IWL vs COWG overlap
IWL and COWG overlap 13.7% by weight, across 36 shared holdings.
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Top shared holdings
| Holding | IWL | COWG | Overlap |
|---|---|---|---|
| Nvidia Corp.NVDA | 8.40% | 1.05% | 1.05% |
| LAM ResearchLRCX | 0.97% | 2.71% | 0.97% |
| Apple Inc.AAPL | 7.53% | 0.92% | 0.92% |
| Broadcom Inc.AVGO | 3.16% | 0.91% | 0.91% |
| Abbvie Inc.ABBV | 0.80% | 0.72% | 0.72% |
| KLA Corp.KLAC | 0.71% | 1.87% | 0.71% |
| Sandisk Corp.SNDK | 0.60% | 3.32% | 0.60% |
| Coca-Cola Co/theKO | 0.57% | 0.93% | 0.57% |
| Philip Morris inPM | 0.51% | 1.00% | 0.51% |
| PALO ALTO NetworPANW | 0.50% | 2.03% | 0.50% |
| Palantir Techn-aPLTR | 0.47% | 0.56% | 0.47% |
| Netflix Inc.NFLX | 0.54% | 0.44% | 0.44% |
| Western DigitalWDC | 0.39% | 4.53% | 0.39% |
| Qualcomm Inc.QCOM | 0.35% | 1.15% | 0.35% |
| Analog DevicesADI | 0.35% | 1.67% | 0.35% |
Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: IWL, SEC Form N-PORT, June 30, 2026; COWG, SEC Form N-PORT, July 31, 2026.
Largest institutions holding both
| Firm | IWL | COWG |
|---|---|---|
| Bank of America Corp. | $92.5M | $243.3M |
| LPL Financial LLC | $66.5M | $209.1M |
| Morgan Stanley | $125.1M | $63.4M |
| Cambridge Investment Research Advisors, Inc. | $46.9M | $81.7M |
| Raymond James Financial Inc. | $5.1M | $89.8M |
| Ameriprise Financial Inc. | $73.2M | $3.1M |
| Envestnet Asset Management Inc. | $2.0M | $67.5M |
| Jones Financial Companies LLLP | $150K | $69.1M |
| Wells Fargo & Company | $12.8M | $45.2M |
| Heck Capital Advisors, LLC | $37.8M | $19.1M |
| Cetera Investment Advisers | $7.8M | $44.3M |
| Osaic Holdings, Inc. | $16.1M | $35.8M |
| Royal Bank of Canada | $25.5M | $21.2M |
| Commonwealth Equity Services, LLC | $26.2M | $17.6M |
| JPMorgan Chase & Co | $34.3M | $3.5M |
This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.
Who owns them: IWL institutional holders, COWG institutional holders.
Frequently asked questions
How much do IWL and COWG overlap?
13.7% by weight, with 36 holdings in common, using holdings for IWL as of June 30, 2026 and COWG as of July 31, 2026. The largest shared position is NVDA.
Do institutions hold both IWL and COWG?
78 Form 13F filers report positions in both, out of 406 that report either one.
How is overlap by weight worked out?
For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.