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 74% by weight. 10 of ITOT's top 10 holdings also appear in QQQM. A 50/50 blend of the two behaves like about 51 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 25 holdings appear in both ITOT and QQQM. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in QQQM |
|---|---|---|
| NVDA NVIDIA CORP | 6.63% | 7.52% |
| AAPL APPLE INC | 5.81% | 6.59% |
| MSFT MICROSOFT CORP | 3.79% | 4.36% |
| AMZN AMAZON.COM INC | 3.19% | 4.12% |
| GOOGL ALPHABET INC CLASS A | 2.86% | 3.28% |
| AVGO BROADCOM INC | 2.45% | 2.81% |
| GOOG ALPHABET INC CLASS C | 2.29% | 3.05% |
| MU MICRON TECHNOLOGY INC | 1.78% | 5.68% |
| META META PLATFORMS INC CLASS A | 1.69% | 2.65% |
| TSLA TESLA INC | 1.62% | 3.28% |
| AMD ADVANCED MICRO DEVICES INC | 1.30% | 3.87% |
| INTC INTEL CORPORATION | 0.90% | 2.91% |
| AMAT APPLIED MATERIAL INC | 0.78% | 2.43% |
| LRCX LAM RESEARCH CORP | 0.74% | 2.26% |
| WMT WALMART INC | 0.68% | 2.46% |
+ 10 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:
| LLY ELI LILLY | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.25% |
| JPM JPMORGAN CHASE & CO | 1.20% |
| JNJ JOHNSON & JOHNSON | 0.84% |
| V VISA INC CLASS A | 0.78% |
| XOM EXXON MOBIL CORP | 0.77% |
| CAT CATERPILLAR INC | 0.67% |
| ABBV ABBVIE INC | 0.61% |
Only in QQQM
Invesco Nasdaq-100 ETF — Nasdaq-100. Its biggest holdings that ITOT doesn’t have:
| Every listed QQQM holding is also in ITOT. |
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 ~51 equal positions, with the top 10 alone at 38% and the Magnificent Seven at 31%.
Holdings as of — ITOT: Jun 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 74% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of ITOT's 10 largest holdings are also held by QQQM. They share 25 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 51 positions and a B diversification grade.
- What does QQQM hold that ITOT doesn't?
- ITOT contains essentially all of QQQM's listed holdings.
- Which is more concentrated, ITOT or QQQM?
- ITOT's top 10 holdings are 58% of its listed weight; QQQM's are 63%. The more concentrated fund leans harder on its largest names.