Guardfolio Research · ETF Overlap
SCHD vs VOO Overlap: 8.0% of Weight in Shared Holdings
SCHD (Schwab US Dividend Equity) and VOO (Vanguard S&P 500) overlap by 8.0% of normalized weight through 46 shared securities, led by UNH, CVX, KO, PG, HD. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
SCHD and VOO have moderate overlap: about 8.0% of normalized fund weight across 46 shared securities. There is meaningful duplication, but the funds still include substantial distinct exposure..
The Data
Exactly which securities SCHD and VOO share
The table below shows the largest contributors to overlap across the licensed full holdings, with each fund's normalized weight and the lesser weight that counts toward overlap.
| Data basis | Licensed full holdings |
|---|---|
| Fund dates | SCHD 2026-08-25; VOO 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | SCHD weight | VOO weight | Shared (min) |
|---|---|---|---|
| UNITEDHEALTH GROUP INC (UNH) | 3.81% | 0.59% | 0.59% |
| CHEVRON (CVX) | 3.98% | 0.57% | 0.57% |
| COCA-COLA (KO) | 4.25% | 0.53% | 0.53% |
| PROCTER & GAMBLE (PG) | 3.80% | 0.52% | 0.52% |
| HOME DEPOT (HD) | 3.94% | 0.51% | 0.51% |
| MERCK & CO INC (MRK) | 4.89% | 0.50% | 0.50% |
| TEXAS INSTRUMENT INC (TXN) | 3.15% | 0.39% | 0.39% |
| AMGEN INC (AMGN) | 4.78% | 0.32% | 0.32% |
| VERIZON COMMUNICATIONS INC (VZ) | 3.90% | 0.30% | 0.30% |
| PEPSICO (PEP) | 3.70% | 0.30% | 0.30% |
| ABBOTT LABORATORIES (ABT) | 4.92% | 0.29% | 0.29% |
| QUALCOMM (QCOM) | 2.37% | 0.24% | 0.24% |
| CONOCOPHILLIPS (COP) | 3.98% | 0.23% | 0.23% |
| BRISTOL MYERS SQUIBB (BMY) | 3.32% | 0.21% | 0.21% |
| LOCKHEED MARTIN CORP (LMT) | 2.77% | 0.18% | 0.18% |
| ALTRIA GROUP INC (MO) | 2.67% | 0.18% | 0.18% |
| AUTOMATIC DATA PROCESSING INC (ADP) | 2.72% | 0.17% | 0.17% |
| ACCENTURE PLC CLASS A (ACN) | 2.76% | 0.16% | 0.16% |
| BLACKSTONE (BX) | 2.58% | 0.15% | 0.15% |
| COMCAST CLASS A (CMCSA) | 2.32% | 0.13% | 0.13% |
| Total full-holdings overlap | 94.9% | 8.0% | 8.0% |
Showing the 20 largest contributors of 46 shared securities. The total uses every shared security.
The 8.0% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. SCHD is dated 2026-08-25 with 99.982% retained coverage; VOO is dated 2026-08-24 with 99.945% retained coverage.
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Sector Picture
SCHD vs VOO: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (59.0% combined sector overlap).
| Sector | SCHD | VOO |
|---|---|---|
| Healthcare | 15.9% | 9.3% |
| Financial Services | 9.2% | 12.2% |
| Industrials | 11.7% | 8.6% |
| Consumer Discretionary | 8.5% | 10.4% |
| Technology | 8.5% | 33.1% |
| Consumer Staples | 19.4% | 5.5% |
The Verdict
Should you hold both SCHD and VOO?
SCHD and VOO have moderate overlap: about 8.0% of normalized fund weight across 46 shared securities. There is meaningful duplication, but the funds still include substantial distinct exposure.
FAQ
SCHD vs VOO overlap: common questions
How much do SCHD and VOO overlap?
SCHD (Schwab US Dividend Equity) and VOO (Vanguard S&P 500) overlap by approximately 8.0% of normalized weight across their licensed full holdings. They share 46 securities; the largest contributors include UNH, CVX, KO, PG, HD, MRK, TXN, AMGN. The separately dated sector reference shows 59.0% overlap.
What stocks do SCHD and VOO both hold?
Both SCHD and VOO hold UNITEDHEALTH GROUP INC (UNH), CHEVRON (CVX), COCA-COLA (KO), PROCTER & GAMBLE (PG), HOME DEPOT (HD), MERCK & CO INC (MRK), TEXAS INSTRUMENT INC (TXN), AMGEN INC (AMGN) among their top positions. These shared names account for the 8.0% weight overlap.
Is it worth holding both SCHD and VOO?
SCHD and VOO have moderate overlap: about 8.0% of normalized fund weight across 46 shared securities. There is meaningful duplication, but the funds still include substantial distinct exposure.
What is the difference between SCHD and VOO?
SCHD is a dividend fund (US Dividend, 0.06% expense ratio) and VOO is an S&P 500 fund (US Large-Cap Blend, 0.03% expense ratio). The dataset includes 100 SCHD holdings as of 2026-08-25 and 506 VOO holdings as of 2026-08-24.
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