SPY vs VTV: how much do they really overlap?
SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) and VTV (Vanguard Value ETF, tracking the CRSP US Large Cap Value) overlap by roughly 22% by weight. 1 of SPY's top 10 holdings also appear in VTV. A 50/50 blend of the two behaves like about 125 equally-weighted bets (diversification grade A). In short, the two funds have only a small shared core — they mostly hold different things and are largely complementary.
The same companies, in both funds
These 11 holdings appear in both SPY and VTV. The weight columns show how much of each fund each name represents.
| Holding | in SPY | in VTV |
|---|---|---|
| MU Micron Technology, Inc. | 2.02% | 4.17% |
| BRK.B Berkshire Hathaway Inc. | 1.42% | 2.82% |
| JPM JPMorgan Chase & Co. | 1.38% | 2.88% |
| JNJ Johnson & Johnson | 0.97% | 2.07% |
| INTC Intel Corporation | 0.97% | 1.75% |
| XOM Exxon Mobil Corporation | 0.88% | 2.31% |
| WMT Walmart Inc. | 0.79% | 1.93% |
| CAT Caterpillar Inc. | 0.74% | 1.55% |
| CSCO Cisco Systems, Inc. | 0.73% | 1.63% |
| ABBV AbbVie Inc. | 0.70% | 1.47% |
| AMAT Applied Materials, Inc. | 0.86% | 0.68% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that VTV doesn’t have:
| NVDA NVIDIA Corporation | 7.38% |
| AAPL Apple Inc. | 6.47% |
| MSFT Microsoft Corporation | 4.28% |
| AMZN Amazon.com, Inc. | 3.68% |
| GOOGL Alphabet Inc. | 3.24% |
| AVGO Broadcom Inc. | 2.76% |
| GOOG Alphabet Inc. | 2.60% |
| META Meta Platforms, Inc. | 1.93% |
Only in VTV
Vanguard Value ETF — US large-cap value. Its biggest holdings that SPY doesn’t have:
| CVX Chevron Corp. | 1.32% |
| UNH UnitedHealth Group Inc. | 1.31% |
| PG Procter & Gamble Co. | 1.27% |
| BAC Bank of America Corp. | 1.27% |
| HD Home Depot Inc. | 1.20% |
| MRK Merck & Co. Inc. | 1.12% |
| GS Goldman Sachs Group Inc. | 1.10% |
| IBM International Business Machines Corp. | 1.06% |
So — mostly different. Should you hold both?
SPY and VTV have only a small shared core — they mostly hold different things and are largely complementary. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~125 effective positions (grade A), because they hold largely different securities.
Holdings as of — SPY: Jun 29, 2026 (State Street Global Advisors); VTV: 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 VTV — FAQ
- How much do SPY and VTV overlap?
- SPY and VTV overlap by approximately 22% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 1 of SPY's 10 largest holdings are also held by VTV. They share 11 of their listed top holdings in total.
- Is it redundant to hold both SPY and VTV?
- Because they have only a small shared core — they mostly hold different things and are largely complementary, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 125 positions and a A diversification grade.
- What does VTV hold that SPY doesn't?
- VTV's largest holdings that SPY doesn't hold include CVX, UNH, PG, BAC, HD. Its category is US large-cap value, versus SPY's US large-cap.
- Which is more concentrated, SPY or VTV?
- SPY's top 10 holdings are 71% of its listed weight; VTV's are 41%. The more concentrated fund leans harder on its largest names.