SPY vs VOO: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 98% by weight. 10 of SPY's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 55 equally-weighted bets (diversification grade B). In short, the two funds hold nearly the same stocks in nearly the same proportions — owning both is largely redundant.
The same companies, in both funds
These 24 holdings appear in both SPY and VOO. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VOO |
|---|---|---|
| NVDA NVIDIA Corporation | 7.38% | 7.51% |
| AAPL Apple Inc. | 6.47% | 6.59% |
| MSFT Microsoft Corporation | 4.28% | 4.30% |
| AMZN Amazon.com, Inc. | 3.68% | 3.62% |
| GOOGL Alphabet Inc. | 3.24% | 3.25% |
| AVGO Broadcom Inc. | 2.76% | 2.77% |
| GOOG Alphabet Inc. | 2.60% | 2.59% |
| MU Micron Technology, Inc. | 2.02% | 2.02% |
| META Meta Platforms, Inc. | 1.93% | 1.92% |
| TSLA Tesla, Inc. | 1.81% | 1.84% |
| LLY Eli Lilly and Company | 1.52% | 1.47% |
| BRK.B Berkshire Hathaway Inc. | 1.42% | 1.42% |
| AMD Advanced Micro Devices, Inc. | 1.38% | 1.47% |
| JPM JPMorgan Chase & Co. | 1.38% | 1.26% |
| INTC Intel Corporation | 0.97% | 1.02% |
+ 9 more shared holdings.
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VOO doesn’t have:
| XOM Exxon Mobil Corporation | 0.88% |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that SPY doesn’t have:
| MA Mastercard Inc. Class A | 0.64% |
| KLAC KLA Corp. | 0.61% |
| GE General Electric Co. | 0.60% |
| UNH UnitedHealth Group Inc. | 0.59% |
| BAC Bank of America Corp. | 0.58% |
| HD Home Depot Inc. | 0.54% |
| PG Procter & Gamble Co. | 0.53% |
| SNDK Sandisk Corp. | 0.52% |
So — nearly identical. Should you hold both?
SPY and VOO hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold SPY, adding VOO mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~55 equal positions, with the top 10 alone at 36% and the Magnificent Seven at 32%.
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); 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 →SPY vs VOO — FAQ
- How much do SPY and VOO overlap?
- SPY and VOO overlap by approximately 98% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of SPY's 10 largest holdings are also held by VOO. They share 24 of their listed top holdings in total.
- Is it redundant to hold both SPY and VOO?
- Because they hold nearly the same stocks in nearly the same proportions — owning both is largely redundant, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 55 positions and a B diversification grade.
- What does VOO hold that SPY doesn't?
- VOO's largest holdings that SPY doesn't hold include MA, KLAC, GE, UNH, BAC. Its category is US large-cap, versus SPY's US large-cap.
- Which is more concentrated, SPY or VOO?
- SPY's top 10 holdings are 71% of its listed weight; VOO's are 58%. The more concentrated fund leans harder on its largest names.