SOXQ vs SPY: how much do they really overlap?
SOXQ (Invesco PHLX Semiconductor ETF, tracking the PHLX Semiconductor) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 32% by weight. 6 of SOXQ's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 41 equally-weighted bets (diversification grade B). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 7 holdings appear in both SOXQ and SPY. The weight columns show how much of each fund each name represents.
| Holding | in SOXQ | in SPY |
|---|---|---|
| NVDA NVIDIA Corporation | 10.47% | 7.38% |
| AVGO Broadcom Inc. | 7.87% | 2.76% |
| MU Micron Technology, Inc. | 8.91% | 2.02% |
| AMD Advanced Micro Devices, Inc. | 3.95% | 1.38% |
| INTC Intel Corporation | 4.34% | 0.97% |
| AMAT Applied Materials, Inc. | 5.83% | 0.86% |
| LRCX Lam Research Corporation | 4.88% | 0.80% |
Only in SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that SPY doesn’t have:
| KLAC KLA Corporation | 5.47% |
| MRVL Marvell Technology, Inc. | 5.12% |
| ASML ASML Holding N.V. | 4.41% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 4.11% |
| ADI Analog Devices, Inc. | 3.58% |
| TXN Texas Instruments Incorporated | 3.53% |
| QCOM QUALCOMM Incorporated | 2.84% |
| ALAB Astera Labs, Inc. | 2.81% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that SOXQ doesn’t have:
| AAPL Apple Inc. | 6.47% |
| MSFT Microsoft Corporation | 4.28% |
| AMZN Amazon.com, Inc. | 3.68% |
| GOOGL Alphabet Inc. | 3.24% |
| GOOG Alphabet Inc. | 2.60% |
| META Meta Platforms, Inc. | 1.93% |
| TSLA Tesla, Inc. | 1.81% |
| LLY Eli Lilly and Company | 1.52% |
So — partly overlapping. Should you hold both?
SOXQ and SPY share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~41 effective positions (grade B).
Holdings as of — SOXQ: Jun 29, 2026 (Invesco); SPY: Jun 29, 2026 (State Street Global Advisors). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →SOXQ vs SPY — FAQ
- How much do SOXQ and SPY overlap?
- SOXQ and SPY overlap by approximately 32% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 6 of SOXQ's 10 largest holdings are also held by SPY. They share 7 of their listed top holdings in total.
- Is it redundant to hold both SOXQ and SPY?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (NVDA) while each fund still adds distinct exposure. A 50/50 blend has an effective 41 positions and a B diversification grade.
- What does SPY hold that SOXQ doesn't?
- SPY's largest holdings that SOXQ doesn't hold include AAPL, MSFT, AMZN, GOOGL, GOOG. Its category is US large-cap, versus SOXQ's semiconductors.
- Which is more concentrated, SOXQ or SPY?
- SOXQ's top 10 holdings are 63% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.