QQQ vs VUG: how much do they really overlap?
QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) and VUG (Vanguard Growth ETF, tracking the CRSP US Large Cap Growth) overlap by roughly 67% by weight. 8 of QQQ's top 10 holdings also appear in VUG. A 50/50 blend of the two behaves like about 27 equally-weighted bets (diversification grade C). 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 VUG. The weight columns show how much of each fund each name represents.
| Holding | in QQQ | in VUG |
|---|---|---|
| NVDA NVIDIA Corporation | 7.60% | 13.10% |
| AAPL Apple Inc. | 6.80% | 12.32% |
| MSFT Microsoft Corporation | 4.52% | 8.99% |
| AMZN Amazon.com, Inc. | 4.08% | 4.85% |
| GOOGL Alphabet Inc. | 3.20% | 5.95% |
| TSLA Tesla, Inc. | 3.09% | 3.31% |
| GOOG Alphabet Inc. | 2.98% | 4.68% |
| AVGO Broadcom Inc. | 2.82% | 5.17% |
| META Meta Platforms, Inc. | 2.66% | 3.73% |
| AMD Advanced Micro Devices, Inc. | 3.83% | 2.30% |
| COST Costco Wholesale Corporation | 1.90% | 1.15% |
| LRCX Lam Research Corporation | 2.13% | 1.09% |
| NFLX Netflix, Inc. | 1.40% | 0.99% |
| PLTR Palantir Technologies Inc. | 1.17% | 0.93% |
| SNDK Sandisk Corporation | 1.39% | 0.71% |
+ 5 more shared holdings.
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that VUG doesn’t have:
| MU Micron Technology, Inc. | 5.75% |
| INTC Intel Corporation | 2.90% |
| WMT Walmart Inc. | 2.54% |
| CSCO Cisco Systems, Inc. | 2.02% |
| LIN Linde plc | 1.08% |
Only in VUG
Vanguard Growth ETF — US large-cap growth. Its biggest holdings that QQQ doesn’t have:
| LLY Eli Lilly & Co. | 2.53% |
| V Visa Inc. Class A | 1.45% |
| MA Mastercard Inc. Class A | 1.07% |
| ORCL Oracle Corp. | 1.07% |
| GEV GE Vernova LLC | 0.72% |
| STX Seagate Technology Holdings plc | 0.55% |
| MCD McDonald's Corp. | 0.54% |
| APH Amphenol Corp. Class A | 0.51% |
So — heavily overlapping. Should you hold both?
QQQ and VUG share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold QQQ, adding VUG mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~27 equal positions, with the top 10 alone at 53% and the Magnificent Seven at 46%.
Holdings as of — QQQ: Jun 26, 2026 (Invesco); VUG: 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 VUG — FAQ
- How much do QQQ and VUG overlap?
- QQQ and VUG overlap by approximately 67% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 8 of QQQ's 10 largest holdings are also held by VUG. They share 20 of their listed top holdings in total.
- Is it redundant to hold both QQQ and VUG?
- 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 27 positions and a C diversification grade.
- What does VUG hold that QQQ doesn't?
- VUG's largest holdings that QQQ doesn't hold include LLY, V, MA, ORCL, GEV. Its category is US large-cap growth, versus QQQ's Nasdaq-100.
- Which is more concentrated, QQQ or VUG?
- QQQ's top 10 holdings are 63% of its listed weight; VUG's are 73%. The more concentrated fund leans harder on its largest names.