QQQ vs VO: 11% overlap
Invesco QQQ Trust and Vanguard Mid-Cap ETF share 11.2% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
QQQ and VO hold 42 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQ | in VO | Δ |
|---|---|---|---|
| STX | 0.9% | 1.0% | 0.1% |
| WDC | 0.9% | 1.1% | 0.2% |
| FTNT | 0.5% | 0.5% | 0.0% |
| CEG | 0.5% | 0.8% | 0.3% |
| DDOG | 0.4% | 0.8% | 0.5% |
| ROST | 0.3% | 0.7% | 0.3% |
| AEP | 0.3% | 0.4% | 0.0% |
| DASH | 0.3% | 0.7% | 0.3% |
| PCAR | 0.3% | 0.6% | 0.3% |
| MPWR | 0.3% | 0.6% | 0.3% |
Where QQQ and VO 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 | VO | Δ |
|---|---|---|---|
| Information Technology | 59.1% | 16.1% | +43.0pp |
| Industrials | 3.5% | 19.6% | −16.1pp |
| Financials | 0.2% | 14.0% | −13.8pp |
| Communication Services | 13.1% | 2.8% | +10.4pp |
| Utilities | 1.2% | 8.4% | −7.1pp |
| Energy | 0.5% | 7.3% | −6.8pp |
| Real Estate | 0.0% | 5.1% | −5.1pp |
| Health Care | 3.6% | 7.8% | −4.2pp |
Δ is QQQ minus VO, 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
88.7% of QQQ by weight, held in no part of VO.
80.1% of VO 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 | VO | |
|---|---|---|
| Top 10 holdings | 45.9% | 9.5% |
| Positions held | 104 | 283 |
| Cost per $10,000 held, per year | $20 | $3 |
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 VO overlap?
QQQ and VO overlap 11.2% by portfolio weight — largely distinct portfolios. They share 42 holdings. The figure comes from current issuer holdings files (QQQ as of 2026-07-23, VO as of 2026-06-30).
How is the overlap between QQQ and VO 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 VO 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 VO?
That depends on your goals — we state facts, not advice. At 11.2% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQ own that VO doesn't?
QQQ holds 104 positions and VO holds 283; 62 of QQQ's positions don't appear in VO at all, and they are 88.7% of QQQ by weight.
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Related comparisons
Sources: issuer holdings files, QQQ as of 2026-07-23, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.