QQQM vs SPLG: 53% overlap
Invesco NASDAQ 100 ETF and SPDR Portfolio S&P 500 ETF (now SPYM) share 52.9% 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 5 months apart — QQQM as of 2026-02-28, the rest through 2026-07-23. 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
QQQM and SPLG hold 87 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQM | in SPLG | Δ |
|---|---|---|---|
| NVDA | 8.4% | 7.9% | 0.4% |
| AAPL | 7.6% | 7.4% | 0.2% |
| MSFT | 5.7% | 4.4% | 1.2% |
| AMZN | 4.4% | 3.6% | 0.8% |
| GOOGL | 3.5% | 2.9% | 0.6% |
| AVGO | 2.9% | 2.9% | 0.0% |
| GOOG | 3.3% | 2.4% | 0.9% |
| META | 3.7% | 2.1% | 1.6% |
| MU | 2.5% | 1.8% | 0.7% |
| TSLA | 3.9% | 1.4% | 2.5% |
Where QQQM and SPLG 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 | SPLG | Δ |
|---|---|---|---|
| Financials | 0.2% | 12.4% | −12.1pp |
| Information Technology | 48.9% | 37.5% | +11.4pp |
| Communication Services | 15.6% | 9.3% | +6.3pp |
| Industrials | 3.0% | 8.9% | −5.9pp |
| Consumer Staples | 8.5% | 4.6% | +3.9pp |
| Health Care | 5.2% | 9.1% | −3.9pp |
| Consumer Discretionary | 11.9% | 8.7% | +3.2pp |
| Energy | 0.6% | 3.4% | −2.8pp |
Δ is QQQM minus SPLG, 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
4.9% of QQQM by weight, held in no part of SPLG.
47.0% of SPLG 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 | SPLG | |
|---|---|---|
| Top 10 holdings | 46.7% | 36.9% |
| Positions held | 103 | 507 |
| Cost per $10,000 held, per year | $15 | $2 |
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 SPLG overlap?
QQQM and SPLG overlap 52.9% by portfolio weight — substantial duplication if you hold both. They share 87 holdings. The figure comes from current issuer holdings files (QQQM as of 2026-02-28, SPLG as of 2026-07-23).
How is the overlap between QQQM and SPLG 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 SPLG 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 SPLG?
That depends on your goals — we state facts, not advice. At 52.9% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQM own that SPLG doesn't?
QQQM holds 103 positions and SPLG holds 507; 15 of QQQM's positions don't appear in SPLG at all, and they are 4.9% of QQQM by weight.
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Related comparisons
Sources: issuer holdings files, QQQM as of 2026-02-28, SPLG as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.