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Fund overlap
Yes, heavily. VOO (Vanguard S&P 500) is roughly 85% of VTI (Vanguard Total US Stock Market) by weight, every VOO holding also sits in VTI at nearly the same relative size, and the two funds have tracked each other at about a 0.99 correlation for VTI’s entire history. Holding both is not diversification — it is one position split across two tickers.
VTI ≈ 85% the S&P 500 + 15% mid- and small-cap stocks. VOO is that 85%.
| VTI | VOO | |
|---|---|---|
| Tracks | Entire US stock market | The 500 largest US companies |
| Holdings | ~3,600 stocks | ~500 stocks |
| Expense ratio | 0.03% | 0.03% |
| Not in the other | mid- & small-cap stocks (~15% of weight) | nothing — it’s a subset of VTI |
If you split your US allocation 50/50 between VTI and VOO, your real exposure is about 92.5% S&P 500 and 7.5% mid/small — versus 85/15 if you held VTI alone. You have very slightly underweighted smaller companies, added a second fund to rebalance and track, and gained nothing.
The usual reason people end up here: a 401(k) offers VOO, a taxable account or IRA holds VTI, and it feels like spreading risk. It isn’t — the risk is the same US large-cap block either way.
Check your whole portfolio for this
Portfolio Lab flags every pair of holdings that resolve to the same asset class — VTI + VOO, or three growth funds, or two total-bond funds — and shows you the factor exposure and home bias underneath. Paste what you own; no account needed.
Analyze a portfolio →In a taxable account, not necessarily — the capital-gains tax on selling usually outweighs the tiny benefit of consolidating. Just stop adding to the second one and let new money go to a single fund. In a tax-advantaged account, consolidate freely.
Over the long run they return almost the same thing (VTI's history includes the S&P 500 plus mid- and small-caps, which have added a fraction of a percent a year on average, with more volatility). VTI is the more complete US-market position. Pick one and move on.
That pair does not overlap — VXUS is international, VTI is US. Holding both is real diversification. VTI + VOO is the redundant pair.
Educational, not advice. Weights and correlations are approximate and move over time; the S&P 500 has ranged from roughly 80–86% of total US market cap over the past decade.