VTWO vs SPSM: Holdings Overlap
VTWOVanguard Russell 2000 Index Fund
Vanguard · 1952 holdings · $17.4B · as of 2026-05-31
SPSMState Street® SPDR® Portfolio S&P 600™ Small Cap ETF
State Street (SPDR) · 604 holdings · $17.3B · as of 2026-08-06
Holdings snapshots are 67 days apart (VTWO: 2026-05-31, SPSM: 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 VTWO and SPSM?
Vanguard Russell 2000 Index Fund (VTWO, by Vanguard) holds 1952 positions; State Street® SPDR® Portfolio S&P 600™ Small Cap ETF (SPSM, by State Street (SPDR)) holds 604. They have 523 holdings in common, and by portfolio weight the two funds are 40.3% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 40.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 523VTWO holds 1952 · SPSM holds 604
- Weight in Shared Holdings
- VTWO 40%·SPSM 81%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 VTWO
1429 of 1952 positions (59.4% of the fund) are not held by SPSM. Showing the top 30 by weight.
Sector Breakdown
| Sector | VTWO | SPSM |
|---|---|---|
| Industrials | 19.4% | 17.4% |
| Financials | 14.3% | 19.0% |
| Information Technology | 17.8% | 12.8% |
| Health Care | 15.5% | 10.6% |
| Consumer Discretionary | 7.3% | 13.9% |
| Other Sectors | 20.8% | 25.1% |
| Unclassified | 4.8% | 0.9% |
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 (5% of VTWO, 1% of SPSM).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VTWO | +1.8% | +23.1% | +38.8% | +17.3% | +7.7% | +11.0% | 1.07% |
| SPSM | +2.4% | +24.5% | +36.5% | +14.6% | +7.7% | +10.9% | 1.36% |
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 VTWO vs SPSM →
Shared Holdings(523)
The top 10 shared positions account for 6% of the overlap, led by LUMN, VSAT and FORM.
 LUMNLumen Technologies Inc COM | 0.31% | 0.31% | 0.31% |
|---|---|---|---|
 VSATViaSat, Inc. COM | 0.29% | 0.61% | 0.29% |
 FORMFormfactor Inc COM | 0.28% | 0.49% | 0.28% |
 AGXArgan Inc COM | 0.26% | 0.45% | 0.26% |
 SNEXStoneX Group Inc COM | 0.24% | 0.39% | 0.24% |
 POWLPowell Industries Inc. COM | 0.24% | 0.32% | 0.24% |
 SMSM Energy Co. COM | 0.22% | 0.36% | 0.22% |
 ESEESCO Technologies Inc. COM | 0.22% | 0.46% | 0.22% |
 MXLMaxlinear Inc COM | 0.22% | 0.32% | 0.22% |
 MYRGMYR Group, Inc. | 0.21% | 0.28% | 0.21% |
 PLXSPlexus Corp COM | 0.21% | 0.39% | 0.21% |
 RHPRyman Hospitality Properties Inc COM | 0.21% | 0.43% | 0.21% |
 ZWSZurn Elkay Water Solutions Corporation COM | 0.21% | 0.42% | 0.21% |
 JBTMJBT Marel Corp. COM | 0.21% | 0.35% | 0.21% |
 JXNJackson Financial, Inc., Class A | 0.20% | 0.51% | 0.20% |
 ALKSAlkermes PLC COM USD0.01 | 0.20% | 0.44% | 0.20% |
 PRIMPrimoris Services Corp. COM | 0.20% | 0.24% | 0.20% |
 TRNOTerreno Realty Corporation COM | 0.20% | 0.40% | 0.20% |
 NPOEnpro Inc COM | 0.19% | 0.39% | 0.19% |
 FSSFederal Signal Corp. COM | 0.19% | 0.43% | 0.19% |
 VSHVishay Intertechnology, Inc. COM | 0.18% | 0.25% | 0.18% |
 KGSKodiak Gas Services Inc. COM | 0.18% | 0.30% | 0.18% |
 MACThe Macerich Company COM | 0.18% | 0.36% | 0.18% |
 EATBrinker International, Inc. COM | 0.18% | 0.53% | 0.18% |
 ACAArcosa Inc COM | 0.18% | 0.39% | 0.18% |
Showing the top 250 of 523 shared holdings by overlap weight.
Frequently Asked Questions
How much do VTWO and SPSM overlap?
VTWO and SPSM overlap by 40.3% of portfolio weight. They share 523 holdings (VTWO holds 1952 positions and SPSM holds 604), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VTWO and SPSM?
The two portfolios are 40.3% 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 VTWO and SPSM?
The largest positions held by both funds are LUMN, VSAT, FORM, AGX and SNEX. Together the top 10 shared positions account for 6% of the total overlap.
What does VTWO own that SPSM doesn't?
1429 positions (59.4% of VTWO) are unique to VTWO, led by BE, CRDO and STRL. In the other direction, 81 positions (19.0% of SPSM) are unique to SPSM.