DIA vs QQQM: 20% overlap
SPDR Dow Jones Industrial Average ETF and Invesco NASDAQ 100 ETF share 20.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 5 months apart — QQQM as of 2026-02-28, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and QQQM hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in QQQM | Δ |
|---|---|---|---|
| MSFT | 4.4% | 5.7% | 1.3% |
| AAPL | 3.7% | 7.6% | 3.9% |
| GOOGL | 3.6% | 3.5% | 0.1% |
| AMZN | 2.7% | 4.4% | 1.7% |
| NVDA | 2.4% | 8.4% | 6.0% |
| CSCO | 1.3% | 1.7% | 0.4% |
| WMT | 1.2% | 3.4% | 2.1% |
| AMGN | 4.3% | 1.1% | 3.1% |
Where DIA and QQQM differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | DIA | QQQM | Δ |
|---|---|---|---|
| Information Technology | 15.9% | 48.9% | −33.0pp |
| Financials | 28.6% | 0.2% | +28.4pp |
| Industrials | 17.5% | 3.0% | +14.5pp |
| Communication Services | 4.7% | 15.6% | −10.9pp |
| Health Care | 13.6% | 5.2% | +8.4pp |
| Consumer Staples | 3.9% | 8.5% | −4.7pp |
| Unclassified | 0.0% | 2.7% | −2.7pp |
| Materials | 3.6% | 1.3% | +2.3pp |
Δ is DIA minus QQQM, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
76.3% of DIA by weight, held in no part of QQQM.
64.0% of QQQM by weight, held in no part of DIA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| DIA | QQQM | |
|---|---|---|
| Top 10 holdings | 56.2% | 46.7% |
| Positions held | 31 | 103 |
| Cost per $10,000 held, per year | $16 | $15 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do DIA and QQQM overlap?
DIA and QQQM overlap 20.4% by portfolio weight — moderate overlap. They share 8 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, QQQM as of 2026-02-28).
How is the overlap between DIA and QQQM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If DIA holds a stock at 6% and QQQM holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both DIA and QQQM?
That depends on your goals — we state facts, not advice. At 20.4% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that QQQM doesn't?
DIA holds 31 positions and QQQM holds 103; 22 of DIA's positions don't appear in QQQM at all, and they are 76.3% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, QQQM as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.