How to Compare Vanguard, BlackRock, and State Street 13Fs Without Getting Fooled

If you compare Vanguard, BlackRock, and State Street by raw dollars alone, you will mostly rediscover that the largest companies in the market are very large. That is true, but it is not very informative.

The better method is to compare overlap, concentration, and margin differences. Start with the shared top book, then study where one firm adds a name faster, trims an ETF sleeve, or shows a new position that peers do not.

Step-by-Step

1. Start with the common top holdings such as NVDA, AAPL, and MSFT. Treat them as the baseline.
2. Compare top-holding weights, not just dollar values.
3. Review the new-position lists side by side. Shared additions usually point to benchmark mechanics.
4. Look for deviations from the peer group, not just large positions in absolute terms.

Real Example

In Q4 2025, all three passive giants held the same mega-cap spine, while names like Netflix and ServiceNow surged across multiple books. The overlap itself was the signal. It told readers that market leadership, not independent idea generation, was doing most of the work.

Common Mistake

The usual mistake is treating similar holdings as confirmation. In passive-heavy managers, similarity often reflects the benchmark, not shared brilliance.

FAQ

What is the most useful comparison metric?

Usually weight and overlap, not raw dollars.

What should I read after this?

Use this together with our guides on index-manager filings, new positions, and the Q4 2025 overlap map.