ETF Overlap Calculator

Pick two to five funds and see how much of them is really the same thing.

See how much two to five ETFs or funds overlap: as a percentage, with the companies they share, and how much of your diversification is real.

Do you own the same thing twice?

A global index fund and a US index fund sound like two different things. But the US makes up roughly two thirds of the world index, and the biggest companies at the top are the same. Buy both and you own Apple, Microsoft and NVIDIA twice, without it saying so anywhere.

The tool unpacks the funds into their individual securities and lays them on top of each other. The result is the overlap in percent, the list of shared companies and the weight in each fund, so you can see exactly where your diversification holds up and where it does not.

Click one of the examples to see how it works.

How to read the result

The figure at the top is the share of the money that, in practice, sits in the same securities. Below it you see the number of shared holdings and the total number of different securities in the funds you picked. The chart shows the same thing as a count: how many securities each fund holds on its own, and how many they share.

The table at the bottom is the list of shared companies with the weight in each fund. Click a name to see every fund that owns that company.

When the figure is a lower bound or an estimate

For some funds we only know the 25 largest holdings. The overlap is then calculated on those alone, and the real figure is higher. This is clearly marked next to the figure, and each fund has a label that shows whether we know the full portfolio or only the top.

If the two funds are in the same category, such as two global index funds, a lower bound would make them look much more different than they are. In that case we show an estimate instead: how much of the holdings we know about also appear in the other fund. It is marked "approx." in front of the figure.

About the numbers

The holdings are the funds' most recently published portfolios. For some funds we only know the largest holdings, and that is shown next to each fund. The tool does not give investment advice. It only shows what the funds own.

Frequently asked questions

How is the overlap calculated?

For each company both funds own, we take the smaller of the two weights and add them up. If one fund holds 5% NVIDIA and the other 8%, NVIDIA counts as 5%. The total is the share of your money that you have, in practice, invested twice. The figure runs from 0% (nothing in common) to 100% (the same portfolio).

What does "at least" in front of the percentage mean?

For some funds we only know the 25 largest holdings. The overlap can then only be calculated on those 25, and the real figure is higher. That is why it says "at least". If the two funds are in the same category, such as two global index funds, we instead show an estimate marked "approx.": the share of the known holdings that also appear in the other fund. If we know the full portfolio of both funds, the figure is exact.

What counts as a large overlap?

Below 15%, we call the funds complementary. 15% to 40% is a light overlap, 40% to 70% a partial overlap and above 70% a high overlap. Two funds that track the same index usually land above 90%. A global fund and a pure US fund often land around 60% to 70%, because the US weighs so heavily in the world index.

Is overlap bad?

Not in itself. But if you bought two funds to spread your risk and they overlap by 90%, you did not get the diversification you thought you had. Then you are usually just paying fees in two places for the same exposure.

How up to date are the numbers?

The holdings are updated continuously, but funds publish their portfolios with a delay, from a few days to a couple of months. The date of the most recently published portfolio is shown next to each fund.

Which funds are included?

The tool is built on the ETFs and funds that can be traded in Denmark. Many of them are large European-listed ETFs that are sold in other European countries too, but US-listed ETFs and funds that are only sold in other countries are not included yet.