QQQ vs XLY: 10% overlap
Invesco QQQ Trust and Consumer Discretionary Select Sector SPDR Fund share 9.7% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
QQQ and XLY hold 10 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQ | in XLY | Δ |
|---|---|---|---|
| AMZN | 4.1% | 23.5% | 19.4% |
| TSLA | 2.6% | 16.1% | 13.5% |
| BKNG | 0.6% | 3.6% | 3.0% |
| SBUX | 0.5% | 3.2% | 2.6% |
| MAR | 0.4% | 2.1% | 1.7% |
| ROST | 0.3% | 2.0% | 1.7% |
| ORLY | 0.3% | 1.9% | 1.6% |
| DASH | 0.3% | 1.7% | 1.4% |
| ABNB | 0.3% | 1.5% | 1.3% |
| CASH | 0.1% | 0.1% | 0.0% |
Where QQQ and XLY 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 | XLY | Δ |
|---|---|---|---|
| Consumer Discretionary | 10.0% | 99.9% | −89.9pp |
| Information Technology | 59.1% | 0.0% | +59.1pp |
| Communication Services | 13.1% | 0.0% | +13.1pp |
| Consumer Staples | 6.4% | 0.0% | +6.4pp |
| Health Care | 3.6% | 0.0% | +3.6pp |
| Industrials | 3.5% | 0.0% | +3.5pp |
| Utilities | 1.2% | 0.0% | +1.2pp |
| Materials | 1.1% | 0.0% | +1.1pp |
Δ is QQQ minus XLY, 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
90.3% of QQQ by weight, held in no part of XLY.
44.2% of XLY 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 | XLY | |
|---|---|---|
| Top 10 holdings | 45.9% | 68.0% |
| Positions held | 104 | 49 |
| Cost per $10,000 held, per year | $20 | $8 |
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 XLY overlap?
QQQ and XLY overlap 9.7% by portfolio weight — largely distinct portfolios. They share 10 holdings. The figure comes from current issuer holdings files (QQQ as of 2026-07-23, XLY as of 2026-07-23).
How is the overlap between QQQ and XLY 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 XLY 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 XLY?
That depends on your goals — we state facts, not advice. At 9.7% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQ own that XLY doesn't?
QQQ holds 104 positions and XLY holds 49; 94 of QQQ's positions don't appear in XLY at all, and they are 90.3% of QQQ by weight.
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Related comparisons
Sources: issuer holdings files, QQQ as of 2026-07-23, XLY as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.