DIA vs QQQ: how much do they really overlap?
DIA (SPDR Dow Jones Industrial Average ETF, tracking the Dow Jones Industrial Average) and QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) overlap by roughly 22% by weight. 2 of DIA's top 10 holdings also appear in QQQ. A 50/50 blend of the two behaves like about 42 equally-weighted bets (diversification grade B). In short, the two funds have only a small shared core — they mostly hold different things and are largely complementary.
The same companies, in both funds
These 5 holdings appear in both DIA and QQQ. The weight columns show how much of each fund each name represents.
| Holding | in DIA | in QQQ |
|---|---|---|
| MSFT Microsoft Corporation | 4.20% | 4.52% |
| AAPL Apple Inc. | 3.21% | 6.80% |
| GOOGL Alphabet Inc. | 4.03% | 3.20% |
| AMZN Amazon.com, Inc. | 2.73% | 4.08% |
| NVDA NVIDIA Corporation | 2.22% | 7.60% |
Only in DIA
SPDR Dow Jones Industrial Average ETF — US blue-chip (Dow 30). Its biggest holdings that QQQ doesn’t have:
| CAT Caterpillar Inc. | 11.76% |
| GS The Goldman Sachs Group, Inc. | 11.61% |
| UNH UnitedHealth Group Incorporated | 4.78% |
| AMGN Amgen Inc. | 4.10% |
| HD The Home Depot, Inc. | 3.99% |
| SHW The Sherwin-Williams Company | 3.92% |
| V Visa Inc. | 3.89% |
| AXP American Express Company | 3.88% |
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that DIA doesn’t have:
| MU Micron Technology, Inc. | 5.75% |
| AMD Advanced Micro Devices, Inc. | 3.83% |
| TSLA Tesla, Inc. | 3.09% |
| GOOG Alphabet Inc. | 2.98% |
| INTC Intel Corporation | 2.90% |
| AVGO Broadcom Inc. | 2.82% |
| META Meta Platforms, Inc. | 2.66% |
| WMT Walmart Inc. | 2.54% |
So — mostly different. Should you hold both?
DIA and QQQ have only a small shared core — they mostly hold different things and are largely complementary. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~42 effective positions (grade B), because they hold largely different securities.
Holdings as of — DIA: Jun 29, 2026 (State Street Global Advisors); QQQ: Jun 26, 2026 (Invesco). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →DIA vs QQQ — FAQ
- How much do DIA and QQQ overlap?
- DIA and QQQ overlap by approximately 22% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 2 of DIA's 10 largest holdings are also held by QQQ. They share 5 of their listed top holdings in total.
- Is it redundant to hold both DIA and QQQ?
- Because they have only a small shared core — they mostly hold different things and are largely complementary, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 42 positions and a B diversification grade.
- What does QQQ hold that DIA doesn't?
- QQQ's largest holdings that DIA doesn't hold include MU, AMD, TSLA, GOOG, INTC. Its category is Nasdaq-100, versus DIA's US blue-chip (Dow 30).
- Which is more concentrated, DIA or QQQ?
- DIA's top 10 holdings are 59% of its listed weight; QQQ's are 63%. The more concentrated fund leans harder on its largest names.