VEU vs SPDW: Holdings Overlap
VEUVanguard FTSE All-world Ex-us Index Fund
Vanguard · 3855 holdings · $69.8B · as of 2026-04-30
SPDWState Street® SPDR® Portfolio Developed World ex-US ETF
State Street (SPDR) · 2342 holdings · $40.5B · as of 2026-08-04
Holdings snapshots are 96 days apart (VEU: 2026-04-30, SPDW: 2026-08-04). 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 VEU and SPDW?
Vanguard FTSE All-world Ex-us Index Fund (VEU, by Vanguard) holds 3855 positions; State Street® SPDR® Portfolio Developed World ex-US ETF (SPDW, by State Street (SPDR)) holds 2342. They have 1291 holdings in common, and by portfolio weight the two funds are 66.0% identical. In practical terms the pair is heavily overlapping, with largely the same stocks driving both funds.
- Overlap by Weight
- 66.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 1291VEU holds 3855 · SPDW holds 2342
- Weight in Shared Holdings
- VEU 68%·SPDW 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 VEU
2564 of 3855 positions (30.6% of the fund) are not held by SPDW. Showing the top 30 by weight.
Only in SPDW
1051 of 2342 positions (10.6% of the fund) are not held by VEU. Showing the top 30 by weight.
Sector Breakdown
| Sector | VEU | SPDW |
|---|---|---|
| Financials | 20.0% | 21.9% |
| Information Technology | 16.2% | 12.6% |
| Industrials | 11.7% | 13.2% |
| Health Care | 5.6% | 6.3% |
| Consumer Discretionary | 6.1% | 5.3% |
| Other Sectors | 21.9% | 22.1% |
| Unclassified | 17.4% | 17.3% |
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 (18% of VEU, 18% of SPDW).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VEU | +2.8% | +16.6% | +28.4% | +19.2% | +9.6% | +9.9% | 2.48% |
| SPDW | +3.1% | +17.9% | +30.1% | +19.9% | +10.1% | +10.3% | 2.94% |
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 VEU vs SPDW →
Shared Holdings(1291)
The top 10 shared positions account for 12% of the overlap, led by ASML, 000660 and HSBA.
 ASMLASML Holding NV | 1.43% | 1.96% | 1.43% |
|---|---|---|---|
 000660SK hynix Inc | 1.23% | 1.68% | 1.23% |
 HSBAHSBC Holdings PLC | 0.80% | 1.03% | 0.80% |
 ROPRoche Holding AG | 0.73% | 0.93% | 0.73% |
 AZNAstraZeneca PLC ORD USD0.25 | 0.72% | 0.73% | 0.72% |
 NOVNNovartis AG (Registered) | 0.72% | 0.83% | 0.72% |
 NESNNestle SA (Registered) | 0.66% | 0.76% | 0.66% |
 SHELShell PLC | 0.66% | 0.76% | 0.66% |
 RYGovernment Long Bond 1.2x Strategy Fund | 0.64% | 0.87% | 0.64% |
 SIESiemens AG (Registered) | 0.56% | 0.68% | 0.56% |
 CBACommonwealth Bank of Australia | 0.54% | 0.62% | 0.54% |
 7203Toyota Motor Corp. NPV | 0.52% | 0.67% | 0.52% |
 8306Mitsubishi UFJ Financial Group Inc. NPV | 0.50% | 0.81% | 0.50% |
 BHPBHP Group Ltd. | 0.49% | 0.66% | 0.49% |
 TDThe Toronto-Dominion Bank COM NEW | 0.46% | 0.59% | 0.46% |
 SANBanco Santander SA | 0.45% | 0.64% | 0.45% |
 ALVAllianz SE (Registered) | 0.44% | 0.56% | 0.44% |
 SAPSAP SE | 0.44% | 0.59% | 0.44% |
 SUSchneider Electric SE | 0.44% | 0.57% | 0.44% |
 TTETotalEnergies SE EUR2.5 | 0.43% | 0.51% | 0.43% |
 ABBNABB Ltd. (Registered) | 0.40% | 0.48% | 0.40% |
 IBEIberdrola SA | 0.39% | 0.44% | 0.39% |
 SHOPShopify, Inc., Class A | 0.38% | 0.53% | 0.38% |
 ENRSiemens Energy AG | 0.40% | 0.37% | 0.37% |
 UBSGUBS Group AG (Registered) | 0.35% | 0.50% | 0.35% |
Showing the top 250 of 1291 shared holdings by overlap weight.
Frequently Asked Questions
How much do VEU and SPDW overlap?
VEU and SPDW overlap by 66.0% of portfolio weight. They share 1291 holdings (VEU holds 3855 positions and SPDW holds 2342), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VEU and SPDW?
The two portfolios are 66.0% identical by weight. Owning both mostly doubles down on the shared core rather than diversifying: the same large positions drive both funds.
What are the biggest shared holdings of VEU and SPDW?
The largest positions held by both funds are ASML, 000660, HSBA, ROP and AZN. Together the top 10 shared positions account for 12% of the total overlap.
What does VEU own that SPDW doesn't?
2564 positions (30.6% of VEU) are unique to VEU, led by TSMWF, 700 and 9988. In the other direction, 1051 positions (10.6% of SPDW) are unique to SPDW.