QQQ vs SPY: how much do they really overlap?
QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 83% by weight. 10 of QQQ's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 47 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 17 holdings appear in both QQQ and SPY. The weight columns show how much of each fund each name represents.
| Holding | in QQQ | in SPY |
|---|---|---|
| NVDA NVIDIA Corporation | 7.60% | 7.38% |
| AAPL Apple Inc. | 6.80% | 6.47% |
| MSFT Microsoft Corporation | 4.52% | 4.28% |
| AMZN Amazon.com, Inc. | 4.08% | 3.68% |
| GOOGL Alphabet Inc. | 3.20% | 3.24% |
| AVGO Broadcom Inc. | 2.82% | 2.76% |
| GOOG Alphabet Inc. | 2.98% | 2.60% |
| MU Micron Technology, Inc. | 5.75% | 2.02% |
| META Meta Platforms, Inc. | 2.66% | 1.93% |
| TSLA Tesla, Inc. | 3.09% | 1.81% |
| AMD Advanced Micro Devices, Inc. | 3.83% | 1.38% |
| INTC Intel Corporation | 2.90% | 0.97% |
| AMAT Applied Materials, Inc. | 2.24% | 0.86% |
| LRCX Lam Research Corporation | 2.13% | 0.80% |
| WMT Walmart Inc. | 2.54% | 0.79% |
+ 2 more shared holdings.
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that SPY doesn’t have:
| KLAC KLA Corporation | 1.46% |
| NFLX Netflix, Inc. | 1.40% |
| SNDK Sandisk Corporation | 1.39% |
| TXN Texas Instruments Incorporated | 1.17% |
| PLTR Palantir Technologies Inc. | 1.17% |
| PANW Palo Alto Networks, Inc. | 1.12% |
| LIN Linde plc | 1.08% |
| MRVL Marvell Technology, Inc. | 1.05% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that QQQ doesn’t have:
| LLY Eli Lilly and Company | 1.52% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
| JPM JPMorgan Chase & Co. | 1.38% |
| JNJ Johnson & Johnson | 0.97% |
| V Visa Inc. | 0.89% |
| XOM Exxon Mobil Corporation | 0.88% |
| CAT Caterpillar Inc. | 0.74% |
| ABBV AbbVie Inc. | 0.70% |
So — nearly identical. Should you hold both?
QQQ and SPY hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold QQQ, adding SPY mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~47 equal positions, with the top 10 alone at 40% and the Magnificent Seven at 33%.
Holdings as of — QQQ: Jun 26, 2026 (Invesco); SPY: Jun 29, 2026 (State Street Global Advisors). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →QQQ vs SPY — FAQ
- How much do QQQ and SPY overlap?
- QQQ and SPY overlap by approximately 83% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of QQQ's 10 largest holdings are also held by SPY. They share 17 of their listed top holdings in total.
- Is it redundant to hold both QQQ 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 47 positions and a B diversification grade.
- What does SPY hold that QQQ doesn't?
- SPY's largest holdings that QQQ doesn't hold include LLY, BRK.B, JPM, JNJ, V. Its category is US large-cap, versus QQQ's Nasdaq-100.
- Which is more concentrated, QQQ or SPY?
- QQQ's top 10 holdings are 63% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.