QQQM vs VUG: how much do they really overlap?
QQQM (Invesco Nasdaq-100 ETF, tracking the Nasdaq-100) and VUG (Vanguard Growth ETF, tracking the CRSP US Large Cap Growth) overlap by roughly 71% by weight. 9 of QQQM's top 10 holdings also appear in VUG. A 50/50 blend of the two behaves like about 28 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 21 holdings appear in both QQQM and VUG. The weight columns show how much of each fund each name represents.
| Holding | in QQQM | in VUG |
|---|---|---|
| NVDA NVIDIA Corporation | 7.52% | 12.60% |
| AAPL Apple Inc. | 6.59% | 11.64% |
| MSFT Microsoft Corporation | 4.36% | 7.60% |
| AMZN Amazon.com, Inc. | 4.12% | 4.46% |
| GOOGL Alphabet Inc. | 3.28% | 5.74% |
| TSLA Tesla, Inc. | 3.28% | 3.26% |
| GOOG Alphabet Inc. | 3.05% | 4.52% |
| AVGO Broadcom Inc. | 2.81% | 4.27% |
| META Meta Platforms, Inc. | 2.65% | 3.40% |
| AMD Advanced Micro Devices, Inc. | 3.87% | 2.61% |
| AMAT Applied Materials, Inc. | 2.43% | 1.59% |
| LRCX Lam Research Corporation | 2.26% | 1.50% |
| COST Costco Wholesale Corporation | 1.85% | 1.15% |
| KLAC KLA Corporation | 1.60% | 1.10% |
| SNDK Sandisk Corporation | 1.34% | 0.94% |
+ 6 more shared holdings.
Only in QQQM
Invesco Nasdaq-100 ETF — Nasdaq-100. Its biggest holdings that VUG doesn’t have:
| MU Micron Technology, Inc. | 5.68% |
| WMT Walmart Inc. | 2.46% |
| CSCO Cisco Systems, Inc. | 2.04% |
| LIN Linde plc | 1.04% |
Only in VUG
Vanguard Growth ETF — US large-cap growth. Its biggest holdings that QQQM doesn’t have:
| LLY Eli Lilly & Co. | 2.80% |
| V Visa Inc. Class A | 1.54% |
| MA Mastercard Inc. Class A | 1.13% |
| GEV GE Vernova LLC | 0.88% |
| ORCL Oracle Corp. | 0.71% |
| WDC Western Digital Corp. | 0.62% |
| APH Amphenol Corp. Class A | 0.61% |
| STX Seagate Technology Holdings plc | 0.61% |
So — heavily overlapping. Should you hold both?
QQQM and VUG share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold QQQM, adding VUG mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~28 equal positions, with the top 10 alone at 51% and the Magnificent Seven at 44%.
Holdings as of — QQQM: Jun 29, 2026 (Invesco); VUG: 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 VUG — FAQ
- How much do QQQM and VUG overlap?
- QQQM and VUG overlap by approximately 71% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 9 of QQQM's 10 largest holdings are also held by VUG. They share 21 of their listed top holdings in total.
- Is it redundant to hold both QQQM 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 28 positions and a C diversification grade.
- What does VUG hold that QQQM doesn't?
- VUG's largest holdings that QQQM doesn't hold include LLY, V, MA, GEV, ORCL. Its category is US large-cap growth, versus QQQM's Nasdaq-100.
- Which is more concentrated, QQQM or VUG?
- QQQM's top 10 holdings are 63% of its listed weight; VUG's are 69%. The more concentrated fund leans harder on its largest names.