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 28% by weight. 3 of ITOT's top 10 holdings also appear in SOXQ. A 50/50 blend of the two behaves like about 43 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 10 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 | 6.63% | 10.47% |
| AVGO BROADCOM INC | 2.45% | 7.87% |
| MU MICRON TECHNOLOGY INC | 1.78% | 8.91% |
| AMD ADVANCED MICRO DEVICES INC | 1.30% | 3.95% |
| INTC INTEL CORPORATION | 0.90% | 4.34% |
| AMAT APPLIED MATERIAL INC | 0.78% | 5.83% |
| LRCX LAM RESEARCH CORP | 0.74% | 4.88% |
| KLAC KLA CORP | 0.54% | 5.47% |
| TXN TEXAS INSTRUMENT INC | 0.37% | 3.53% |
| MRVL MARVELL TECHNOLOGY INC | 0.36% | 5.12% |
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 | 5.81% |
| MSFT MICROSOFT CORP | 3.79% |
| AMZN AMAZON.COM INC | 3.19% |
| GOOGL ALPHABET INC CLASS A | 2.86% |
| GOOG ALPHABET INC CLASS C | 2.29% |
| META META PLATFORMS INC CLASS A | 1.69% |
| TSLA TESLA INC | 1.62% |
| LLY ELI LILLY | 1.30% |
Only in SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that ITOT doesn’t have:
| 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% |
| NXPI NXP Semiconductors N.V. | 2.52% |
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 ~43 effective positions (grade B).
Holdings as of — ITOT: Jun 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 28% 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 10 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 43 positions and a B diversification grade.
- What does SOXQ hold that ITOT doesn't?
- SOXQ's largest holdings that ITOT doesn't hold include ASML, TSM, ADI, QCOM, ALAB. Its category is semiconductors, versus ITOT's total US market.
- Which is more concentrated, ITOT or SOXQ?
- ITOT's top 10 holdings are 58% of its listed weight; SOXQ's are 63%. The more concentrated fund leans harder on its largest names.