XEQT and VFV Overlap: Examples and Calculator
VFV, XEQT and VEQT can hold some of the same companies, but they are not interchangeable. VFV tracks the S&P 500; XEQT and VEQT are globally diversified all-equity portfolios. To understand a combination, distinguish shared securities from country allocation. They answer different questions.
XEQT and VFV overlap is not the same as U.S. exposure
A geographic allocation groups holdings by country. A weighted overlap calculation instead matches individual securities between two funds. Two portfolios can both be entirely U.S. equities while holding different companies or very different weights.
| Question | Measure needed | What it cannot tell you |
|---|---|---|
| How much of my portfolio is allocated to U.S. equities? | Position weights multiplied by each fund’s U.S. allocation | The percentage invested in identical securities |
| How similar are two funds’ holdings? | Sum of the smaller weight for each shared security | Whether the combination is suitable for you |
| How exposed am I to one company? | Each position’s weight multiplied by that company’s weight within it, then summed | Future returns or losses |
Vanguard describes VFV’s benchmark as a U.S. large-cap index. The U.S. investments within an all-equity global portfolio need not match that benchmark security for security. It is therefore inaccurate to label an entire U.S. sleeve “S&P 500 overlap”. The XEQT, VEQT and VFV comparison explains their broader structural differences.
Two fictional examples, with different answers
1. Geographic allocation: 57% U.S. equities
Assume a fictional $100,000 portfolio: $60,000 in Global Fund A with 45% U.S. exposure, $30,000 in U.S. Fund B with 100% U.S. exposure, and $10,000 in Canada Fund C with none. These are invented teaching inputs, not current XEQT, VFV or VEQT weights.
U.S. exposure = (60% × 45%) + (30% × 100%) + (10% × 0%) = 57%. This tells us $57,000 is classified as U.S. equities under those assumptions. It does not establish $57,000 of S&P 500 exposure or 57% common holdings between the funds.
2. Weighted overlap: 30% common holdings
Now consider two other fictional funds, each with a complete three-security portfolio:
| Security | Fund A | Fund B | Smaller shared weight |
|---|---|---|---|
| Company X | 50% | 20% | 20% |
| Company Y | 30% | 10% | 10% |
| Company Z | 20% | 0% | 0% |
| Company W | 0% | 70% | 0% |
Weighted overlap = min(50%, 20%) + min(30%, 10%) = 30%. Each fund’s weights total 100%. The calculation compares the funds themselves; it does not use how much money a person invested in each. For a person’s combined company exposure, position sizes must also be included.
Check XEQT, VFV or VEQT without an account
Check XEQT + VFV in the public calculator →
- Start with the prefilled symbols or replace one with VEQT.TO.
- Check holdings dates with the fund issuers; in the tool, read the average coverage and missing-data notices before interpreting the percentage.
- Review the shared securities, not just the headline result. The tool sums the smaller available weight for each matched symbol.
- If data is incomplete, treat the visible result as a partial comparison. “No shared holding in the published positions” is not proof of no overlap.
Available holdings can be limited, stale or drawn from different dates. Fund-of-funds analysis also depends on available underlying holdings and consistent identifiers. A top-ten list cannot establish complete portfolio overlap; unavailable positions must not silently be treated as zero. The tool is an exploration aid, not an audit of every security.
What to do with the result
A shared holding is not automatically a mistake. Record the exposure you intended and compare it with what the available data shows. A percentage alone cannot determine whether a trade is appropriate, and selling can introduce costs or tax consequences. No fund or allocation is recommended here.
For the separate question of how several accounts appear together, explore the portfolio demo with clearly fictional data. It does not import your brokerage information.
Frequently asked questions
How much overlap is there between XEQT and VFV?
A U.S. allocation percentage is not an overlap percentage. Weighted overlap requires matching underlying securities and adding the smaller weight for each shared holding. The result depends on the holdings date, identifiers and coverage.
Does VEQT necessarily have less overlap with VFV?
No fixed ranking follows from the fund names or their Canadian allocations. Compare the underlying holdings and weights for the same date, and check how much of each fund is represented.
Does overlap mean I should sell one of the funds?
Not by itself. Overlap describes shared exposure, not whether a holding is suitable. A change can affect taxes, costs and the portfolio’s allocation. The calculator does not recommend purchases or sales.
Can I check overlap without connecting a brokerage account?
Yes. The public calculator accepts fund symbols and compares the published positions available to WealthWise. It shows coverage and missing-data notices; it is not a guarantee that every underlying security is included.
Primary sources and method
Fund objectives and the explanation of overlap reviewed October 1, 2026. The calculation examples are fictional and are not current fund compositions. Live tool results depend on their own holdings dates and coverage; no current overlap percentage is asserted in this article.