Do 00929 and 00918 Overlap? Only 24% of Holdings, Yet They Fall Together | 12 Shared Stocks Compared

Data as of: holdings are from 2026-10-29 (full holdings published by Fuh Hwa and UOB Asset Management Taiwan); returns, volatility and correlation use dividend-adjusted daily returns from 2023-06-09 (00929 listing date) to 2026-10-28. Holdings change every day, so check the fund manager’s website before you buy.

If you came here because you commented “9218” under my short video, this is the full comparison I promised to send you.

00929 pays a dividend every month. 00918 pays every quarter. Many people buy the two together: one pays monthly, the other adds an extra payout each quarter. Looks perfect.

But I keep getting the same question: are these two ETFs buying the same thing?

The answer in three lines:

• Holdings: not much overlap. Only ASUS and Wistron appear in both top 10s. Across all holdings, 12 stocks overlap, and all of them are electronics.
• Industries: genuinely different. 38% of 00918 is financials and 14% is shipping. 00929 has none of either.
• Price moves: not different. Their daily returns have a correlation of 0.85, and in the 2025 tariff selloff both fell 21%.

Let me be clear about where I stand: I don’t own 00929 or 00918. My core holdings are 0050, the S&P 500 and QQQ. I’m looking at this pair as an outsider, matching the two funds’ published holdings one stock at a time.

00929 vs 00918 at a Glance

Two rows matter most:

1. Top 10 weight: 00929’s top 10 make up just over 30%, so it is spread out. 00918’s top 10 make up almost 60%, so it is much more concentrated.
2. Financials: 00929 tracks a tech index and holds no financial stocks. Nearly 40% of 00918 is financial holding companies and banks.

That is where the two funds part ways.

Top 10 Holdings: Only 2 in Common

For 00929 I left out the TAIEX futures position (November 2026 contract, about 3.14%). The fund uses it to manage cash; it is not a company.

The two top 10 lists look like two different worlds:

• 00929’s top 10 is electronics plus telecom: Novatek and Realtek are chip designers, and all three big telecoms (Taiwan Mobile, Chunghwa, Far EasTone) are there.
• 00918’s top 10 is financials, shipping and AI servers: six financial holding companies, Evergreen Marine in shipping, and Wiwynn and Wistron building AI servers.

Only ASUS and Wistron show up in both.

All Holdings: 12 Overlap, All Electronics

The top 10 doesn’t tell the whole story, so I compared all 50 stocks in 00929 with all 30 in 00918.

Companies held by both: 12 in total.

The last column is how weight overlap is measured: for each shared company, take the smaller of the two weights, then add them up. Two identical funds score 100%; two funds with nothing in common score 0%.

The weight overlap between 00929 and 00918 is 24.2%.

All 12 are electronics: PC brands (ASUS, MSI, Gigabyte), server makers (Quanta, Wistron, MiTAC), chip designers (Realtek, ASMedia), a components distributor (WPG), a casing maker (Catcher), e-paper (E Ink), and United Integrated Services, which builds cleanrooms for chip fabs.

A NT$100,000 Example: About NT$32,000 in These 12 Stocks

Say you put NT$100,000 in, half in each fund:

• Of the NT$50,000 in 00929, 30.81% sits in these 12 stocks: about NT$15,400
• Of the NT$50,000 in 00918, 34.12% sits in these 12 stocks: about NT$17,060

That’s about NT$32,000 riding on the same 12 electronics companies. The other NT$68,000 goes to different stocks in each fund.

In my previous short video I ran the same math on 00878 plus 00919: just the 8 stocks shared between their top 10s already took NT$58,000 out of NT$100,000. Compared with that pair, 00929 plus 00918 overlaps far less.

This is an illustration using 2026-10-29 weights. It ignores premiums and discounts, trading costs and later price changes. Both indexes rebalance regularly, so the overlap list can change at every review.

Industries: What 00918 Adds Is Financials and Shipping

Grouping both funds into four broad industries:

This chart is where the pair earns its keep:

• 00929 is almost entirely electronics. Buying it is a bet that Taiwan’s tech sector keeps earning and keeps paying dividends.
• Only about 40% of 00918 is electronics. Nearly 40% is financials and over 10% is shipping. 00929 has none of those.

So if you only held 00929, adding 00918 fills in financials and shipping. By industry, this pair really is diversified.

But the Price Moves Are Not: Correlation of 0.85

The industries are different. Do the ups and downs go separate ways too?

I took dividend-adjusted daily returns from 00929’s listing in June 2023 to the end of October 2026 and calculated the correlation.

Correlation runs from -1 to 1. A value of 1 means two things move in lockstep every day; 0 means they have nothing to do with each other.

0.85 is high. And the two funds are more alike with each other than either is with 0050.

In plain terms: on 79.5% of the 821 trading days, both funds moved in the same direction.

Most of the time, the two lines rise and fall together.

Two Kinds of Selloff, Two Very Different Results

The interesting part is what happens when you split out the drops:

(Each period runs from 00929’s peak to its trough, dividend-adjusted.)

• When electronics fell on their own, the pair did diversify. From late June to late July 2026, 00929 fell 18% from its high while 00918 fell only 2.7%. Financials and shipping held the line.
• When the whole Taiwan market fell, it did not. In the April 2025 tariff selloff, both funds dropped close to 10% on April 7 alone. From the early-March high to April 9, both fell 21%, almost exactly the same.

Why? Both are Taiwan stocks, and both pick stocks by dividend yield. When panic hits the whole market and money pulls out of Taiwan, the stocks get sold together, no matter how different the holdings look.

So my conclusion: 00929 plus 00918 diversifies your holdings, not your risk.

Volatility and Maximum Drawdown

The 50/50 mix had 19.02% volatility, only slightly below the average of the two funds on their own (about 19.7%). Its maximum drawdown of -25.76% sits right between the two: about 2 points less than 00929 alone, but about 2 points more than 00918 alone. All three hit bottom on the same day: April 9, 2025.

Staggered Dividends Don’t Mean Staggered Risk

The usual reason to buy this pair is staggered payouts: 00929 pays every month, 00918 goes ex-dividend around March, June, September and December, so some months you get two payments.

That’s fine. Just keep two things in mind:

1. Dividends come out of the fund’s value. After a payout, the price drops by that amount, and your total assets don’t grow. What grows your wealth is total return, not how often you get paid. I wrote a full post on this: What to do with your 00929 dividends.
2. Staggered payout dates and staggered risk are two different things. As the table above shows, in a big selloff the two funds don’t fall separately just because one pays monthly and the other quarterly.

Is the Pair Worth It? My Take

I don’t own either fund, so this is an outsider’s view:

• If you already hold only 00929 and feel too heavy in electronics, adding 00918 for financials and shipping makes sense. July 2026 is the evidence.
• If what you want is to lose less in a crash, this pair won’t do it. Both fell 21% in April 2025, and so did the 50/50 mix.
• If you just want monthly income, first decide whether you want cash flow or a bigger pot. If it’s the bigger pot, reinvest the dividends or look at total return.

My own approach is to spread money across different markets: 0050 for Taiwan, the S&P 500 and QQQ for the US. I’m not saying that’s better for everyone. I just know what I’m betting on.

Before you buy two ETFs, figure out which risk you’re actually trying to spread.

How to Check Two ETFs for Overlap Yourself: 3 Steps

1. Download the full holdings from the fund manager’s website, not just the top 10 that news sites list. For this post, 00929 came from Fuh Hwa’s holdings file and 00918 from the “fund assets” section on UOB Asset Management’s fund page.
2. Find the shared stocks and add up the smaller weight for each. That’s the weight overlap. Above 50%, the two funds are basically the same thing. At 20–30% or below, the holdings are fairly separate.
3. Look at the industry mix, then look at the big down days. Even with separate holdings, check whether the two funds fell together in August 2024 and April 2025. If they did, you diversified your holdings, not your risk.

FAQ

The Short Video

The one-minute summary (in Mandarin). If it helps, send it to a friend who holds both funds:

Further Reading

The Lazy Conclusion

懶大

金融科技新創 CEO | 獨立財務顧問

1. Not much holdings overlap: only ASUS and Wistron are in both top 10s. Across all holdings, 12 stocks overlap, all electronics, for a weight overlap of 24.2%. With NT$100,000 split evenly, about NT$32,000 rides on those 12 companies
2. The industries really are different: 00918 holds 38% financials and 14% shipping, and 00929 holds none. When electronics corrected on their own, 00918 cushioned the fall (July 2026: 00929 -18%, 00918 -2.7%)
3. But the risk is not: the correlation is 0.85, and both fell 21% in the 2025 tariff selloff. This pair diversifies holdings, not risk

Before you buy both, ask yourself: am I trying to spread industry risk, or the risk of the whole Taiwan market?

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Sources

• Fuh Hwa Securities Investment Trust: 00929 fund page (full holdings file for 2026-10-29, fees, distribution frequency, index)
• UOB Asset Management Taiwan: 00918 fund page (fund assets as of 2026-10-29, fees, valuation months, index)
• Taiwan Stock Exchange: 00918 ETF profile
• MoneyDJ ETF holdings (00929, 00918), checked stock by stock against the fund managers’ data
• Returns, volatility and correlation: Yahoo Finance closing prices and dividends (00929.TW, 00918.TW, 0050.TW), adjusted for cash dividends by me, 2023-06-09 to 2026-10-28

⚠️ This article is for educational purposes only and is not personal investment advice. Investing involves risk; please make your own assessment.