QQQM vs VOO: how much do they really overlap?
QQQM (Invesco Nasdaq-100 ETF, tracking the Nasdaq-100) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 74% by weight. 10 of QQQM's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 46 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 25 holdings appear in both QQQM and VOO. The weight columns show how much of each fund each name represents.
| Holding | in QQQM | in VOO |
|---|---|---|
| NVDA NVIDIA Corporation | 7.52% | 7.51% |
| AAPL Apple Inc. | 6.59% | 6.59% |
| MSFT Microsoft Corporation | 4.36% | 4.30% |
| AMZN Amazon.com, Inc. | 4.12% | 3.62% |
| GOOGL Alphabet Inc. | 3.28% | 3.25% |
| AVGO Broadcom Inc. | 2.81% | 2.77% |
| GOOG Alphabet Inc. | 3.05% | 2.59% |
| MU Micron Technology, Inc. | 5.68% | 2.02% |
| META Meta Platforms, Inc. | 2.65% | 1.92% |
| TSLA Tesla, Inc. | 3.28% | 1.84% |
| AMD Advanced Micro Devices, Inc. | 3.87% | 1.47% |
| INTC Intel Corporation | 2.91% | 1.02% |
| AMAT Applied Materials, Inc. | 2.43% | 0.89% |
| LRCX Lam Research Corporation | 2.26% | 0.84% |
| WMT Walmart Inc. | 2.46% | 0.77% |
+ 10 more shared holdings.
Only in QQQM
Invesco Nasdaq-100 ETF — Nasdaq-100. Its biggest holdings that VOO doesn’t have:
| Every listed QQQM holding is also in VOO. |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that QQQM doesn’t have:
| LLY Eli Lilly & Co. | 1.47% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% |
| JPM JPMorgan Chase & Co. | 1.26% |
| JNJ Johnson & Johnson | 0.95% |
| V Visa Inc. Class A | 0.87% |
| CAT Caterpillar Inc. | 0.76% |
| ABBV AbbVie Inc. | 0.69% |
| MA Mastercard Inc. Class A | 0.64% |
So — heavily overlapping. Should you hold both?
QQQM and VOO share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold QQQM, adding VOO mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~46 equal positions, with the top 10 alone at 40% and the Magnificent Seven at 33%.
Holdings as of — QQQM: Jun 29, 2026 (Invesco); VOO: 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 →QQQM vs VOO — FAQ
- How much do QQQM and VOO overlap?
- QQQM and VOO overlap by approximately 74% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of QQQM's 10 largest holdings are also held by VOO. They share 25 of their listed top holdings in total.
- Is it redundant to hold both QQQM 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 46 positions and a B diversification grade.
- What does VOO hold that QQQM doesn't?
- VOO's largest holdings that QQQM doesn't hold include LLY, BRK.B, JPM, JNJ, V. Its category is US large-cap, versus QQQM's Nasdaq-100.
- Which is more concentrated, QQQM or VOO?
- QQQM's top 10 holdings are 63% of its listed weight; VOO's are 58%. The more concentrated fund leans harder on its largest names.