SPY vs VIG: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VIG (Vanguard Dividend Appreciation ETF, tracking the S&P US Dividend Growers) overlap by roughly 43% by weight. 3 of SPY's top 10 holdings also appear in VIG. A 50/50 blend of the two behaves like about 76 equally-weighted bets (diversification grade A). 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 14 holdings appear in both SPY and VIG. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VIG |
|---|---|---|
| AAPL Apple Inc. | 6.47% | 4.57% |
| MSFT Microsoft Corporation | 4.28% | 4.27% |
| AVGO Broadcom Inc. | 2.76% | 5.41% |
| LLY Eli Lilly and Company | 1.52% | 3.85% |
| JPM JPMorgan Chase & Co. | 1.38% | 3.32% |
| JNJ Johnson & Johnson | 0.97% | 2.39% |
| V Visa Inc. | 0.89% | 2.25% |
| XOM Exxon Mobil Corporation | 0.88% | 2.67% |
| LRCX Lam Research Corporation | 0.80% | 1.75% |
| WMT Walmart Inc. | 0.79% | 2.23% |
| CAT Caterpillar Inc. | 0.74% | 1.79% |
| CSCO Cisco Systems, Inc. | 0.73% | 2.09% |
| ABBV AbbVie Inc. | 0.70% | 1.69% |
| COST Costco Wholesale Corporation | 0.66% | 1.87% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VIG doesn’t have:
| NVDA NVIDIA Corporation | 7.38% |
| AMZN Amazon.com, Inc. | 3.68% |
| GOOGL Alphabet Inc. | 3.24% |
| GOOG Alphabet Inc. | 2.60% |
| MU Micron Technology, Inc. | 2.02% |
| META Meta Platforms, Inc. | 1.93% |
| TSLA Tesla, Inc. | 1.81% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
Only in VIG
Vanguard Dividend Appreciation ETF — US dividend-growth. Its biggest holdings that SPY doesn’t have:
| MA Mastercard Inc. Class A | 1.77% |
| ORCL Oracle Corp. | 1.68% |
| UNH UnitedHealth Group Inc. | 1.51% |
| BAC Bank of America Corp. | 1.51% |
| PG Procter & Gamble Co. | 1.47% |
| HD Home Depot Inc. | 1.39% |
| KO Coca-Cola Co. | 1.34% |
| MRK Merck & Co. Inc. | 1.30% |
So — partly overlapping. Should you hold both?
SPY and VIG 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 ~76 effective positions (grade A).
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VIG: 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 VIG — FAQ
- How much do SPY and VIG overlap?
- SPY and VIG overlap by approximately 43% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of SPY's 10 largest holdings are also held by VIG. They share 14 of their listed top holdings in total.
- Is it redundant to hold both SPY and VIG?
- 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 (AAPL) while each fund still adds distinct exposure. A 50/50 blend has an effective 76 positions and a A diversification grade.
- What does VIG hold that SPY doesn't?
- VIG's largest holdings that SPY doesn't hold include MA, ORCL, UNH, BAC, PG. Its category is US dividend-growth, versus SPY's US large-cap.
- Which is more concentrated, SPY or VIG?
- SPY's top 10 holdings are 71% of its listed weight; VIG's are 45%. The more concentrated fund leans harder on its largest names.