QDEF vs PFM overlap
QDEF and PFM overlap 34.6% by weight, across 71 shared holdings.
Pick 2 to 4 ETFs.
Top shared holdings
| Holding | QDEF | PFM | Overlap |
|---|---|---|---|
| Microsoft Corp.MSFT | 4.04% | 4.06% | 4.04% |
| Apple Inc.AAPL | 8.31% | 3.89% | 3.89% |
| Broadcom Inc.AVGO | 4.67% | 3.42% | 3.42% |
| Johnson&JohnsonJNJ | 2.76% | 2.24% | 2.24% |
| JPMorgan ChaseJPM | 2.11% | 3.41% | 2.11% |
| Cisco SystemsCSCO | 2.27% | 1.66% | 1.66% |
| Abbvie Inc.ABBV | 3.03% | 1.61% | 1.61% |
| LAM ResearchLRCX | 1.36% | 1.33% | 1.33% |
| Procter & GamblePG | 2.34% | 1.22% | 1.22% |
| Philip Morris inPM | 2.07% | 1.08% | 1.08% |
| KLA Corp.KLAC | 1.69% | 0.87% | 0.87% |
| ELI Lilly & CoLLY | 0.83% | 3.92% | 0.83% |
| Amgen Inc.AMGN | 0.71% | 0.76% | 0.71% |
| Gilead SciencesGILD | 1.07% | 0.58% | 0.58% |
| Qualcomm Inc.QCOM | 1.11% | 0.56% | 0.56% |
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: QDEF, SEC Form N-PORT, July 31, 2026; PFM, SEC Form N-PORT, July 31, 2026.
Largest institutions holding both
| Firm | QDEF | PFM |
|---|---|---|
| LPL Financial LLC | $16.4M | $100.4M |
| Raymond James Financial Inc. | $7.0M | $50.5M |
| Morgan Stanley | $8.8M | $34.7M |
| Bank of America Corp. | $7.7M | $15.0M |
| Jones Financial Companies LLLP | $978K | $12.8M |
| Royal Bank of Canada | $2.0M | $10.7M |
| Wells Fargo & Company | $26K | $12.5M |
| Cambridge Investment Research Advisors, Inc. | $3.4M | $6.1M |
| Cetera Investment Advisers | $1.7M | $4.7M |
| Commonwealth Equity Services, LLC | $1.4M | $4.2M |
| JPMorgan Chase & Co | $2.6M | $2.8M |
| MML Investors Services, LLC | $3.6M | $1.8M |
| UBS Group AG | $664K | $4.2M |
| Equitable Holdings, Inc. | $635K | $4.2M |
| Osaic Holdings, Inc. | $377K | $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: QDEF institutional holders, PFM institutional holders.
Frequently asked questions
How much do QDEF and PFM overlap?
34.6% by weight, with 71 holdings in common, using holdings for QDEF as of July 31, 2026 and PFM as of July 31, 2026. The largest shared position is MSFT.
Do institutions hold both QDEF and PFM?
42 Form 13F filers report positions in both, out of 206 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%.