IWF vs QQQM: 55% overlap
iShares Russell 1000 Growth ETF and Invesco NASDAQ 100 ETF share 55.4% 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 1.4. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWF and QQQM hold 59 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in QQQM | Δ |
|---|---|---|---|
| NVDA | 15.1% | 8.4% | 6.7% |
| AAPL | 7.8% | 7.6% | 0.2% |
| MSFT | 4.4% | 5.7% | 1.3% |
| GOOGL | 5.7% | 3.5% | 2.2% |
| META | 3.4% | 3.7% | 0.3% |
| GOOG | 4.7% | 3.3% | 1.4% |
| AVGO | 5.7% | 2.9% | 2.7% |
| TSLA | 2.9% | 3.9% | 1.0% |
| MU | 3.5% | 2.5% | 1.0% |
| AMD | 2.7% | 1.7% | 1.0% |
Where IWF 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 | IWF | QQQM | Δ |
|---|---|---|---|
| Consumer Staples | 1.3% | 8.5% | −7.2pp |
| Information Technology | 55.0% | 48.9% | +6.0pp |
| Industrials | 8.5% | 3.0% | +5.6pp |
| Financials | 4.7% | 0.2% | +4.5pp |
| Consumer Discretionary | 7.5% | 11.9% | −4.5pp |
| Unclassified | 0.0% | 2.7% | −2.7pp |
| Utilities | 0.3% | 1.6% | −1.2pp |
| Materials | 0.3% | 1.3% | −1.0pp |
Δ is IWF 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
28.7% of IWF by weight, held in no part of QQQM.
19.9% of QQQM by weight, held in no part of IWF.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWF | QQQM | |
|---|---|---|
| Top 10 holdings | 56.1% | 46.7% |
| Positions held | 370 | 103 |
| Cost per $10,000 held, per year | $19 | $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 IWF and QQQM overlap?
IWF and QQQM overlap 55.4% by portfolio weight — substantial duplication if you hold both. They share 59 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, QQQM as of 2026-02-28).
How is the overlap between IWF and QQQM calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWF 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 IWF and QQQM?
That depends on your goals — we state facts, not advice. At 55.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that QQQM doesn't?
IWF holds 370 positions and QQQM holds 103; 310 of IWF's positions don't appear in QQQM at all, and they are 28.7% of IWF by weight.
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, QQQM as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.