VIG vs VOO: how much do they really overlap?
VIG (Vanguard Dividend Appreciation ETF, tracking the S&P US Dividend Growers) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 44% by weight. 10 of VIG's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 67 equally-weighted bets (diversification grade A). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 29 holdings appear in both VIG and VOO. The weight columns show how much of each fund each name represents.
| Holding | in VIG | in VOO |
|---|---|---|
| AAPL Apple Inc. | 4.57% | 7.05% |
| MSFT Microsoft Corp. | 4.27% | 5.14% |
| AVGO Broadcom Inc. | 5.41% | 3.26% |
| LLY Eli Lilly & Co. | 3.85% | 1.35% |
| JPM JPMorgan Chase & Co. | 3.32% | 1.16% |
| XOM Exxon Mobil Corp. | 2.67% | 0.93% |
| JNJ Johnson & Johnson | 2.39% | 0.84% |
| V Visa Inc. Class A | 2.25% | 0.83% |
| WMT Walmart Inc. | 2.23% | 0.78% |
| CSCO Cisco Systems Inc. | 2.09% | 0.73% |
| COST Costco Wholesale Corp. | 1.87% | 0.65% |
| CAT Caterpillar Inc. | 1.79% | 0.63% |
| MA Mastercard Inc. Class A | 1.77% | 0.62% |
| LRCX Lam Research Corp. | 1.75% | 0.61% |
| ABBV AbbVie Inc. | 1.69% | 0.59% |
+ 14 more shared holdings.
Only in VIG
Vanguard Dividend Appreciation ETF — US dividend-growth. Its biggest holdings that VOO doesn’t have:
| ADI Analog Devices Inc. | 0.89% |
| MCD McDonald's Corp. | 0.87% |
| PEP PepsiCo Inc. | 0.87% |
| APH Amphenol Corp. Class A | 0.80% |
| AMGN Amgen Inc. | 0.80% |
| NEE NextEra Energy Inc. | 0.80% |
| GILD Gilead Sciences Inc. | 0.73% |
| UNP Union Pacific Corp. | 0.69% |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that VIG doesn’t have:
| NVDA NVIDIA Corp. | 7.89% |
| AMZN Amazon.com Inc. | 4.07% |
| GOOGL Alphabet Inc. Class A | 3.41% |
| GOOG Alphabet Inc. Class C | 2.71% |
| META Facebook Inc. Class A | 2.13% |
| TSLA Tesla Inc. | 1.89% |
| MU Micron Technology Inc. | 1.68% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.34% |
So — partly overlapping. Should you hold both?
VIG and VOO share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~67 effective positions (grade A).
Holdings as of — VIG: May 31, 2026 (Vanguard); VOO: 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 →VIG vs VOO — FAQ
- How much do VIG and VOO overlap?
- VIG and VOO overlap by approximately 44% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of VIG's 10 largest holdings are also held by VOO. They share 29 of their listed top holdings in total.
- Is it redundant to hold both VIG and VOO?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (AAPL) while each fund still adds distinct exposure. A 50/50 blend has an effective 67 positions and a A diversification grade.
- What does VOO hold that VIG doesn't?
- VOO's largest holdings that VIG doesn't hold include NVDA, AMZN, GOOGL, GOOG, META. Its category is US large-cap, versus VIG's US dividend-growth.
- Which is more concentrated, VIG or VOO?
- VIG's top 10 holdings are 45% of its listed weight; VOO's are 61%. The more concentrated fund leans harder on its largest names.