FXAIX vs QQQM: 50% overlap
Fidelity 500 Index and Invesco NASDAQ 100 ETF share 49.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FXAIX and QQQM hold 84 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXAIX | in QQQM | Δ |
|---|---|---|---|
| NVDA | 7.3% | 8.4% | 1.1% |
| AAPL | 6.6% | 7.6% | 1.0% |
| MSFT | 5.0% | 5.7% | 0.7% |
| AMZN | 3.5% | 4.4% | 0.9% |
| GOOGL | 3.1% | 3.5% | 0.4% |
| AVGO | 2.6% | 2.9% | 0.4% |
| GOOG | 2.5% | 3.3% | 0.8% |
| META | 2.4% | 3.7% | 1.3% |
| TSLA | 1.9% | 3.9% | 2.0% |
| WMT | 1.0% | 3.4% | 2.4% |
Where FXAIX 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 | FXAIX | QQQM | Δ |
|---|---|---|---|
| Information Technology | 31.8% | 48.9% | −17.2pp |
| Financials | 12.0% | 0.2% | +11.8pp |
| Industrials | 8.3% | 3.0% | +5.4pp |
| Communication Services | 10.5% | 15.6% | −5.1pp |
| Health Care | 9.6% | 5.2% | +4.3pp |
| Consumer Staples | 5.4% | 8.5% | −3.2pp |
| Energy | 3.4% | 0.6% | +2.8pp |
| Consumer Discretionary | 9.7% | 11.9% | −2.3pp |
Δ is FXAIX 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
50.2% of FXAIX by weight, held in no part of QQQM.
6.5% of QQQM by weight, held in no part of FXAIX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FXAIX | QQQM | |
|---|---|---|
| Top 10 holdings | 36.4% | 46.7% |
| Positions held | 506 | 103 |
| Cost per $10,000 held, per year | $1 | $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 FXAIX and QQQM overlap?
FXAIX and QQQM overlap 49.9% by portfolio weight — moderate overlap. They share 84 holdings. The figure comes from current issuer holdings files (FXAIX as of 2026-02-28, QQQM as of 2026-02-28).
How is the overlap between FXAIX and QQQM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FXAIX 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 FXAIX and QQQM?
That depends on your goals — we state facts, not advice. At 49.9% overlap, each fund still contributes meaningfully distinct exposure.
What does FXAIX own that QQQM doesn't?
FXAIX holds 506 positions and QQQM holds 103; 421 of FXAIX's positions don't appear in QQQM at all, and they are 50.2% of FXAIX by weight.
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Related comparisons
Sources: issuer holdings files, FXAIX as of 2026-02-28, QQQM as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.