IWM vs QQQ: 0% overlap
iShares Russell 2000 ETF and Invesco QQQ Trust share 0.1% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWM and QQQ hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWM | in QQQ | Δ |
|---|---|---|---|
| CASH | 0.2% | 0.1% | 0.0% |
Where IWM 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 | IWM | QQQ | Δ |
|---|---|---|---|
| Information Technology | 12.8% | 59.1% | −46.3pp |
| Financials | 19.0% | 0.2% | +18.8pp |
| Health Care | 19.9% | 3.6% | +16.2pp |
| Industrials | 14.7% | 3.5% | +11.2pp |
| Communication Services | 2.5% | 13.1% | −10.6pp |
| Real Estate | 5.9% | 0.0% | +5.9pp |
| Energy | 6.1% | 0.5% | +5.6pp |
| Consumer Staples | 2.2% | 6.4% | −4.2pp |
Δ is IWM 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
99.9% of IWM by weight, held in no part of QQQ.
99.9% of QQQ by weight, held in no part of IWM.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWM | QQQ | |
|---|---|---|
| Top 10 holdings | 3.3% | 45.9% |
| Positions held | 1,967 | 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 IWM and QQQ overlap?
IWM and QQQ overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (IWM as of 2026-07-23, QQQ as of 2026-07-23).
How is the overlap between IWM and QQQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWM 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 IWM and QQQ?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IWM own that QQQ doesn't?
IWM holds 1,967 positions and QQQ holds 104; 1,965 of IWM's positions don't appear in QQQ at all, and they are 99.9% of IWM by weight.
You probably hold more than two funds
This page compares IWM and QQQ. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch IWM vs QQQ
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, IWM as of 2026-07-23, QQQ as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.