Methodology

How ETFLens Calculates ETF Overlap

The methodology, data sources and limitations behind the overlap percentage shown in every comparison.

The data source

ETFLens calculates overlap from each fund's published top holdings — the holdings list every issuer discloses in its fact sheets, Product Disclosure Statement (PDS) documents and ASX announcements. The figures are taken directly from those primary disclosures, not scraped from third-party aggregators, and the holdings, tickers and weights are reviewed quarterly for the ASX-listed ETFs in the ETFLens database.

The calculation

For each fund, ETFLens reads its listed top holdings and their published weights. It then finds the holdings that appear in both funds. For every shared holding, it takes the smallerof the two weights — the most either fund can genuinely have in common for that company — and adds those up. That shared total is then expressed as a share of the smaller fund's listed top-holdings coverage and shown as a percentage.

The result is rounded down to a whole number. Where a fund publishes its top holdings without weights, ETFLens assumes equal weights across that fund's listed holdings so a comparison is still possible — these cases are flagged as an estimate. Where two funds share no listed top holdings, the result is shown as “not reliably estimable” rather than as 0%.

What the number means

An overlap of 94% means that, of money split equally between the two funds' listed top holdings, approximately $940 of every $1,000 is in the same underlying companies. The remaining portion is held in companies unique to one fund or the other. The percentage describes shared holdings, not shared performance, and is general information only — not financial advice.

Limitations

• Top holdings only. The estimate is based on each fund's listed top holdings (typically 10–20 lines), not its full constituent list, so overlap deeper in the portfolio is not captured.
• Fund-of-funds structures. All-in-one diversified funds such as VDHG and DHHF hold other funds rather than individual shares, so their listed top holdings make overlap with single-exposure ETFs unreliable.
• Quarterly data. Holdings are reviewed quarterly, so changes a fund makes within a quarter are not reflected until the next review.
• Cross-market pairs. Funds covering different markets (for example VAS and NDQ) often share no listed top holdings and will show as “not reliably estimable”.

Data sources and update frequency

• Fund manager fact sheets and Product Disclosure Statement (PDS) documents
• ASX announcements and issuer product pages
• Reviewed quarterly (Q1 / Q2 / Q3 / Q4), with corrections made when errors are found

For the current data status and the quarter each figure was last reviewed, see the ETFLens data page.