SPY vs VGT: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VGT (Vanguard Information Technology ETF, tracking the MSCI US IMI Info Tech 25/50) overlap by roughly 54% by weight. 5 of SPY's top 10 holdings also appear in VGT. A 50/50 blend of the two behaves like about 27 equally-weighted bets (diversification grade C). 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 10 holdings appear in both SPY and VGT. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VGT |
|---|---|---|
| NVDA NVIDIA Corporation | 7.38% | 16.78% |
| AAPL Apple Inc. | 6.47% | 15.26% |
| MSFT Microsoft Corporation | 4.28% | 9.87% |
| AVGO Broadcom Inc. | 2.76% | 4.49% |
| MU Micron Technology, Inc. | 2.02% | 4.19% |
| AMD Advanced Micro Devices, Inc. | 1.38% | 3.20% |
| INTC Intel Corporation | 0.97% | 1.95% |
| AMAT Applied Materials, Inc. | 0.86% | 1.39% |
| LRCX Lam Research Corporation | 0.80% | 1.55% |
| CSCO Cisco Systems, Inc. | 0.73% | 1.85% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VGT doesn’t have:
| 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% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
| JPM JPMorgan Chase & Co. | 1.38% |
Only in VGT
Vanguard Information Technology ETF — US tech sector. Its biggest holdings that SPY doesn’t have:
| ORCL Oracle Corp. | 1.45% |
| PLTR Palantir Technologies Inc. Class A | 1.34% |
| TXN Texas Instruments Inc. | 1.10% |
| IBM International Business Machines Corp. | 1.08% |
| QCOM QUALCOMM Inc. | 1.07% |
| KLAC KLA Corp. | 1.00% |
| SNDK Sandisk Corp./DE | 0.98% |
| PANW Palo Alto Networks Inc. | 0.92% |
So — partly overlapping. Should you hold both?
SPY and VGT 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 ~27 effective positions (grade C).
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VGT: 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 →SPY vs VGT — FAQ
- How much do SPY and VGT overlap?
- SPY and VGT overlap by approximately 54% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 5 of SPY's 10 largest holdings are also held by VGT. They share 10 of their listed top holdings in total.
- Is it redundant to hold both SPY and VGT?
- 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 27 positions and a C diversification grade.
- What does VGT hold that SPY doesn't?
- VGT's largest holdings that SPY doesn't hold include ORCL, PLTR, TXN, IBM, QCOM. Its category is US tech sector, versus SPY's US large-cap.
- Which is more concentrated, SPY or VGT?
- SPY's top 10 holdings are 71% of its listed weight; VGT's are 72%. The more concentrated fund leans harder on its largest names.