SPY vs VT: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VT (Vanguard Total World Stock ETF, tracking the FTSE Global All Cap) overlap by roughly 75% by weight. 10 of SPY's top 10 holdings also appear in VT. A 50/50 blend of the two behaves like about 88 equally-weighted bets (diversification grade A). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 25 holdings appear in both SPY and VT. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VT |
|---|---|---|
| NVDA NVIDIA Corporation | 7.38% | 4.17% |
| AAPL Apple Inc. | 6.47% | 3.79% |
| MSFT Microsoft Corporation | 4.28% | 2.82% |
| AMZN Amazon.com, Inc. | 3.68% | 2.19% |
| GOOGL Alphabet Inc. | 3.24% | 1.89% |
| AVGO Broadcom Inc. | 2.76% | 1.74% |
| GOOG Alphabet Inc. | 2.60% | 1.48% |
| META Meta Platforms, Inc. | 1.93% | 1.16% |
| TSLA Tesla, Inc. | 1.81% | 1.04% |
| MU Micron Technology, Inc. | 2.02% | 0.91% |
| LLY Eli Lilly and Company | 1.52% | 0.75% |
| AMD Advanced Micro Devices, Inc. | 1.38% | 0.70% |
| BRK.B Berkshire Hathaway Inc. | 1.42% | 0.65% |
| JPM JPMorgan Chase & Co. | 1.38% | 0.64% |
| XOM Exxon Mobil Corporation | 0.88% | 0.52% |
+ 10 more shared holdings.
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VT doesn’t have:
| Every listed SPY holding is also in VT. |
Only in VT
Vanguard Total World Stock ETF — global all-cap. Its biggest holdings that SPY doesn’t have:
| 2330 Taiwan Semiconductor Manufacturing Co. Ltd. | 1.52% |
| 005930 Samsung Electronics Co. Ltd. | 0.83% |
| 000660 SK hynix Inc | 0.71% |
| ASML ASML Holding NV | 0.53% |
| MA Mastercard Inc. Class A | 0.33% |
| ORCL Oracle Corp. | 0.32% |
| NFLX Netflix Inc. | 0.31% |
| UNH UnitedHealth Group Inc. | 0.29% |
So — heavily overlapping. Should you hold both?
SPY and VT share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold SPY, adding VT mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~88 equal positions, with the top 10 alone at 29% and the Magnificent Seven at 25%.
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VT: 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 VT — FAQ
- How much do SPY and VT overlap?
- SPY and VT overlap by approximately 75% 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 VT. They share 25 of their listed top holdings in total.
- Is it redundant to hold both SPY and VT?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 88 positions and a A diversification grade.
- What does VT hold that SPY doesn't?
- VT's largest holdings that SPY doesn't hold include 2330, 005930, 000660, ASML, MA. Its category is global all-cap, versus SPY's US large-cap.
- Which is more concentrated, SPY or VT?
- SPY's top 10 holdings are 71% of its listed weight; VT's are 58%. The more concentrated fund leans harder on its largest names.