ITOT vs QQQM: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and QQQM (Invesco Nasdaq-100 ETF, tracking the Nasdaq-100) overlap by roughly 71% by weight. 9 of ITOT's top 10 holdings also appear in QQQM. A 50/50 blend of the two behaves like about 50 equally-weighted bets (diversification grade B). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 23 holdings appear in both ITOT and QQQM. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in QQQM |
|---|---|---|
| AAPL APPLE INC | 6.78% | 6.59% |
| NVDA NVIDIA CORP | 6.54% | 7.52% |
| MSFT MICROSOFT CORP | 4.64% | 4.36% |
| AMZN AMAZON.COM INC | 3.19% | 4.12% |
| GOOGL ALPHABET INC CLASS A | 2.71% | 3.28% |
| AVGO BROADCOM INC | 2.54% | 2.81% |
| GOOG ALPHABET INC CLASS C | 2.18% | 3.05% |
| META META PLATFORMS INC CLASS A | 1.64% | 2.65% |
| MU MICRON TECHNOLOGY INC | 1.36% | 5.68% |
| TSLA TESLA INC | 1.20% | 3.28% |
| AMD ADVANCED MICRO DEVICES INC | 1.09% | 3.87% |
| WMT WALMART INC | 0.67% | 2.46% |
| CSCO CISCO SYSTEMS INC | 0.62% | 2.04% |
| INTC INTEL CORPORATION | 0.60% | 2.91% |
| COST COSTCO WHOLESALE CORP | 0.59% | 1.85% |
+ 8 more shared holdings.
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that QQQM doesn’t have:
| JPM JPMORGAN CHASE & CO | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.30% |
| LLY ELI LILLY | 1.26% |
| XOM EXXONMOBIL HOLDINGS CORP | 0.90% |
| JNJ JOHNSON & JOHNSON | 0.85% |
| V VISA INC CLASS A | 0.84% |
| MA MASTERCARD INC CLASS A | 0.64% |
| ABBV ABBVIE INC | 0.63% |
Only in QQQM
Invesco Nasdaq-100 ETF — Nasdaq-100. Its biggest holdings that ITOT doesn’t have:
| SNDK Sandisk Corporation | 1.34% |
| MRVL Marvell Technology, Inc. | 1.07% |
So — heavily overlapping. Should you hold both?
ITOT and QQQM share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold ITOT, adding QQQM mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~50 equal positions, with the top 10 alone at 38% and the Magnificent Seven at 32%.
Holdings as of — ITOT: Jul 30, 2026 (iShares (BlackRock)); QQQM: Jun 29, 2026 (Invesco). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →ITOT vs QQQM — FAQ
- How much do ITOT and QQQM overlap?
- ITOT and QQQM overlap by approximately 71% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 9 of ITOT's 10 largest holdings are also held by QQQM. They share 23 of their listed top holdings in total.
- Is it redundant to hold both ITOT and QQQM?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 50 positions and a B diversification grade.
- What does QQQM hold that ITOT doesn't?
- QQQM's largest holdings that ITOT doesn't hold include SNDK, MRVL. Its category is Nasdaq-100, versus ITOT's total US market.
- Which is more concentrated, ITOT or QQQM?
- ITOT's top 10 holdings are 59% of its listed weight; QQQM's are 63%. The more concentrated fund leans harder on its largest names.