QUAL vs IWB overlap
QUAL and IWB overlap 40.9% by weight, across 124 shared holdings.
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Top shared holdings
| Holding | QUAL | IWB | Overlap |
|---|---|---|---|
| Apple Inc.AAPL | 6.64% | 6.03% | 6.03% |
| Nvidia Corp.NVDA | 5.85% | 6.72% | 5.85% |
| Microsoft Corp.MSFT | 7.16% | 3.99% | 3.99% |
| Alphabet Inc.-aGOOGL | 2.05% | 3.00% | 2.05% |
| META Platforms-aMETA | 3.69% | 1.78% | 1.78% |
| Alphabet Inc.-CGOOG | 1.63% | 2.42% | 1.63% |
| ELI Lilly & CoLLY | 3.66% | 1.38% | 1.38% |
| Berkshire HATH-BBRK/B | 1.84% | 1.34% | 1.34% |
| Johnson&JohnsonJNJ | 2.06% | 0.88% | 0.88% |
| Applied MaterialAMAT | 3.10% | 0.83% | 0.83% |
| Exxon Mobil Corp.XOM | 2.18% | 0.82% | 0.82% |
| VISA Inc.-Class aV | 3.17% | 0.82% | 0.82% |
| LAM ResearchLRCX | 3.49% | 0.78% | 0.78% |
| Walmart Inc.WMT | 0.98% | 0.72% | 0.72% |
| Costco WholesaleCOST | 1.11% | 0.60% | 0.60% |
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: QUAL, SEC Form N-PORT, July 31, 2026; IWB, SEC Form N-PORT, June 30, 2026.
Largest institutions holding both
| Firm | QUAL | IWB |
|---|---|---|
| FMR LLC | $4.3B | $4.1B |
| LPL Financial LLC | $2.9B | $1.0B |
| Bank of America Corp. | $1.9B | $1.9B |
| Jones Financial Companies LLLP | $102.4M | $3.5B |
| Envestnet Asset Management Inc. | $1.7B | $1.6B |
| Morgan Stanley | $1.7B | $835.7M |
| PNC Financial Services Group, Inc. | $1.3B | $947.3M |
| M&T Bank Corp | $672.7M | $1.2B |
| Wells Fargo & Company | $846.2M | $646.1M |
| BlackRock, Inc. | $414.7M | $937.7M |
| UBS Group AG | $779.5M | $466.2M |
| Ameriprise Financial Inc. | $1.0B | $197.6M |
| JPMorgan Chase & Co | $521.4M | $664.1M |
| Cerity Partners LLC | $845.8M | $334.0M |
| Focus Partners Wealth | $324.1M | $761.4M |
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: QUAL institutional holders, IWB institutional holders.
Frequently asked questions
How much do QUAL and IWB overlap?
40.9% by weight, with 124 holdings in common, using holdings for QUAL as of July 31, 2026 and IWB as of June 30, 2026. The largest shared position is AAPL.
Do institutions hold both QUAL and IWB?
841 Form 13F filers report positions in both, out of 2,348 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%.