QQQ vs VOO: how much do they really overlap?
QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 72% by weight. 10 of QQQ's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 43 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 24 holdings appear in both QQQ and VOO. The weight columns show how much of each fund each name represents.
| Holding | in QQQ | in VOO |
|---|---|---|
| NVDA NVIDIA Corporation | 7.60% | 7.89% |
| AAPL Apple Inc. | 6.80% | 7.05% |
| MSFT Microsoft Corporation | 4.52% | 5.14% |
| AMZN Amazon.com, Inc. | 4.08% | 4.07% |
| GOOGL Alphabet Inc. | 3.20% | 3.41% |
| AVGO Broadcom Inc. | 2.82% | 3.26% |
| GOOG Alphabet Inc. | 2.98% | 2.71% |
| META Meta Platforms, Inc. | 2.66% | 2.13% |
| TSLA Tesla, Inc. | 3.09% | 1.89% |
| MU Micron Technology, Inc. | 5.75% | 1.68% |
| AMD Advanced Micro Devices, Inc. | 3.83% | 1.29% |
| INTC Intel Corporation | 2.90% | 0.83% |
| WMT Walmart Inc. | 2.54% | 0.78% |
| CSCO Cisco Systems, Inc. | 2.02% | 0.73% |
| COST Costco Wholesale Corporation | 1.90% | 0.65% |
+ 9 more shared holdings.
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that VOO doesn’t have:
| MRVL Marvell Technology, Inc. | 1.05% |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that QQQ doesn’t have:
| LLY Eli Lilly & Co. | 1.35% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.34% |
| JPM JPMorgan Chase & Co. | 1.16% |
| XOM Exxon Mobil Corp. | 0.93% |
| JNJ Johnson & Johnson | 0.84% |
| V Visa Inc. Class A | 0.83% |
| CAT Caterpillar Inc. | 0.63% |
| MA Mastercard Inc. Class A | 0.62% |
So — heavily overlapping. Should you hold both?
QQQ and VOO share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold QQQ, adding VOO mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~43 equal positions, with the top 10 alone at 42% and the Magnificent Seven at 35%.
Holdings as of — QQQ: Jun 26, 2026 (Invesco); VOO: May 31, 2026 (Vanguard). 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 →QQQ vs VOO — FAQ
- How much do QQQ and VOO overlap?
- QQQ and VOO overlap by approximately 72% 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 VOO. They share 24 of their listed top holdings in total.
- Is it redundant to hold both QQQ and VOO?
- 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 43 positions and a B diversification grade.
- What does VOO hold that QQQ doesn't?
- VOO's largest holdings that QQQ doesn't hold include LLY, BRK.B, JPM, XOM, JNJ. Its category is US large-cap, versus QQQ's Nasdaq-100.
- Which is more concentrated, QQQ or VOO?
- QQQ's top 10 holdings are 63% of its listed weight; VOO's are 61%. The more concentrated fund leans harder on its largest names.