QQQM vs VFMO: 11% overlap
Invesco NASDAQ 100 ETF and Vanguard U.S. Momentum Factor ETF share 10.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — QQQM as of 2026-02-28, the rest through 2026-03-31. 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 VFMO hold 26 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQM | in VFMO | Δ |
|---|---|---|---|
| LRCX | 1.6% | 1.1% | 0.5% |
| AMD | 1.7% | 1.0% | 0.8% |
| KLAC | 1.1% | 1.0% | 0.1% |
| GOOGL | 3.5% | 0.9% | 2.6% |
| AMAT | 1.6% | 0.9% | 0.7% |
| MU | 2.5% | 0.8% | 1.7% |
| INTC | 1.2% | 0.8% | 0.4% |
| AVGO | 2.9% | 0.6% | 2.3% |
| GOOG | 3.3% | 0.6% | 2.7% |
| TSLA | 3.9% | 0.4% | 3.5% |
Where QQQM 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 | QQQM | VFMO | Δ |
|---|---|---|---|
| Information Technology | 48.9% | 17.0% | +31.9pp |
| Industrials | 3.0% | 24.4% | −21.5pp |
| Health Care | 5.2% | 22.3% | −17.1pp |
| Communication Services | 15.6% | 3.4% | +12.2pp |
| Energy | 0.6% | 7.7% | −7.1pp |
| Consumer Staples | 8.5% | 2.4% | +6.1pp |
| Financials | 0.2% | 6.3% | −6.1pp |
| Materials | 1.3% | 6.2% | −4.9pp |
Δ is QQQM 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
64.5% of QQQM by weight, held in no part of VFMO.
89.1% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 46.7% | 10.2% |
| Positions held | 103 | 672 |
| Cost per $10,000 held, per year | $15 | $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 QQQM and VFMO overlap?
QQQM and VFMO overlap 10.9% by portfolio weight — largely distinct portfolios. They share 26 holdings. The figure comes from current issuer holdings files (QQQM as of 2026-02-28, VFMO as of 2026-03-31).
How is the overlap between QQQM and VFMO 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 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 QQQM and VFMO?
That depends on your goals — we state facts, not advice. At 10.9% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQM own that VFMO doesn't?
QQQM holds 103 positions and VFMO holds 672; 76 of QQQM's positions don't appear in VFMO at all, and they are 64.5% of QQQM by weight.
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Related comparisons
Sources: issuer holdings files, QQQM as of 2026-02-28, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.