IWD vs QQQ: 27% overlap
iShares Russell 1000 Value ETF and Invesco QQQ Trust share 27.0% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWD and QQQ hold 54 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in QQQ | Δ |
|---|---|---|---|
| AAPL | 5.9% | 7.8% | 1.9% |
| AMZN | 5.7% | 4.1% | 1.6% |
| MSFT | 3.9% | 4.7% | 0.7% |
| CSCO | 1.2% | 2.0% | 0.8% |
| INTC | 1.2% | 2.3% | 1.1% |
| WMT | 1.2% | 2.4% | 1.2% |
| META | 0.7% | 3.0% | 2.3% |
| LIN | 0.6% | 1.1% | 0.4% |
| COST | 0.6% | 1.9% | 1.2% |
| QCOM | 0.5% | 0.8% | 0.3% |
Where IWD and QQQ 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 | IWD | QQQ | Δ |
|---|---|---|---|
| Information Technology | 18.0% | 59.1% | −41.1pp |
| Financials | 19.6% | 0.2% | +19.3pp |
| Communication Services | 3.3% | 13.1% | −9.8pp |
| Health Care | 12.7% | 3.6% | +9.1pp |
| Industrials | 11.3% | 3.5% | +7.8pp |
| Energy | 6.1% | 0.5% | +5.6pp |
| Real Estate | 3.7% | 0.0% | +3.7pp |
| Utilities | 3.9% | 1.2% | +2.7pp |
Δ is IWD minus QQQ, 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
71.3% of IWD by weight, held in no part of QQQ.
53.8% of QQQ by weight, held in no part of IWD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWD | QQQ | |
|---|---|---|
| Top 10 holdings | 27.8% | 45.9% |
| Positions held | 872 | 104 |
| Cost per $10,000 held, per year | $19 | $20 |
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 IWD and QQQ overlap?
IWD and QQQ overlap 27.0% by portfolio weight — moderate overlap. They share 54 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, QQQ as of 2026-07-23).
How is the overlap between IWD and QQQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWD holds a stock at 6% and QQQ 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 IWD and QQQ?
That depends on your goals — we state facts, not advice. At 27.0% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that QQQ doesn't?
IWD holds 872 positions and QQQ holds 104; 817 of IWD's positions don't appear in QQQ at all, and they are 71.3% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, QQQ as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.