Both funds come from IShares. IWD is a U.S. value equity ETF, while USMV is an equity ETF. IWD and USMV show meaningful overlap, with an estimated weighted overlap of 32.43%. They share 128 holdings in the loaded dataset, led by 30231G102, JNJ, and BRK.B.
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Both funds come from IShares. IWD is a U.S. value equity ETF, while USMV is an equity ETF. IWD and USMV show meaningful overlap, with an estimated weighted overlap of 32.43%. They share 128 holdings in the loaded dataset, led by 30231G102, JNJ, and BRK.B.
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Both funds come from IShares. IWD is a U.S. value equity ETF, while USMV is an equity ETF. IWD and USMV overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as 30231G102, JNJ, and BRK.B, which explains why the score lands at 32.43%.
Both funds come from IShares. IWD is a U.S. value equity ETF, while USMV is an equity ETF. Neither fund clearly dominates on breadth, so the practical difference is more about weighting, index construction, and cost. USMV has the lower expense ratio, while IWD charges more for its exposure.
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 13.71% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
Because IWD and USMV are closer in breadth, the better fit usually comes down to index methodology, issuer preference, and cost. USMV has the lower expense ratio, while IWD charges more for its exposure.
Concentration
The top three shared holdings explain 13.71% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
These are the holdings contributing the most to the overlap score between IWD and USMV.
| Holding | Name | IWD Wt. | USMV Wt. | Overlap |
|---|---|---|---|---|
| 30231G102 | EXXON MOBIL CORPORATION | 2.36% | 1.60% | 1.60% |
| JNJ | JOHNSON & JOHNSON | 1.94% | 1.43% | 1.43% |
| BRK.B | BERKSHIRE HATHAWAY INC. | 2.91% | 1.41% | 1.41% |
| PG | THE PROCTER & GAMBLE COMPANY | 1.12% | 1.10% | 1.10% |
| CSCO | CISCO SYSTEMS, INC. | 1.02% | 1.80% | 1.02% |
| MRK | MERCK & CO., INC. | 0.98% | 1.17% | 0.98% |
| WMT | WALMART INC. | 1.60% | 0.87% | 0.87% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORPORATION | 0.74% | 1.11% | 0.74% |
| VZ | VERIZON COMMUNICATIONS INC. | 0.70% | 1.49% | 0.70% |
| LIN | LINDE PUBLIC LIMITED COMPANY | 0.77% | 0.69% | 0.69% |
Both funds come from IShares. IWD is a U.S. value equity ETF, while USMV is an equity ETF. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are 30231G102, JNJ, and BRK.B, which appear in both portfolios and push the overlap score higher.
Holding both IWD and USMV can still be reasonable, but you should expect some duplication. The decision comes down to whether the non-overlapping parts of each ETF are important enough for your strategy.
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A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.