SPY vs VOOG: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VOOG (Vanguard S&P 500 Growth ETF, tracking the S&P 500 Growth) overlap by roughly 93% by weight. 10 of SPY's top 10 holdings also appear in VOOG. A 50/50 blend of the two behaves like about 32 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 21 holdings appear in both SPY and VOOG. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VOOG |
|---|---|---|
| NVDA NVIDIA Corporation | 7.38% | 14.26% |
| AAPL Apple Inc. | 6.47% | 6.37% |
| MSFT Microsoft Corporation | 4.28% | 9.29% |
| AMZN Amazon.com, Inc. | 3.68% | 3.89% |
| GOOGL Alphabet Inc. | 3.24% | 6.15% |
| AVGO Broadcom Inc. | 2.76% | 5.89% |
| GOOG Alphabet Inc. | 2.60% | 4.89% |
| MU Micron Technology, Inc. | 2.02% | 3.04% |
| META Meta Platforms, Inc. | 1.93% | 3.84% |
| TSLA Tesla, Inc. | 1.81% | 2.11% |
| LLY Eli Lilly and Company | 1.52% | 2.43% |
| BRK.B Berkshire Hathaway Inc. | 1.42% | 2.42% |
| JPM JPMorgan Chase & Co. | 1.38% | 1.43% |
| AMD Advanced Micro Devices, Inc. | 1.38% | 2.34% |
| JNJ Johnson & Johnson | 0.97% | 0.89% |
+ 6 more shared holdings.
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VOOG doesn’t have:
| INTC Intel Corporation | 0.97% |
| XOM Exxon Mobil Corporation | 0.88% |
| WMT Walmart Inc. | 0.79% |
| COST Costco Wholesale Corporation | 0.66% |
Only in VOOG
Vanguard S&P 500 Growth ETF — US large-cap growth. Its biggest holdings that SPY doesn’t have:
| NFLX Netflix Inc. | 1.01% |
| PLTR Palantir Technologies Inc. Class A | 0.99% |
| MA Mastercard Inc. Class A | 0.75% |
| GEV GE Vernova LLC | 0.73% |
| KLAC KLA Corp. | 0.70% |
| SNDK Sandisk Corp./DE | 0.70% |
| RTX RTX Corp. | 0.67% |
| ORCL Oracle Corp. | 0.55% |
So — nearly identical. Should you hold both?
SPY and VOOG hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold SPY, adding VOOG mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~32 equal positions, with the top 10 alone at 48% and the Magnificent Seven at 41%.
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VOOG: 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 VOOG — FAQ
- How much do SPY and VOOG overlap?
- SPY and VOOG overlap by approximately 93% 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 VOOG. They share 21 of their listed top holdings in total.
- Is it redundant to hold both SPY and VOOG?
- 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 32 positions and a B diversification grade.
- What does VOOG hold that SPY doesn't?
- VOOG's largest holdings that SPY doesn't hold include NFLX, PLTR, MA, GEV, KLAC. Its category is US large-cap growth, versus SPY's US large-cap.
- Which is more concentrated, SPY or VOOG?
- SPY's top 10 holdings are 71% of its listed weight; VOOG's are 67%. The more concentrated fund leans harder on its largest names.