QQQ vs SPY: 54% overlap
Invesco QQQ Trust and SPDR S&P 500 ETF Trust share 53.7% 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
QQQ and SPY hold 86 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQ | in SPY | Δ |
|---|---|---|---|
| NVDA | 8.1% | 7.8% | 0.4% |
| AAPL | 8.1% | 7.7% | 0.4% |
| MSFT | 6.2% | 5.9% | 0.3% |
| AMZN | 4.3% | 3.7% | 0.6% |
| GOOGL | 3.0% | 2.9% | 0.1% |
| AVGO | 2.4% | 2.3% | 0.1% |
| GOOG | 2.8% | 2.3% | 0.5% |
| META | 3.1% | 2.2% | 0.9% |
| TSLA | 3.1% | 1.6% | 1.5% |
| MU | 4.3% | 1.5% | 2.8% |
Where QQQ 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 | QQQ | SPY | Δ |
|---|---|---|---|
| Information Technology | 56.0% | 37.5% | +18.5pp |
| Financials | 0.2% | 12.1% | −11.9pp |
| Health Care | 4.5% | 9.9% | −5.4pp |
| Communication Services | 14.5% | 9.2% | +5.3pp |
| Industrials | 3.3% | 8.0% | −4.7pp |
| Energy | 0.5% | 3.7% | −3.3pp |
| Real Estate | 0.0% | 1.7% | −1.7pp |
| Consumer Discretionary | 10.7% | 9.0% | +1.7pp |
Δ is QQQ 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
7.0% of QQQ by weight, held in no part of SPY.
46.2% of SPY by weight, held in no part of QQQ.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| QQQ | SPY | |
|---|---|---|
| Top 10 holdings | 46.7% | 37.9% |
| Positions held | 102 | 505 |
| Cost per $10,000 held, per year | $20 | $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 QQQ and SPY overlap?
QQQ and SPY overlap 53.7% by portfolio weight — substantial duplication if you hold both. They share 86 holdings. The figure comes from current issuer holdings files (QQQ as of 2026-10-22, SPY as of 2026-10-22).
How is the overlap between QQQ and SPY calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If QQQ 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 QQQ and SPY?
That depends on your goals — we state facts, not advice. At 53.7% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQ own that SPY doesn't?
QQQ holds 102 positions and SPY holds 505; 16 of QQQ's positions don't appear in SPY at all, and they are 7.0% of QQQ by weight.
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Related comparisons
Sources: issuer holdings files, QQQ as of 2026-10-22, SPY as of 2026-10-22. Weights are fractions of each fund. Diagnostics, not advice.