FTEC vs SPY: how much do they really overlap?
FTEC (Fidelity MSCI Information Technology Index ETF, tracking the MSCI US IMI Info Tech 25/50) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 54% by weight. 10 of FTEC's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 29 equally-weighted bets (diversification grade C). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 10 holdings appear in both FTEC and SPY. The weight columns show how much of each fund each name represents.
| Holding | in FTEC | in SPY |
|---|---|---|
| NVDA NVIDIA Corporation | 16.20% | 7.38% |
| AAPL Apple Inc. | 14.71% | 6.47% |
| MSFT Microsoft Corporation | 8.67% | 4.28% |
| AVGO Broadcom Inc. | 3.89% | 2.76% |
| MU Micron Technology, Inc. | 5.19% | 2.02% |
| AMD Advanced Micro Devices, Inc. | 3.44% | 1.38% |
| INTC Intel Corporation | 2.32% | 0.97% |
| AMAT Applied Materials, Inc. | 2.06% | 0.86% |
| LRCX Lam Research Corporation | 1.97% | 0.80% |
| CSCO Cisco Systems, Inc. | 1.85% | 0.73% |
Only in FTEC
Fidelity MSCI Information Technology Index ETF — US tech sector. Its biggest holdings that SPY doesn’t have:
| KLAC KLA Corporation | 1.38% |
| SNDK Sandisk Corporation | 1.29% |
| TXN Texas Instruments Incorporated | 1.09% |
| PANW Palo Alto Networks, Inc. | 1.06% |
| IBM International Business Machines Corporation | 1.05% |
| PLTR Palantir Technologies Inc. | 1.02% |
| ORCL Oracle Corporation | 1.02% |
| MRVL Marvell Technology, Inc. | 0.99% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that FTEC doesn’t have:
| AMZN Amazon.com, Inc. | 3.68% |
| GOOGL Alphabet Inc. | 3.24% |
| GOOG Alphabet Inc. | 2.60% |
| META Meta Platforms, Inc. | 1.93% |
| TSLA Tesla, Inc. | 1.81% |
| LLY Eli Lilly and Company | 1.52% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
| JPM JPMorgan Chase & Co. | 1.38% |
So — partly overlapping. Should you hold both?
FTEC and SPY share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~29 effective positions (grade C).
Holdings as of — FTEC: Jun 27, 2026 (Fidelity); SPY: Jun 29, 2026 (State Street Global Advisors). 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 →FTEC vs SPY — FAQ
- How much do FTEC and SPY overlap?
- FTEC and SPY overlap by approximately 54% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of FTEC's 10 largest holdings are also held by SPY. They share 10 of their listed top holdings in total.
- Is it redundant to hold both FTEC and SPY?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (NVDA) while each fund still adds distinct exposure. A 50/50 blend has an effective 29 positions and a C diversification grade.
- What does SPY hold that FTEC doesn't?
- SPY's largest holdings that FTEC doesn't hold include AMZN, GOOGL, GOOG, META, TSLA. Its category is US large-cap, versus FTEC's US tech sector.
- Which is more concentrated, FTEC or SPY?
- FTEC's top 10 holdings are 80% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.