Three funds one country zero originality and a whole lot of hidden overlap pretending to be diversification
Report created on Sep 4, 2026Risk profile
5/7
Diversification profile
2/5
Positions
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VI VANGUARD GROWTH INDEX FUND ADMIRAL SHARES
VIGAX - US9229086601 40.00% -
VO Vanguard S&P 500 ETF
VOO - US9229083632 30.00% -
VT Vanguard Total Stock Market Index Fund ETF Shares
VTI - US9229087690 30.00%
This “portfolio” is basically one idea copy‑pasted three times. You’ve got a growth index fund, an S&P 500 fund, and a total US market fund all thrown together like a salad where every ingredient is just slightly different lettuce. On paper it looks like three holdings; in reality it’s one big US equity blob with a growth twist. This kind of structure screams “diversified” in the statement but behaves like a single aggressive stock fund in practice. The main achievement here is complexity without actual variety: three tickers, one story. It’s neat and clean, but also a little lazy and incredibly reliant on one market doing the heavy lifting forever.
Growth
Performance-wise, this thing has absolutely flown. Turning $1,000 into $4,482 over ten years with a 16.23% CAGR is not shabby; it even beat the US market by nearly 1% a year and steamrolled the global market by over 3.5%. That’s what happens when a portfolio rides a tech-heavy, US-centric bull run. Max drawdown of about -33% in early 2020 shows it definitely knows how to fall too, but not worse than the benchmarks. And 90% of returns coming from just 38 days is a reminder: this portfolio’s success is like catching a few jackpot days, not cruising smoothly. Past data is helpful, but it’s basically yesterday’s weather report, not a forecast.
Projection
The Monte Carlo projection is the buzzkill friend at the party. It takes the past, shakes it through 1,000 random futures, and says, “Calm down.” Median outcome of $2,914 over 15 years is miles less dramatic than the backward-looking 16% CAGR fantasy. There’s a wide possible range too: from around $1,042 to $8,361 — which is financial-speak for “anything from meh to amazing could happen.” An 8.43% expected annual return is solid but way tamer than the last decade. The big message: this portfolio got a tailwind from a great period; the simulations politely suggest it shouldn’t expect to be the main character forever.
Asset classes
- Stocks 100%
Asset class breakdown is brutally simple: 100% stocks, 0% anything else. No bonds, no real “ballast,” just pure equity energy drink. That’s fine if the goal is growth and vibes, but it does mean when markets tank, this portfolio has nowhere to hide. Asset classes are like different tools in a toolbox; this setup brought three slightly different hammers and called it a full kit. The risk score of 5/7 lines up with that: definitely on the spicy side. Nothing wrong with being all‑in on stocks, but let’s not pretend this is a carefully layered multi‑asset masterpiece. It’s a straight bet on equities riding the roller coaster.
Sectors
- Technology 44%
- Telecommunications 12%
- Financials 9%
- Health Care 8%
- Industrials 7%
- Consumer Discretionary 6%
- Consumer Discretionary 5%
- Consumer Staples 3%
- Energy 2%
- Real Estate 2%
- Utilities 1%
- Basic Materials 1%
Sector-wise, this is a tech and communication fan club wearing an index mask. Technology at 44% plus another 12% in telecommunications turns this into a growth/innovation theme park with some token representation from everything else. Financials, health care, industrials — they’re all there, but they’re background actors while tech hogs the spotlight. That’s fun when those sectors are winning; less fun when regulation hits, rates shift, or sentiment flips on “future” businesses. If a broad portfolio is supposed to spread bets across different economic engines, this one basically said, “Just give me the stuff tied to chips, clouds, and screens; the rest can stand in the corner and be quiet.”
Regions
- North America 100%
Geographically, this thing is 100% North America, which in practice means “the US and a tiny sprinkling of Canada if it shows up in the index.” Every dollar is domestically obsessed. No Europe, no Asia, no emerging markets, nothing. It’s like building a restaurant menu with only one country’s cuisine and insisting it’s “global flavors.” This worked beautifully during a decade where US markets outperformed most of the planet, but it’s still a one-region bet. If the US cools off while other regions step up, this portfolio just shrugs and stays home. For a so‑called diversified growth setup, the passport has literally never left the country.
Market capitalization
- Mega-cap 51%
- Large-cap 30%
- Mid-cap 16%
- Small-cap 2%
- Micro-cap 1%
Market cap exposure is heavily tilted to the giants: 51% mega-cap, 30% large-cap. Mid caps at 16% and small/micro basically as seasoning tell you what’s really going on: this is worship at the altar of the biggest names. That’s very index‑like, but also means performance is dominated by the same household names everyone else owns. There’s almost no real attempt to tap into smaller, more idiosyncratic companies that don’t live in every benchmark. When big-cap sentiment turns, this portfolio doesn’t have much of a Plan B; it’s tied to whatever the mega‑names are doing mood‑wise. Safe in a herd way, concentrated in a risk way.
True holdings
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NV NVIDIA Corporation 4.15%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
AA Apple Inc. 3.73%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
MS Microsoft Corporation 2.43%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
AM Amazon.com Inc 2.04%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
GO Alphabet Inc Class A 1.84%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
AV Broadcom Inc 1.57%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
GO Alphabet Inc Class C 1.46%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
MU Micron Technology Inc 1.14%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
ME Meta Platforms Inc. 1.09%
Part of fund(s):- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
-
TS Tesla Inc 1.04%
Part of fund(s):- LS 1x Tesla Tracker ETP Securities GBP
- Vanguard S&P 500 ETF
- Vanguard Total Stock Market Index Fund ETF Shares
- Top 10 total 20.48%
The look‑through holdings just confirm the joke: this is the Magnificent-Whatever-Number-We’re-On Now Portfolio. NVIDIA, Apple, Microsoft, Amazon, Alphabet (twice), Broadcom, Meta, Tesla, Micron — all front and center. And that’s only from partial top‑10 coverage; real overlap is definitely worse. Owning S&P 500 and total market plus a growth fund is basically saying, “Please give me the same large-cap tech names three times and call it a strategy.” Hidden concentration here isn’t actually very hidden: the usual suspects are driving returns. The portfolio pretends to be three funds, but underneath it’s just a shrine to the same handful of dominant US tech and growth giants.
Factors
Factor exposure is almost suspiciously neutral across the board: value, size, momentum, quality, yield, low volatility — all hovering around market-like levels. Factor investing is like checking the ingredients label: are you loading up on cheap stocks, fast movers, boring defensives, high yielders, etc.? Here, the answer is basically “Nope, just give me the default blend.” Ironically, for a portfolio that looks hyper growthy by holdings, the factor view says it behaves like a pretty plain vanilla market proxy. That’s actually not a bad thing — it means no accidental extreme bet on some obscure style — but it also means there’s nothing particularly smart or intentional happening under the hood.
Risk contribution
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VANGUARD GROWTH INDEX FUND ADMIRAL SHARES
Weight: 40.00% 44.2% -
Vanguard Total Stock Market Index Fund ETF Shares
Weight: 30.00% 28.1% -
Vanguard S&P 500 ETF
Weight: 30.00% 27.7%
Risk contribution just exposes how cosmetic the “three holdings” really are. The growth fund is 40% of the weight but 44.2% of the portfolio’s total risk, doing slightly more than its share of the shaking. The S&P 500 and total market funds split the remaining risk almost evenly. Translation: all the volatility comes from exactly where you’d expect — the giant, overlapping US equity buckets. No sleeper position quietly wrecking things, just a very concentrated trio all pulling in the same direction. Top three holdings contributing 100% of risk sounds dramatic, but with only three holdings to begin with, it’s really just a polite way of saying, “Yup, that’s the whole show.”
Redundant positions
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High correlationVanguard S&P 500 ETFVanguard Total Stock Market Index Fund ETF Shares
The correlation picture is exactly as boring as this portfolio’s structure suggests. The S&P 500 ETF and the total stock market ETF move almost identically — basically twins with slightly different shoes. High correlation means when one zigs, the other doesn’t zag; they both just zig together. That’s fine if the goal is to track US equities from slightly different angles, but it kills the idea of diversification. Diversification works when things don’t all move the same way at the same time. Here, the funds are practically singing in unison, so when the US market goes down hard, this whole portfolio just harmonizes the drawdown in three-part index choir.
Risk vs. return
This chart shows the Efficient Frontier, calculated using your current assets with different allocation combinations. It highlights the best balance between risk and return based on historical data. "Efficient" portfolios maximize returns for a given risk or minimize risk for a given return. Portfolios below the curve are less efficient. This is informational and not a recommendation to buy or sell any assets.
Click on the colored dots to explore allocations.
On the efficient frontier, this portfolio actually behaves way better than it looks on paper. The current allocation sits basically on the frontier, with a Sharpe ratio of 0.67 vs 0.83 for the optimal setups — not perfect, but not clueless either. The efficient frontier is just the curve of “best possible return for each risk level” using the existing ingredients, and this mix is pretty close to that curve. In other words, it’s an efficient way of doing something very undiversified. You’re squeezing decent risk-adjusted performance out of a brutally narrow toolkit. The structure may be basic, but within its self-imposed box, it’s at least not wasting the opportunity.
Dividends
- VANGUARD GROWTH INDEX FUND ADMIRAL SHARES 0.40%
- Vanguard S&P 500 ETF 1.00%
- Vanguard Total Stock Market Index Fund ETF Shares 1.00%
- Weighted yield (per year) 0.76%
Dividend yield at 0.76% is basically the portfolio leaving a tip, not paying a salary. The growth fund’s 0.40% is especially clear: this lineup doesn’t care much about current income; it wants reinvested growth and price moves. Dividends can be a nice stabilizer in rough markets, but here they’re more of an afterthought. This setup relies on companies compounding through earnings and sentiment, not quietly sending cash back. Nothing wrong with that, but it does mean no meaningful cushion from yield when markets wobble. Anyone expecting a steady stream of payouts from this is going to be underwhelmed by the trickle.
Ongoing product costs
- VANGUARD GROWTH INDEX FUND ADMIRAL SHARES 0.05%
- Vanguard S&P 500 ETF 0.03%
- Vanguard Total Stock Market Index Fund ETF Shares 0.03%
- Weighted costs total (per year) 0.04%
Costs are the one area where this portfolio is almost annoyingly competent. A total expense ratio of 0.04% is basically index investing on hard mode for the fund providers, soft mode for you. That’s cheaper than a lot of people’s checking accounts. The individual funds at 0.03%–0.05% are textbook low-cost vehicles; fees are absolutely not the villain in this story. If anything, the only “insult” here is paying three sets of near-identical bargain fees to own nearly the same underlying stocks over and over. But at these levels, it’s like paying a few cents a year for the privilege of overconcentrating in US large-cap tech. Could be worse.
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