Do I need an S&P 500 fund if I already hold VWCE?

VWCE is a whole-world fund. SXR8 is the S&P 500. The question is not whether they overlap — obviously they do — but what the second one changes.

Adding the second fund takes NVDA from 4.48% of the portfolio to 5.40% — up. Every other name in it moves the same way.

Where the risk sits

Holding	Money	Risk	Ratio
VWCE.DE	70%	69%	0.99
SXR8.DE	30%	31%	1.03

What you actually own

Adding the second fund moves NVDA from 4.48% of the portfolio to 5.40% — up. The rest of the table moves the same way.

Company	You hold	VWCE on its own
NVDA	5.40%	4.48%
AAPL	5.10%	4.27%
GOOGL	4.28%	3.61%
MSFT	3.91%	3.30%
AMZN	3.00%	2.52%
AVGO	2.07%	1.73%

Both funds publish only their largest holdings, so this covers 28% of the money. The names below that line are held too; they are simply not published.

The reading, in full

PORTFOLIO: VWCE + SXR8
2019-07-29 to 2026-09-07 · 1,806 trading days · USD

2 holdings, but the risk sits in about 1.0 independent directions.
Essentially all of it is one shared direction, led by SXR8.DE, VWCE.DE.

VWCE.DE carries 69% of the risk on its own.
Volatility 18% · worst fall on record 34%.
Risk 18% → 13% over the last year, mostly because the holdings themselves got quieter.

Descriptive. No forecast, no advice. Every figure above is measured over the window named at the top.
riskcopilot.app

What this does not say

Describes how many independent directions the risk occupies. It is not a forecast of loss and does not predict a drawdown.
This is commonality, not a fault. A diversified equity book is MORE driven by one shared direction than a single stock is, because diversifying is what removes the idiosyncratic part.
Past window only. Says nothing about the next one.
The worst fall *in this window*. A longer window would very likely contain a worse one.
The two bases disagree here, so part of this reading is the lens and not the portfolio. Take the count as a range, not a point.
Loading signs are fixed so the largest is positive; a negative loading means that holding moves against the others.
The ratio is the finding. A weight alone cannot say whether a position is large, because that depends on everything else held.
Today's weights are held fixed across both stretches. This is what the MARKET did to the book you hold now — not a history of the book, which this app does not store. Reading it as 'my trades caused this' would be exactly backwards.
The window ends at the youngest holding: one recently listed position shortens the history for all of them.

Your own portfolio

Same engine, same window rules, nothing saved on our side.

Open the app

Other examples

Is a 60/40 portfolio actually diversified?Do VOO and QQQ overlap?How much NVDA do I already own?How much risk does 5% bitcoin add?Is a dividend portfolio diversified?

Measured 2019-07-29 to 2026-09-07 over 1,806 trading days, in USD, from yahoo prices. Descriptive: this page reports what these holdings have done and how their risk is built. It does not forecast returns or losses and it is not advice. This project has tested and abandoned 27 predictive hypotheses.