Many investors hold several ETFs thinking they’re diversified, but end up owning the same big companies two or three times. VAS and A200 overlap by about 94%, and VGS and IVV by about 65%. Use the calculator above to see what you really own, company by company, and how much each pair of your ETFs overlaps.
Why ETF overlap matters
Adding another ETF feels like adding diversification. Often it isn’t. Most broad ETFs are weighted by company size, so the same giants sit at the top of all of them: NVIDIA, Apple and Microsoft in global and US ETFs, BHP and CBA in Australian ones. Put $50,000 in VGS and $20,000 in NDQ and around one in every four dollars ends up in just five US tech companies.
That’s fine if you mean it. It’s a problem if you don’t realise it, or if you’re paying two fees for what is mostly the same portfolio. This is what I call fake diversification.
Common ETF overlaps
How much some of the most popular ETF pairs overlap, by weight. Click “Try it” to load the pair into the calculator.
| ETF pair | Overlap | |
|---|---|---|
| VAS + A200 | 94% | |
| A200 + STW | 94% | |
| VGS + IVV | 65% | |
| IVV + NDQ | 53% | |
| VGS + NDQ | 40% | |
| DHHF + VGS | 40% | |
| VDHG + VAS | 33% | |
| VHY + A200 | 68% |
How to reduce overlap
- Pick one core ETF. One diversified ETF, such as DHHF, VDHG or VDAL, or one Australian plus one global ETF, does the heavy lifting. You don’t need VAS and A200 and IOZ.
- Make satellites different. Satellites should add something the core doesn’t already own: a sector, theme, region or commodity. A Nasdaq ETF on top of a global ETF mostly adds more of the same US tech.
- Check your top 10. If your 10 largest underlying holdings are more than about a quarter of your money, decide whether that’s a bet you meant to make.
More in core and satellite investing and how to compare ETFs.
Frequently asked questions
What is ETF overlap?
ETF overlap is when two or more of your ETFs own the same companies. For example, VAS and A200 both hold BHP, CBA and the big banks, so owning both mostly doubles up rather than adding diversification.
How is the overlap percentage calculated?
For each company held by both ETFs we take the smaller of the two weights, then add them up. 100% means the two ETFs hold exactly the same thing in the same proportions; 0% means they share nothing.
Does the calculator look through all-in-one ETFs like DHHF and VDHG?
Yes. Diversified ETFs hold other ETFs and funds, so the calculator looks through each underlying fund to the shares inside, and shows bonds and cash separately.
How up to date is the holdings data?
Holdings come from each ETF issuer’s published holdings files, currently as at 30 September 2026 to 2 November 2026. Most issuers update daily; Vanguard publishes monthly. We refresh the data regularly.
How does the satellite check work?
For each satellite we add up how much of your core is already invested in that satellite’s companies. Under 5% means the satellite adds something new; 5% to 20% means it doubles down on part of your core; over 20% means it’s mostly more of what your core already owns. For example, a gold ETF like QAU adds something new to a DHHF core, while NDQ mostly adds more of the same US tech giants.
Is some overlap bad?
Not necessarily. A diversified core ETF plus a few satellites will always share some big companies. Overlap becomes a problem when you pay two fees for the same exposure, or when a handful of companies quietly become a much bigger share of your money than you intended.
Which ETFs are included?
319 ASX ETFs: the most popular share ETFs from Vanguard, Betashares, iShares, Global X, VanEck and SPDR, plus bond, cash, gold and crypto ETFs, which are shown as a single asset. If yours is missing, let us know and we’ll add it.
What do base, uptrend and downtrend mean?
Every ETF moves through stages. In an uptrend the price is above its 20-day average and the 10, 20, 50 and 200-day exponential averages are stacked in order, or it’s at a new all-time high; in a downtrend it’s the reverse; in a base the averages are tangled and the price moves sideways. The calculator shows the current stage of each of your ETFs and how long it has been there. Bond and cash ETFs aren’t rated. It is a technical indicator of the past trend, not a forecast.
Holdings data from Vanguard, Betashares, iShares (BlackRock), Global X, VanEck and State Street SPDR, as at 30 September 2026 to 2 November 2026. DHHF’s US share allocation (VTI) is shown using the S&P 500 (SPY) as a stand-in; VTS and VEU are shown using stand-in indexes. Trend stages from daily closing prices. Geared ETFs are shown on an ungeared basis. Figures are estimates and may differ from your actual holdings. General information only, not a recommendation to buy or sell any ETF.