ITOT vs SOXQ: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and SOXQ (Invesco PHLX Semiconductor ETF, tracking the PHLX Semiconductor) overlap by roughly 25% by weight. 3 of ITOT's top 10 holdings also appear in SOXQ. A 50/50 blend of the two behaves like about 44 equally-weighted bets (diversification grade B). 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 9 holdings appear in both ITOT and SOXQ. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in SOXQ |
|---|---|---|
| NVDA NVIDIA CORP | 6.54% | 10.47% |
| AVGO BROADCOM INC | 2.54% | 7.87% |
| MU MICRON TECHNOLOGY INC | 1.36% | 8.91% |
| AMD ADVANCED MICRO DEVICES INC | 1.09% | 3.95% |
| INTC INTEL CORPORATION | 0.60% | 4.34% |
| AMAT APPLIED MATERIAL INC | 0.55% | 5.83% |
| LRCX LAM RESEARCH CORP | 0.51% | 4.88% |
| TXN TEXAS INSTRUMENT INC | 0.35% | 3.53% |
| KLAC KLA CORP | 0.33% | 5.47% |
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that SOXQ doesn’t have:
| AAPL APPLE INC | 6.78% |
| MSFT MICROSOFT CORP | 4.64% |
| AMZN AMAZON.COM INC | 3.19% |
| GOOGL ALPHABET INC CLASS A | 2.71% |
| GOOG ALPHABET INC CLASS C | 2.18% |
| META META PLATFORMS INC CLASS A | 1.64% |
| JPM JPMORGAN CHASE & CO | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.30% |
Only in SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that ITOT doesn’t have:
| MRVL Marvell Technology, Inc. | 5.12% |
| ASML ASML Holding N.V. | 4.41% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 4.11% |
| ADI Analog Devices, Inc. | 3.58% |
| QCOM QUALCOMM Incorporated | 2.84% |
| ALAB Astera Labs, Inc. | 2.81% |
| COHR Coherent Corp. | 2.75% |
| TER Teradyne, Inc. | 2.60% |
So — partly overlapping. Should you hold both?
ITOT and SOXQ 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 ~44 effective positions (grade B).
Holdings as of — ITOT: Jul 30, 2026 (iShares (BlackRock)); SOXQ: 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 SOXQ — FAQ
- How much do ITOT and SOXQ overlap?
- ITOT and SOXQ overlap by approximately 25% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of ITOT's 10 largest holdings are also held by SOXQ. They share 9 of their listed top holdings in total.
- Is it redundant to hold both ITOT and SOXQ?
- 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 44 positions and a B diversification grade.
- What does SOXQ hold that ITOT doesn't?
- SOXQ's largest holdings that ITOT doesn't hold include MRVL, ASML, TSM, ADI, QCOM. Its category is semiconductors, versus ITOT's total US market.
- Which is more concentrated, ITOT or SOXQ?
- ITOT's top 10 holdings are 59% of its listed weight; SOXQ's are 63%. The more concentrated fund leans harder on its largest names.