IWF vs SMH Overlap
IWF is a U.S. growth equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. IWF and SMH show meaningful overlap, with an estimated weighted overlap of 21.18%. They share 12 holdings in the loaded dataset, led by NVDA, AVGO, and LRCX.
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Quick Answer
IWF is a U.S. growth equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. IWF and SMH show meaningful overlap, with an estimated weighted overlap of 21.18%. They share 12 holdings in the loaded dataset, led by NVDA, AVGO, and LRCX.
- 21.18% weighted overlap across 12 shared holdings.
- The top three shared holdings explain 87.47% of the measured overlap.
- IWF is the broader fund, while SMH is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both may add less diversification than the fund names imply.
Data Freshness
- IWF holdings
- Mar 12, 2026
- SMH holdings
- Mar 12, 2026
- Overlap computed
- Mar 15, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
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About These ETFs
What Stands Out In This Comparison
What This Means
IWF is a U.S. growth equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. IWF and SMH overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as NVDA, AVGO, and LRCX, which explains why the score lands at 21.18%.
How They Differ
IWF is a U.S. growth equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. IWF is the broader fund, while SMH is the more targeted sleeve. IWF has the lower expense ratio, while SMH charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 87.47% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
If you want the broader portfolio building block, IWF is usually the wider choice. If you want the more focused tilt, SMH is the narrower expression. IWF has the lower expense ratio, while SMH charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 87.47% 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.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between IWF and SMH.
| Holding | Name | IWF Wt. | SMH Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 12.68% | 18.90% | 12.68% |
| AVGO | BROADCOM INC | 4.91% | 7.56% | 4.91% |
| LRCX | LAM RESEARCH CORP | 0.94% | 5.41% | 0.94% |
| AMD | ADVANCED MICRO DEVICES INC | 0.67% | 4.31% | 0.67% |
| KLAC | KLA CORP | 0.67% | 4.96% | 0.67% |
| CDNS | CADENCE DESIGN SYSTEMS INC | 0.28% | 2.27% | 0.28% |
| AMAT | APPLIED MATERIAL INC | 0.27% | 5.32% | 0.27% |
| TXN | TEXAS INSTRUMENT INC | 0.26% | 4.60% | 0.26% |
| SNPS | SYNOPSYS INC | 0.20% | 2.46% | 0.20% |
| MPWR | MONOLITHIC POWER SYSTEMS INC | 0.17% | 1.15% | 0.17% |
Why These ETFs Overlap
IWF is a U.S. growth equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are NVDA, AVGO, and LRCX, which appear in both portfolios and push the overlap score higher.
Holding both IWF and SMH 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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Frequently Asked Questions About IWF and SMH
What is the overlap between IWF and SMH?+
How many holdings do IWF and SMH share?+
Is the IWF and SMH overlap high?+
Why do IWF and SMH overlap?+
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How Overlap Is Calculated
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.