SPY vs VTI: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VTI (Vanguard Total Stock Market ETF, tracking the CRSP US Total Market) overlap by roughly 88% by weight. 10 of SPY's top 10 holdings also appear in VTI. A 50/50 blend of the two behaves like about 63 equally-weighted bets (diversification grade A). 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 25 holdings appear in both SPY and VTI. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VTI |
|---|---|---|
| NVDA NVIDIA Corporation | 7.38% | 6.32% |
| AAPL Apple Inc. | 6.47% | 5.84% |
| MSFT Microsoft Corporation | 4.28% | 3.81% |
| AMZN Amazon.com, Inc. | 3.68% | 3.17% |
| GOOGL Alphabet Inc. | 3.24% | 2.88% |
| AVGO Broadcom Inc. | 2.76% | 2.46% |
| GOOG Alphabet Inc. | 2.60% | 2.27% |
| MU Micron Technology, Inc. | 2.02% | 1.79% |
| META Meta Platforms, Inc. | 1.93% | 1.70% |
| TSLA Tesla, Inc. | 1.81% | 1.63% |
| LLY Eli Lilly and Company | 1.52% | 1.40% |
| AMD Advanced Micro Devices, Inc. | 1.38% | 1.30% |
| BRK.B Berkshire Hathaway Inc. | 1.42% | 1.24% |
| JPM JPMorgan Chase & Co. | 1.38% | 1.11% |
| JNJ Johnson & Johnson | 0.97% | 0.84% |
+ 10 more shared holdings.
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VTI doesn’t have:
| Every listed SPY holding is also in VTI. |
Only in VTI
Vanguard Total Stock Market ETF — total US market. Its biggest holdings that SPY doesn’t have:
| MA Mastercard Inc. Class A | 0.56% |
| KLAC KLA Corp. | 0.54% |
| GE General Electric Co. | 0.54% |
| UNH UnitedHealth Group Inc. | 0.52% |
| BAC Bank of America Corp. | 0.50% |
| HD Home Depot Inc. | 0.48% |
| PG Procter & Gamble Co. | 0.47% |
| SNDK Sandisk Corp. | 0.46% |
So — nearly identical. Should you hold both?
SPY and VTI hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold SPY, adding VTI mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~63 equal positions, with the top 10 alone at 34% and the Magnificent Seven at 30%.
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VTI: 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 VTI — FAQ
- How much do SPY and VTI overlap?
- SPY and VTI overlap by approximately 88% 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 VTI. They share 25 of their listed top holdings in total.
- Is it redundant to hold both SPY and VTI?
- 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 63 positions and a A diversification grade.
- What does VTI hold that SPY doesn't?
- VTI's largest holdings that SPY doesn't hold include MA, KLAC, GE, UNH, BAC. Its category is total US market, versus SPY's US large-cap.
- Which is more concentrated, SPY or VTI?
- SPY's top 10 holdings are 71% of its listed weight; VTI's are 58%. The more concentrated fund leans harder on its largest names.