VPU vs EMLP: Holdings Overlap
VPUVanguard Utilities Index Fund
Vanguard · 66 holdings · $8.5B · as of 2026-05-31
EMLPFirst Trust North American Energy Infrastructure Fund
First Trust · 63 holdings · $4.2B · as of 2026-04-30
Holdings snapshots are 31 days apart (VPU: 2026-05-31, EMLP: 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 VPU and EMLP?
Vanguard Utilities Index Fund (VPU, by Vanguard) holds 66 positions; First Trust North American Energy Infrastructure Fund (EMLP, by First Trust) holds 63. They have 33 holdings in common, and by portfolio weight the two funds are 35.4% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 35.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 33VPU holds 66 · EMLP holds 63
- Weight in Shared Holdings
- VPU 82%·EMLP 44%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 VPU
33 of 66 positions (17.4% of the fund) are not held by EMLP. Showing the top 30 by weight.
Sector Breakdown
| Sector | VPU | EMLP |
|---|---|---|
| Utilities | 99.6% | 45.6% |
| Energy | 0.0% | 39.5% |
| Industrials | 0.0% | 3.6% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 4.4% |
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 VPU, 5% of EMLP).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VPU | -4.3% | +3.4% | +3.8% | +14.2% | +8.4% | +8.8% | 2.74% |
| EMLP | -1.5% | +16.3% | +17.6% | +20.5% | +16.2% | +9.9% | 2.80% |
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 VPU vs EMLP →
Shared Holdings(33)
The top 10 shared positions account for 53% of the overlap, led by SO, ETR and AEP.
 SOSouthern Co. (The) | 6.67% | 2.67% | 2.67% |
|---|---|---|---|
 ETREntergy Corporation COM | 3.21% | 2.43% | 2.43% |
 AEPAmerican Electric Power Co, Inc. COM | 4.45% | 2.06% | 2.06% |
 DUKDuke Energy Corp COM NEW | 6.28% | 1.93% | 1.93% |
 SRESempra COM | 3.83% | 1.82% | 1.82% |
 PPLPPL Corporation COM | 1.72% | 2.52% | 1.72% |
 PEGPublic Service Enterprise Group Incorporated COM | 2.58% | 1.62% | 1.62% |
 DTEDTE Energy Co. COM | 1.95% | 1.50% | 1.50% |
 WECWEC Energy Group Inc. COM | 2.38% | 1.45% | 1.45% |
 FEFirstEnergy Corp. COM | 1.68% | 1.42% | 1.42% |
 DDominion Energy Inc COM | 3.76% | 1.35% | 1.35% |
 CNPCenterpoint Energy Inc COM | 1.82% | 1.34% | 1.34% |
 XELXcel Energy Inc COM | 3.09% | 1.30% | 1.30% |
 NEENextEra Energy Inc COM | 11.79% | 1.27% | 1.27% |
 EVRGEvergy Inc COM | 1.24% | 1.61% | 1.24% |
 ATOAtmos Energy Corp. COM | 1.80% | 1.19% | 1.19% |
 VSTVistra Corp. COMMON STOCK | 3.57% | 1.11% | 1.11% |
 AEEAmeren Corp. COM | 1.92% | 0.97% | 0.97% |
 LNTAlliant Energy Corporation COM | 1.11% | 0.95% | 0.95% |
 CMSCMS Energy Corporation COM | 1.45% | 0.92% | 0.92% |
 OGEOGE Energy Corporation COM | 0.64% | 1.42% | 0.64% |
 IDAIdacorp Inc COM | 0.50% | 0.95% | 0.50% |
 UGIUGI Corporation | 0.49% | 0.80% | 0.49% |
 NFGNational Fuel Gas Company COM | 0.46% | 3.25% | 0.46% |
 PCGPGandE CORP COMMON STOCK | 2.36% | 0.42% | 0.42% |
Frequently Asked Questions
How much do VPU and EMLP overlap?
VPU and EMLP overlap by 35.4% of portfolio weight. They share 33 holdings (VPU holds 66 positions and EMLP holds 63), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VPU and EMLP?
The two portfolios are 35.4% 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 VPU and EMLP?
The largest positions held by both funds are SO, ETR, AEP, DUK and SRE. Together the top 10 shared positions account for 53% of the total overlap.
What does VPU own that EMLP doesn't?
33 positions (17.4% of VPU) are unique to VPU, led by ED, NRG and EIX. In the other direction, 30 positions (48.9% of EMLP) are unique to EMLP.