ITOT vs QQQM: 47% overlap
iShares Core S&P Total U.S. Stock Market ETF and Invesco NASDAQ 100 ETF share 47.0% 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ITOT and QQQM hold 92 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ITOT | in QQQM | Δ |
|---|---|---|---|
| NVDA | 7.0% | 8.4% | 1.3% |
| AAPL | 6.6% | 7.6% | 1.0% |
| MSFT | 3.9% | 5.7% | 1.7% |
| AMZN | 3.2% | 4.4% | 1.2% |
| GOOGL | 2.6% | 3.5% | 0.9% |
| AVGO | 2.6% | 2.9% | 0.4% |
| GOOG | 2.1% | 3.3% | 1.2% |
| META | 1.8% | 3.7% | 1.9% |
| MU | 1.6% | 2.5% | 0.9% |
| TSLA | 1.2% | 3.9% | 2.7% |
Where ITOT 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 | ITOT | QQQM | Δ |
|---|---|---|---|
| Information Technology | 35.2% | 48.9% | −13.8pp |
| Financials | 12.7% | 0.2% | +12.4pp |
| Industrials | 10.1% | 3.0% | +7.2pp |
| Communication Services | 8.7% | 15.6% | −6.9pp |
| Health Care | 9.7% | 5.2% | +4.5pp |
| Consumer Staples | 4.4% | 8.5% | −4.1pp |
| Consumer Discretionary | 8.8% | 11.9% | −3.1pp |
| Energy | 3.5% | 0.6% | +2.9pp |
Δ is ITOT 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
53.0% of ITOT by weight, held in no part of QQQM.
4.1% of QQQM by weight, held in no part of ITOT.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ITOT | QQQM | |
|---|---|---|
| Top 10 holdings | 32.7% | 46.7% |
| Positions held | 2,440 | 103 |
| Cost per $10,000 held, per year | $3 | $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 ITOT and QQQM overlap?
ITOT and QQQM overlap 47.0% by portfolio weight — moderate overlap. They share 92 holdings. The figure comes from current issuer holdings files (ITOT as of 2026-07-23, QQQM as of 2026-02-28).
How is the overlap between ITOT and QQQM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ITOT 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 ITOT and QQQM?
That depends on your goals — we state facts, not advice. At 47.0% overlap, each fund still contributes meaningfully distinct exposure.
What does ITOT own that QQQM doesn't?
ITOT holds 2,440 positions and QQQM holds 103; 2,347 of ITOT's positions don't appear in QQQM at all, and they are 53.0% of ITOT by weight.
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Related comparisons
Sources: issuer holdings files, ITOT as of 2026-07-23, QQQM as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.