IVV vs SPY: how much do they really overlap?
IVV (iShares Core S&P 500 ETF, tracking the S&P 500) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 97% by weight. 10 of IVV's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 55 equally-weighted bets (diversification grade B). In short, the two funds hold nearly the same stocks in nearly the same proportions — owning both is largely redundant.
The same companies, in both funds
These 24 holdings appear in both IVV and SPY. The weight columns show how much of each fund each name represents.
| Holding | in IVV | in SPY |
|---|---|---|
| NVDA NVIDIA CORP | 7.51% | 7.38% |
| AAPL APPLE INC | 6.58% | 6.47% |
| MSFT MICROSOFT CORP | 4.29% | 4.28% |
| AMZN AMAZON.COM INC | 3.61% | 3.68% |
| GOOGL ALPHABET INC CLASS A | 3.25% | 3.24% |
| AVGO BROADCOM INC | 2.77% | 2.76% |
| GOOG ALPHABET INC CLASS C | 2.59% | 2.60% |
| MU MICRON TECHNOLOGY INC | 2.02% | 2.02% |
| META META PLATFORMS INC CLASS A | 1.92% | 1.93% |
| TSLA TESLA INC | 1.83% | 1.81% |
| LLY ELI LILLY | 1.47% | 1.52% |
| AMD ADVANCED MICRO DEVICES INC | 1.47% | 1.38% |
| JPM JPMORGAN CHASE & CO | 1.36% | 1.38% |
| INTC INTEL CORPORATION | 1.02% | 0.97% |
| JNJ JOHNSON & JOHNSON | 0.95% | 0.97% |
+ 9 more shared holdings.
Only in IVV
iShares Core S&P 500 ETF — US large-cap. Its biggest holdings that SPY doesn’t have:
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.42% |
| MA MASTERCARD INC CLASS A | 0.64% |
| KLAC KLA CORP | 0.61% |
| GE GE AEROSPACE | 0.60% |
| UNH UNITEDHEALTH GROUP INC | 0.58% |
| BAC BANK OF AMERICA CORP | 0.58% |
| HD HOME DEPOT INC | 0.54% |
| PG PROCTER & GAMBLE | 0.53% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that IVV doesn’t have:
| BRK.B Berkshire Hathaway Inc. | 1.42% |
So — nearly identical. Should you hold both?
IVV and SPY hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold IVV, adding SPY mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~55 equal positions, with the top 10 alone at 36% and the Magnificent Seven at 31%.
Holdings as of — IVV: Jun 30, 2026 (iShares (BlackRock)); SPY: Jun 29, 2026 (State Street Global Advisors). 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 →IVV vs SPY — FAQ
- How much do IVV and SPY overlap?
- IVV and SPY overlap by approximately 97% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of IVV's 10 largest holdings are also held by SPY. They share 24 of their listed top holdings in total.
- Is it redundant to hold both IVV and SPY?
- Because they hold nearly the same stocks in nearly the same proportions — owning both is largely redundant, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 55 positions and a B diversification grade.
- What does SPY hold that IVV doesn't?
- SPY's largest holdings that IVV doesn't hold include BRK.B. Its category is US large-cap, versus IVV's US large-cap.
- Which is more concentrated, IVV or SPY?
- IVV's top 10 holdings are 58% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.