Morningstar Instant X-Ray Tool
Whenever you invest in multiple mutual funds and ETFs, you may wonder how broadly and appropriately diversified your aggregate portfolio might be. Have your investment holdings and mutual funds that you have chosen increased the global diversification of your personal financial asset portfolio? Do they just duplicate what you already own?
You can use the free Morningstar Instant X-Ray Tool to measure your portfolio diversification. This tool can help you to understand better the relative contribution that each of your investment holdings makes to your goal of holding a broadly diversified investment portfolio.
On the Morningstar website, you can find their "Instant X-Ray" tool. http://portfolio.morningstar.com/NewPort/Free/InstantXRayDEntry.aspx