QQQ vs VOOG: how much do they really overlap?
QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) and VOOG (Vanguard S&P 500 Growth ETF, tracking the S&P 500 Growth) overlap by roughly 70% by weight. 9 of QQQ's top 10 holdings also appear in VOOG. A 50/50 blend of the two behaves like about 30 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 20 holdings appear in both QQQ and VOOG. The weight columns show how much of each fund each name represents.
| Holding | in QQQ | in VOOG |
|---|---|---|
| NVDA NVIDIA Corporation | 7.60% | 13.64% |
| AAPL Apple Inc. | 6.80% | 5.98% |
| MSFT Microsoft Corporation | 4.52% | 7.80% |
| MU Micron Technology, Inc. | 5.75% | 3.66% |
| AMZN Amazon.com, Inc. | 4.08% | 3.48% |
| GOOGL Alphabet Inc. | 3.20% | 5.90% |
| GOOG Alphabet Inc. | 2.98% | 4.70% |
| AVGO Broadcom Inc. | 2.82% | 5.03% |
| AMD Advanced Micro Devices, Inc. | 3.83% | 2.67% |
| META Meta Platforms, Inc. | 2.66% | 3.48% |
| TSLA Tesla, Inc. | 3.09% | 2.07% |
| AMAT Applied Materials, Inc. | 2.24% | 1.62% |
| LRCX Lam Research Corporation | 2.13% | 1.53% |
| KLAC KLA Corporation | 1.46% | 1.11% |
| SNDK Sandisk Corporation | 1.39% | 0.95% |
+ 5 more shared holdings.
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that VOOG doesn’t have:
| INTC Intel Corporation | 2.90% |
| WMT Walmart Inc. | 2.54% |
| COST Costco Wholesale Corporation | 1.90% |
| TXN Texas Instruments Incorporated | 1.17% |
| LIN Linde plc | 1.08% |
Only in VOOG
Vanguard S&P 500 Growth ETF — US large-cap growth. Its biggest holdings that QQQ doesn’t have:
| LLY Eli Lilly & Co. | 2.67% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.58% |
| JPM JPMorgan Chase & Co. | 1.56% |
| CAT Caterpillar Inc. | 1.38% |
| JNJ Johnson & Johnson | 1.02% |
| GEV GE Vernova LLC | 0.89% |
| V Visa Inc. Class A | 0.88% |
| MA Mastercard Inc. Class A | 0.78% |
So — heavily overlapping. Should you hold both?
QQQ and VOOG share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold QQQ, adding VOOG mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~30 equal positions, with the top 10 alone at 50% and the Magnificent Seven at 41%.
Holdings as of — QQQ: Jun 26, 2026 (Invesco); VOOG: Jun 30, 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 VOOG — FAQ
- How much do QQQ and VOOG overlap?
- QQQ and VOOG overlap by approximately 70% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 9 of QQQ's 10 largest holdings are also held by VOOG. They share 20 of their listed top holdings in total.
- Is it redundant to hold both QQQ and VOOG?
- 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 30 positions and a B diversification grade.
- What does VOOG hold that QQQ doesn't?
- VOOG's largest holdings that QQQ doesn't hold include LLY, BRK.B, JPM, CAT, JNJ. Its category is US large-cap growth, versus QQQ's Nasdaq-100.
- Which is more concentrated, QQQ or VOOG?
- QQQ's top 10 holdings are 63% of its listed weight; VOOG's are 64%. The more concentrated fund leans harder on its largest names.