0.40% |
 ITTITT Inc COM | 0.40% | 0.53% | 0.40% |
 RSReliance Inc COM | 0.38% | 0.59% | 0.38% |
 MKSIMKS Inc. COM | 0.37% | 0.54% | 0.37% |
 WPCW. P. Carey Inc COM | 0.37% | 0.44% | 0.37% |
 NLYAnnaly Capital Management, Inc. COM NEW | 0.37% | 0.46% | 0.37% |
 APGAPI Group Corp COM STK | 0.36% | 0.44% | 0.36% |
 EWBCEast West Bancorp Inc COM | 0.36% | 0.50% | 0.36% |
 JLLJones Lang LaSalle Incorporated COM | 0.35% | 0.46% | 0.35% |
 DTMDT Midstream Inc COMMON STOCK | 0.33% | 0.37% | 0.33% |
 CSLCarlisle Companies Incorporated | 0.33% | 0.42% | 0.33% |
 RGAReinsurance Group of America, Incorporated COM NEW | 0.32% | 0.43% | 0.32% |
 WCCWesco International, Inc. COM | 0.32% | 0.50% | 0.32% |
 TRUTransUnion COM | 0.32% | 0.42% | 0.32% |
 OHIOmega Healthcare Investors, Inc. COM | 0.31% | 0.40% | 0.31% |
 TOLToll Brothers, Inc. COM | 0.31% | 0.39% | 0.31% |
 RNRRenaissancere Holdings Ltd. COM USD1 | 0.31% | 0.38% | 0.31% |
 BJBJ's Wholesale Club Holdings, Inc. | 0.31% | 0.68% | 0.31% |
 NYTNew York Times Co. (The), Class A | 0.31% | 0.62% | 0.31% |
 PFGCPerformance Food Group Co. COM | 0.31% | 0.49% | 0.31% |
Showing the top 250 of 258 shared holdings by overlap weight.
Frequently Asked Questions
How much do VBR and SPMD overlap?
VBR and SPMD overlap by 43.7% of portfolio weight. They share 258 holdings (VBR holds 838 positions and SPMD holds 399), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VBR and SPMD?
The two portfolios are 43.7% 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 VBR and SPMD?
The largest positions held by both funds are UTHR, USFD, ILMN, AA and OVV. Together the top 10 shared positions account for 10% of the total overlap.
What does VBR own that SPMD doesn't?
580 positions (56.0% of VBR) are unique to VBR, led by NRG, ATO and TPR. In the other direction, 141 positions (43.4% of SPMD) are unique to SPMD.