IVV vs SPY: 100% overlap
iShares Core S&P 500 ETF and SPDR S&P 500 ETF Trust share 99.7% 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 1.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IVV and SPY hold 503 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVV | in SPY | Δ |
|---|---|---|---|
| NVDA | 7.8% | 7.8% | 0.0% |
| AAPL | 7.7% | 7.7% | 0.0% |
| MSFT | 5.8% | 5.9% | 0.0% |
| AMZN | 3.7% | 3.7% | 0.0% |
| GOOGL | 2.9% | 2.9% | 0.0% |
| AVGO | 2.3% | 2.3% | 0.0% |
| GOOG | 2.3% | 2.3% | 0.0% |
| META | 2.2% | 2.2% | 0.0% |
| TSLA | 1.6% | 1.6% | 0.0% |
| LLY | 1.6% | 1.6% | 0.0% |
Where IVV and SPY 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 | IVV | SPY | Δ |
|---|---|---|---|
| Cash & Other | 0.0% | 0.3% | −0.2pp |
| Cash and/or Derivatives | 0.2% | 0.0% | +0.2pp |
| Information Technology | 37.5% | 37.5% | −0.1pp |
| Financials | 12.0% | 12.1% | −0.0pp |
| Health Care | 9.9% | 9.9% | −0.0pp |
| Communication Services | 9.2% | 9.2% | −0.0pp |
| Industrials | 8.0% | 8.0% | −0.0pp |
| Consumer Discretionary | 8.9% | 9.0% | −0.0pp |
Δ is IVV minus SPY, 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
0.2% of IVV by weight, held in no part of SPY.
0.0% of SPY by weight, held in no part of IVV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVV | SPY | |
|---|---|---|
| Top 10 holdings | 37.8% | 37.9% |
| Positions held | 506 | 505 |
| Cost per $10,000 held, per year | $3 | $9 |
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 IVV and SPY overlap?
IVV and SPY overlap 99.7% by portfolio weight — they are effectively the same fund. They share 503 holdings. The figure comes from current issuer holdings files (IVV as of 2026-10-22, SPY as of 2026-10-22).
How is the overlap between IVV and SPY calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVV holds a stock at 6% and SPY 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 IVV and SPY?
That depends on your goals — we state facts, not advice. At 99.7% overlap, most of what one fund holds, the other holds too. Expense ratios: IVV 0.03% versus SPY 0.09%.
What does IVV own that SPY doesn't?
IVV holds 506 positions and SPY holds 505; 2 of IVV's positions don't appear in SPY at all, and they are 0.2% of IVV by weight.
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Related comparisons
Sources: issuer holdings files, IVV as of 2026-10-22, SPY as of 2026-10-22. Weights are fractions of each fund. Diagnostics, not advice.