QUAL vs SMH Overlap
QUAL is an equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. QUAL and SMH show limited overlap, with an estimated weighted overlap of 15.73%. They share 7 holdings in the loaded dataset, led by NVDA, LRCX, and KLAC.
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Quick Answer
QUAL is an equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. QUAL and SMH show limited overlap, with an estimated weighted overlap of 15.73%. They share 7 holdings in the loaded dataset, led by NVDA, LRCX, and KLAC.
- 15.73% weighted overlap across 7 shared holdings.
- The top three shared holdings explain 72.54% of the measured overlap.
- QUAL 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 can still add materially different exposure.
Data Freshness
- QUAL 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
QUAL is an equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. QUAL and SMH do not own much of the same portfolio weight. That usually means you are combining different parts of the market, with only a small amount of duplication through names like NVDA, LRCX, and KLAC.
How They Differ
QUAL is an equity ETF from IShares, while SMH is a semiconductor-focused equity ETF from VanEck. QUAL is the broader fund, while SMH is the more targeted sleeve. QUAL 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 72.54% 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, QUAL is usually the wider choice. If you want the more focused tilt, SMH is the narrower expression. QUAL has the lower expense ratio, while SMH charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 72.54% 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 QUAL and SMH.
| Holding | Name | QUAL Wt. | SMH Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 6.23% | 18.90% | 6.23% |
| LRCX | LAM RESEARCH CORP | 2.79% | 5.41% | 2.79% |
| KLAC | KLA CORP | 2.39% | 4.96% | 2.39% |
| AMAT | APPLIED MATERIAL INC | 2.22% | 5.32% | 2.22% |
| QCOM | QUALCOMM INC | 1.10% | 3.14% | 1.10% |
| CDNS | CADENCE DESIGN SYSTEMS INC | 0.52% | 2.27% | 0.52% |
| MPWR | MONOLITHIC POWER SYSTEMS INC | 0.47% | 1.15% | 0.47% |
Why These ETFs Overlap
QUAL is an 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, LRCX, and KLAC, which appear in both portfolios and push the overlap score higher.
Holding both QUAL and SMH can make sense if you want exposure to different sleeves of the market. The overlap is small enough that both funds may still improve diversification.
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Frequently Asked Questions About QUAL and SMH
What is the overlap between QUAL and SMH?+
How many holdings do QUAL and SMH share?+
Is the QUAL and SMH overlap high?+
Why do QUAL and SMH overlap?+
Which ETF is broader, QUAL or SMH?+
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.