Free tool

ETF Overlap Checker

Are you buying the same thing twice? Enter any two ASX ETFs to see how much they share in common, calculated from top holdings reported from fund manager disclosures, reviewed quarterly.

General information only. Not financial advice.

General information only, not financial advice

ETFLens does not hold an Australian Financial Services Licence (AFSL) and does not provide financial product advice. The information and tools on this page are general information only and do not take into account your objectives, financial situation or needs. Before investing, read the relevant Product Disclosure Statement (PDS) available from the fund manager. Consider seeking advice from a licensed financial adviser before making any investment decision.

How it works

What is ETF overlap?

ETF overlap occurs when two ETFs hold many of the same underlying companies. This matters because holding overlapping ETFs means paying two sets of management fees for similar exposure, which can reduce long-term returns without adding meaningful diversification.

For example, VAS tracks the S&P/ASX 300 and A200 tracks the ASX 200. Both are dominated by the same large Australian companies, so an investor holding both is largely duplicating exposure (~91% (top 9) estimated overlap of their listed top holdings).

How much overlap is too much?

There is no single rule. As a general reference point, overlap above 70% often indicates the two ETFs are doing a similar job. Overlap between 40% and 70% suggests meaningful duplication. Below 40% the ETFs tend to provide genuinely different exposures.

Whether overlap is a problem depends on your situation. Some investors hold overlapping ETFs intentionally, for example to split holdings across two providers. Others discover it by accident. The overlap checker gives you the information to make that assessment yourself.

Common high-overlap ETF pairs on the ASX

Frequently asked questions