QQQ vs VFMO: 12% overlap
Invesco QQQ Trust and Vanguard U.S. Momentum Factor ETF share 11.8% 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 4 months apart — VFMO as of 2026-03-31, the rest through 2026-07-27. 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
QQQ and VFMO hold 30 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQ | in VFMO | Δ |
|---|---|---|---|
| LRCX | 1.7% | 1.1% | 0.6% |
| AMD | 3.7% | 1.0% | 2.7% |
| KLAC | 1.2% | 1.0% | 0.3% |
| GOOGL | 3.2% | 0.9% | 2.3% |
| AMAT | 1.9% | 0.9% | 1.0% |
| MU | 4.7% | 0.8% | 3.9% |
| INTC | 2.1% | 0.8% | 1.4% |
| AVGO | 3.0% | 0.6% | 2.4% |
| GOOG | 3.0% | 0.6% | 2.4% |
| TSLA | 2.6% | 0.4% | 2.1% |
Where QQQ and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Information Technology | 57.9% | 17.0% | +40.9pp |
| Industrials | 3.7% | 24.4% | −20.8pp |
| Health Care | 3.8% | 22.3% | −18.5pp |
| Communication Services | 13.5% | 3.4% | +10.0pp |
| Energy | 0.5% | 7.7% | −7.2pp |
| Financials | 0.2% | 6.3% | −6.1pp |
| Materials | 1.1% | 6.2% | −5.1pp |
| Consumer Staples | 6.7% | 2.4% | +4.3pp |
Δ is QQQ minus VFMO, 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
60.4% of QQQ by weight, held in no part of VFMO.
86.9% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 45.7% | 10.2% |
| Positions held | 104 | 672 |
| Cost per $10,000 held, per year | $20 | $13 |
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 VFMO overlap?
QQQ and VFMO overlap 11.8% by portfolio weight — largely distinct portfolios. They share 30 holdings. The figure comes from current issuer holdings files (QQQ as of 2026-07-27, VFMO as of 2026-03-31).
How is the overlap between QQQ and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 11.8% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQ own that VFMO doesn't?
QQQ holds 104 positions and VFMO holds 672; 74 of QQQ's positions don't appear in VFMO at all, and they are 60.4% of QQQ by weight.
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Related comparisons
Sources: issuer holdings files, QQQ as of 2026-07-27, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.