QQQM vs SCHD: 6% overlap
Invesco NASDAQ 100 ETF and Schwab U.S. Dividend Equity ETF share 5.8% 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 3 months apart — QQQM as of 2026-02-28, the rest through 2026-05-31. 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
QQQM and SCHD hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQM | in SCHD | Δ |
|---|---|---|---|
| PEP | 1.2% | 3.4% | 2.2% |
| AMGN | 1.1% | 3.5% | 2.3% |
| TXN | 1.0% | 5.9% | 4.9% |
| QCOM | 0.8% | 6.7% | 5.9% |
| CMCSA | 0.6% | 2.2% | 1.6% |
| ADP | 0.5% | 2.2% | 1.8% |
| FAST | 0.3% | 1.3% | 1.0% |
| PAYX | 0.2% | 0.8% | 0.6% |
Where QQQM and SCHD 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 | QQQM | SCHD | Δ |
|---|---|---|---|
| Information Technology | 48.9% | 12.9% | +36.0pp |
| Energy | 0.6% | 14.6% | −13.9pp |
| Health Care | 5.2% | 18.3% | −13.1pp |
| Consumer Staples | 8.5% | 18.4% | −9.9pp |
| Communication Services | 15.6% | 6.0% | +9.6pp |
| Financials | 0.2% | 8.8% | −8.6pp |
| Industrials | 3.0% | 10.8% | −7.9pp |
| Consumer Discretionary | 11.9% | 6.8% | +5.1pp |
Δ is QQQM minus SCHD, 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
93.9% of QQQM by weight, held in no part of SCHD.
73.7% of SCHD by weight, held in no part of QQQM.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| QQQM | SCHD | |
|---|---|---|
| Top 10 holdings | 46.7% | 43.6% |
| Positions held | 103 | 101 |
| Cost per $10,000 held, per year | $15 | $6 |
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 QQQM and SCHD overlap?
QQQM and SCHD overlap 5.8% by portfolio weight — largely distinct portfolios. They share 8 holdings. The figure comes from current issuer holdings files (QQQM as of 2026-02-28, SCHD as of 2026-05-31).
How is the overlap between QQQM and SCHD calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If QQQM holds a stock at 6% and SCHD 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 QQQM and SCHD?
That depends on your goals — we state facts, not advice. At 5.8% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQM own that SCHD doesn't?
QQQM holds 103 positions and SCHD holds 101; 94 of QQQM's positions don't appear in SCHD at all, and they are 93.9% of QQQM by weight.
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Related comparisons
Sources: issuer holdings files, QQQM as of 2026-02-28, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.