See what your funds actually hold
Four questions send people looking for a portfolio X-Ray: what my funds hold when you add them up, whether two of them are the same bet, what I have ended up concentrated in, and what I am paying in total.
All four can be answered today, and three of them free. The hard one is the first — adding holdings up across several funds at once.
Question two is the one people underestimate: among the 100 largest US equity ETFs, 9.9% of all 4,950 possible pairs are more than half the same fund, and 44 are more than 90% the same.
Updated 24 August 2026
The four questions, in the order people ask them
- 1. What do my funds actually hold? A company held by three of your funds is invisible on any single fund page.
- 2. Are two of them the same bet? Different names and providers routinely mean the same companies.
- 3. What am I concentrated in? Usually more than intended, and rarely where expected.
- 4. What am I paying in total? The weighted average across what you hold, not the headline fee of each.
Are two of your funds the same bet?
This is the question with the most decisive answer, because it is a number rather than a judgement. Two funds are compared by how much of their weight sits in the same companies, measured in both directions — a focused fund can sit almost entirely inside a broad one while being a small slice of it.
One live pair from each relationship, measured by weight across every holding.
| Pair | Shared weight | First in second | Second in first | What that is |
|---|---|---|---|---|
| IVV & VOO | 97% | 99.7% | 99.9% | Effectively the same fund |
| IVV & QQQ | 53.5% | 53.5% | 94.5% | One sits inside the other |
| QQQ & VGT | 52.1% | 55.4% | 77.1% | Less alike than they look |
| VTI & VXUS | 1.3% | 5.1% | 5.5% | Potential diversifiers |
Names and categories do not predict these numbers. Two funds filed under one label can hold largely different companies, and two with different labels can be the same basket twice. Check any pair, or read how much do two ETFs overlap?
What answers each question
"Per fund" means the capability exists but is not added up across a whole portfolio.
| Question | What it tells you | Free option | Paid option |
|---|---|---|---|
| What do my funds hold? | Adds up the companies held across every fund, so a name held by three funds shows once at its true total weight. | ETF Copilot — exposure through every holding, per fund | Morningstar Investor (paid) |
| Are two of them the same bet? | How much of each fund weight sits in companies the other one also holds. | ETF Research Center — overlap by weight, both directions, no account | Morningstar Investor (paid) |
| What am I concentrated in? | Splits what you hold into asset classes, regions and styles. | Fund providers' own fact sheets, per fund | Morningstar Investor (paid) |
| What am I paying in total? | Weights each fund expense ratio by how much of it you hold, into one number. | Any free screener, per fund — the weighting is arithmetic | Morningstar Investor (paid) |
Seeing through to the companies
Hold three funds that each own the same large company and the position is invisible in every individual fund page. Look-through adds it up and shows the real weight.
ETF Copilot computes look-through exposure through every holding of a fund rather than the top ten — what the ETFs you own actually hold. It is per fund rather than across a portfolio you assemble yourself, which is the honest limit of it.
What you have ended up concentrated in
Holdings count says little; the weights decide. A fund holding 500 companies with 37% of its money in ten of them behaves like a concentrated fund. Read the top-ten weight, and read it for each fund you hold rather than for the one you are looking at.
Top-ten weight is free on Yahoo Finance, Stock Analysis and ETFdb. ETF Copilot publishes it across the market on the concentration page.
What you pay in total
The portfolio figure is the weighted average of each fund's expense ratio, weighted by how much you hold of each — arithmetic anyone can do once the fees are in front of them. Every free screener publishes the per-fund number, and so does each provider.
It is also the question that changes the least. Between funds holding similar things the gap is usually a few hundredths of a percent, while questions 1 to 3 can differ enormously.
How do I see what my ETFs actually hold?
Open the full holdings rather than the top ten, and read the sector split beside them. For a single fund that is free on Yahoo Finance, Stock Analysis and ETFdb. To see a company's weight across every fund that holds it, ETF Copilot computes exposure through every holding — see an example.
How do I tell if two of my ETFs overlap?
Compare them by share of weight held in the same companies, in both directions, rather than by counting shared names — a shared-name count treats a 0.02% position like a 7% one. ETF Research Center does this free for one pair; ETF Copilot publishes every pair in its universe, updated daily.
What is the best free alternative to a portfolio X-Ray?
There is no single free tool that does all four jobs at portfolio level. Taken one question at a time, the free answers are good: holdings and sectors on Stock Analysis or ETFdb, overlap on ETF Research Center, concentration and look-through exposure on ETF Copilot, and fees everywhere. The gap is aggregation across a portfolio you assemble.
Can I analyse my whole portfolio at once?
Not free, at the time of checking. Per-fund answers to all four questions are free and good, and adding them up across a handful of funds is manual. Paid portfolio tools, including Morningstar Investor, do the aggregation for you.
About this comparison. ETF Copilot is one of the tools listed here, and it appears where its capabilities place it — its own row states plainly what it does not do. Every other tool is an independent product. No listing is paid for, there are no affiliate links, and links to other providers are ordinary links.
ETF Copilot reports data factually. Nothing on this page is investment advice, a recommendation, or a forecast of returns. It describes how to read fund data, not what to do with it. Third-party capabilities were checked on each provider's own site on 24 August 2026.