ETF Overlap Tool
Enter up to six ETFs to see how much of each is the same securities. Overlap by weight is the sum, over every holding two funds share, of the smaller of the two weights: 100% means identical portfolios, 0% means nothing in common.
Overlap by weight
23 holdings in all 2 funds| Fund | GCAL | PWZ | Positions | Holdings |
|---|---|---|---|---|
| GCALGoldman Sachs Dynamic California Municipal Income ETF | — | 2% 23 shared |
417 | as of Oct 23, 2026issuer data |
| PWZInvesco California AMT-Free Municipal Bond ETF | 2% 23 shared | — | 1,158 | as of May 31, 2026SEC filing |
Each cell: overlap by weight, and how many positions the two funds share. Stocks, funds and bonds are compared, a bond by its own identifier and a Treasury bill by its maturity date; cash and derivatives are not, and a fund that is partly either shows how much of it is compared.
Held by both funds
2.5% common weight| Holding | GCAL | PWZ | Smallest |
|---|---|---|---|
| CALIFORNIA HEALTH FACILIT 4%, due Aug 15, 2048 | 0.42% | 0.67% | 0.42% |
| CALIFORNIA EDUCATIONAL FA 5%, due Jun 1, 2046 | 0.43% | 0.29% | 0.29% |
| MUNICIPAL IMPROVEMENT COR 5.25%, due May 1, 2050 | 0.42% | 0.23% | 0.23% |
| LOS ANGELES UNIFIED SCHOO 5%, due Jul 1, 2045 | 0.25% | 0.16% | 0.16% |
| LOS ANGELES COUNTY CALIF 5.25%, due Dec 1, 2050 | 0.43% | 0.15% | 0.15% |
| LOS ANGELES UNIFIED SCHOO 5%, due Jul 1, 2043 | 0.27% | 0.15% | 0.15% |
| CALIFORNIA STATE UNIVERSI 5%, due Nov 1, 2047 | 0.25% | 0.14% | 0.14% |
| CALIFORNIA HEALTH FACILIT 4%, due Nov 15, 2041 | 0.13% | 0.21% | 0.13% |
| IMPERIAL IRRIGATION DISTR 5%, due Nov 1, 2046 | 0.37% | 0.11% | 0.11% |
| CALIFORNIA HEALTH FACILIT 5%, due Oct 1, 2044 | 0.39% | 0.11% | 0.11% |
| CALIFORNIA STATEWIDE COMM 5%, due Aug 15, 2051 | 0.39% | 0.09% | 0.09% |
| GUAM WATERWORKS AUTHORITY 5.25%, due Jul 1, 2050 | 0.20% | 0.07% | 0.07% |
| CALIFORNIA HEALTH FACILIT 5.25%, due Dec 1, 2049 | 0.21% | 0.07% | 0.07% |
| LOS ANGELES DEPARTMENT OF 5%, due Jul 1, 2048 | 0.51% | 0.06% | 0.06% |
| SAN FRANCISCO CALIFORNIA 5.25%, due Jun 15, 2049 | 0.04% | 0.21% | 0.04% |
| SAN JOAQUIN HILLS TRANSPO 5.25%, due Jan 15, 2049 | 0.04% | 0.04% | 0.04% |
| GUAM (TERRITORY OF) 4%, due Jan 1, 2042 | 0.04% | 0.14% | 0.04% |
| PUBLIC FACILITIES FINANCI 3%, due Aug 1, 2049 | 0.04% | 0.04% | 0.04% |
| CALIFORNIA HEALTH FACILIT 5%, due Feb 1, 2042 | 0.61% | 0.04% | 0.04% |
| IRVINE FACILITIES FINANCI 5.25%, due May 1, 2048 | 0.35% | 0.04% | 0.04% |
| BAY AREA TOLL AUTHORITY 3%, due Apr 1, 2054 | 0.03% | 0.09% | 0.03% |
| CALIFORNIA STATEWIDE COMM 5%, due Apr 1, 2047 | 0.09% | 0.03% | 0.03% |
| CALIFORNIA INFRASTRUCTURE 5%, due Nov 1, 2049 | 0.66% | 0.01% | 0.01% |
Reading overlap
Two funds with 80% overlap move together and holding both mostly doubles one exposure and both fees. Low overlap is not the same as diversification: two funds can share no holdings and still be driven by the same factor. To see what a whole portfolio owns, use the portfolio x-ray.
Holdings come from each issuer's daily file where we have one and otherwise from the fund's latest SEC filing, so the two sides of a comparison can be from different dates. The table shows each fund's date.
Bond funds are matched issue by issue: two Treasury funds overlap only where they hold the same bill, note or bond. A fund of short-dated bills replaces its whole portfolio every few months, so holdings from an older filing may have matured; the table says when they have.
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.