S&P 500 or Russell 2000?
The two indices share 0.0 % of their weight across 0 companies, and their daily returns correlate at 0.85. Small overlap and limited co-movement: these are two genuinely different building blocks.
Side by side
| S&P 500 | Russell 2000 | |
|---|---|---|
| Holdings covered | 468 | 4 |
| Volatility | 16.9 % | 21.9 % |
| Max drawdown | -19.0 % | -27.9 % |
| Cheapest ETF we cover | SPYL · 0.03 % | – |
Overlap and shared positions are computed from the holdings of one representative ETF each (SPYL and XRS2); of those we could attribute 97.4 % and 0.2 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 520 shared trading days.