Free Tool

ETF Overlap Checker

See how much your ASX ETFs actually duplicate each other. Free, instant, every ASX-listed ETF we track.

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.

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First ETF

Second ETF

General information only, not financial advice.

How it works

Enter two ETFs

Type any two ASX ETF tickers into the tool above.

We compare their holdings

We match the funds' published holdings and weight each one.

You see your overlap percentage

Calculated from full holdings where the issuer publishes them, estimated from top holdings otherwise, with the shared and unique holdings behind it.

What is ETF overlap?

ETF overlap is the proportion of underlying holdings that two ETFs share. If most of the companies in one ETF also appear in another, weighted by allocation, the two funds are heavily overlapping: holding both adds little diversification, and you pay two sets of management fees for similar exposure.

Overlap matters more than many Australian investors realise. A “core-and-satellite” portfolio of three to five ETFs can look diversified on the label, but if the satellites duplicate the core, the diversification is mostly cosmetic: a portfolio that looks like five funds may behave like two. The ETFLens Overlap Checker computes the weighted intersection of two funds' published holdings so you can see the duplication for yourself.

Why ETF overlap matters

Three concrete reasons to check overlap before adding an ETF to your portfolio:

Hidden concentration. Two ETFs that each look diversified can together concentrate your portfolio into a handful of mega-caps. CBA, BHP and CSL appear in almost every Australian-equity ETF.
Paying twice for the same exposure. Holding two heavily overlapping funds means you pay each fund's management fee on the shares they both hold, a second fee for no additional diversification.
Amplified concentration risk. Overlapping ETFs magnify whatever the market is doing in the largest shared stocks. If two of your funds both load up on the Big Four banks, a financials shock hits twice.

Common high-overlap pairs in Australia

Some pairs that look different on the label hold many of the same companies under the hood. The figures below are calculated from each fund's published holdings (full lists where the issuer publishes one, listed top holdings otherwise) and refreshed at least quarterly. Re-run the checker for the current figure before making allocation decisions.

VAS vs A200

approximately 93%

Both track broad Australian large-caps (the S&P/ASX 300 and the ASX 200). The largest companies dominate both portfolios.

NDQ vs IVV

approximately 86%

NDQ holds the Nasdaq-100 and IVV the S&P 500. They share the largest US technology names by weight, while IVV also holds financials, healthcare and industrials that NDQ excludes.

VGS vs IWLD

approximately 47%

Both track global developed-market shares ex-Australia, so the practical difference comes down to fee and bid-ask spread.

VDHG vs DHHF

approximately 85%

Both are diversified all-in-one funds; DHHF is effectively all-equity while VDHG holds a bond allocation.

VGS vs IOO

approximately 40%

IOO holds the largest global mega-caps; VGS holds far more names, but the same mega-caps dominate its weight.

VAS vs VHY

approximately 60%

VHY is a yield-screened subset of the broad Australian market, so the largest Australian companies appear in both.

IVV vs VTS

approximately 75%

Both track the US market (IVV via the S&P 500 and VTS via the total market index), so the practical difference comes down to fee and bid-ask spread.

NDQ vs FANG

approximately 42%

FANG is highly concentrated in a small number of names; NDQ holds the broader Nasdaq-100.

How to reduce portfolio overlap

If the checker shows two ETFs above roughly 70% estimated overlap, there are generally three factual options:

Keep one of the two. For near-substitutes such as VAS and A200, the choice usually comes down to management fee, liquidity and track record rather than exposure.
Replace one with a complementary exposure. Instead of stacking two broad Australian funds, pairing an Australian core with international, small-cap or factor exposure adds genuinely different holdings.
Use a single all-in-one diversified ETF. Funds like VDHG, DHHF or BGBL replace a multi-ETF portfolio with one ticker and remove the unintended-overlap problem, at the cost of a slightly higher headline management fee.

A common heuristic: above approximately 80% overlap is largely duplication, 40% to 80% is partial duplication worth checking against your goals, and below approximately 30% is generally considered low. General information only, not financial advice.

How this tool calculates overlap

The checker reads the most recently published holdings for each ASX-listed ETF in the ETFLens database, normalises tickers across exchanges, and computes the weighted intersection of the two funds. It uses each fund's full published holdings list where the issuer publishes one, and the fund's listed top holdings otherwise; each result states the basis it was calculated on. Holdings are refreshed at least quarterly, and the result is shown as “not reliably estimable” where two funds share no listed holdings.

The Overlap Checker is free, requires no login, and covers the ASX-listed ETFs tracked by ETFLens across equities, fixed income, property, infrastructure and commodities.

How is this calculated?

Frequently asked questions

What ETF overlap percentage is considered low or high?

There is no single correct number. As a general reference: below approximately 30% overlap is often considered low, 40% to 80% is partial duplication worth examining, and above approximately 80% means two ETFs largely duplicate each other. Whether a given level suits you depends on whether you hold both funds deliberately or by accident. General information only, not financial advice.

How much do VAS and A200 overlap?

VAS (Vanguard Australian Shares) and A200 (Betashares Australia 200) have approximately 93% estimated holdings overlap by weight, based on their published holdings. VAS tracks the S&P/ASX 300 and A200 tracks the Solactive Australia 200, but the largest companies dominate both portfolios. General information only, not financial advice.

Do NDQ and IVV overlap a lot?

NDQ (Nasdaq-100) and IVV (S&P 500) have approximately 86% estimated holdings overlap by weight, based on their published holdings. They share the largest US technology names, while IVV also holds financials, healthcare, energy and industrials that NDQ excludes. General information only, not financial advice.

Does ETF overlap affect my returns?

Overlap does not directly reduce returns, but it amplifies the effect of whatever the shared holdings do: if much of two ETFs is the same handful of companies, a move in those companies affects both funds together. You also pay each fund's management fee on the shared holdings. Past performance is not a reliable indicator of future returns. General information only, not financial advice.

Should I worry about overlap inside an all-in-one ETF like VDHG or DHHF?

All-in-one diversified ETFs such as VDHG, DHHF and BGBL are built to combine their underlying funds in a single, disclosed structure, so the unintended-overlap problem mainly applies when you assemble your own portfolio from several single-exposure ETFs. General information only, not financial advice.

How often should I check ETF overlap?

Re-checking when you add a new ETF, change a major holding, or as part of an annual review is a common approach. ETF holdings shift slowly, so checking more often than quarterly rarely changes the picture meaningfully. General information only, not financial advice.

Can I check overlap for a portfolio of more than two ETFs?

The ETFLens Overlap Checker compares two ETFs at a time. To review a portfolio with more funds, run each pair of holdings through the checker in turn. General information only, not financial advice.

Where does ETFLens get the holdings data?

Holdings come from each issuer's published disclosure documents, such as portfolio holdings files, the Product Disclosure Statement and product pages. Tickers, weights, and sector and country mappings are refreshed at least quarterly for the ASX-listed ETFs in the ETFLens database. Overlap is calculated from each fund's full published holdings list where the issuer publishes one, and estimated from listed top holdings otherwise. General information only, not financial advice.

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