QQQM vs VTWNX: 10% overlap
Invesco NASDAQ 100 ETF and Vanguard Target Retirement 2020 share 9.9% 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 4 months apart — QQQM as of 2026-02-28, the rest through 2026-06-30. 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 VTWNX hold 95 of the same securities. The ten contributing most to the overlap figure:
| Holding | in QQQM | in VTWNX | Δ |
|---|---|---|---|
| NVDA | 8.4% | 1.3% | 7.1% |
| AAPL | 7.6% | 1.2% | 6.4% |
| MSFT | 5.7% | 0.8% | 4.9% |
| AMZN | 4.4% | 0.6% | 3.7% |
| GOOGL | 3.5% | 0.6% | 2.9% |
| AVGO | 2.9% | 0.5% | 2.4% |
| GOOG | 3.3% | 0.5% | 2.8% |
| MU | 2.5% | 0.4% | 2.1% |
| META | 3.7% | 0.3% | 3.4% |
| TSLA | 3.9% | 0.3% | 3.6% |
Where QQQM and VTWNX 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 | VTWNX | Δ |
|---|---|---|---|
| Information Technology | 48.9% | 10.0% | +39.0pp |
| Unclassified | 2.7% | 29.8% | −27.1pp |
| Treasuries | 0.0% | 17.1% | −17.1pp |
| Communication Services | 15.6% | 2.3% | +13.3pp |
| Consumer Discretionary | 11.9% | 2.9% | +9.0pp |
| Financials | 0.2% | 8.2% | −8.0pp |
| MBS Pass-Through | 0.0% | 7.2% | −7.2pp |
| Consumer Staples | 8.5% | 1.6% | +7.0pp |
Δ is QQQM minus VTWNX, 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
2.3% of QQQM by weight, held in no part of VTWNX.
90.0% of VTWNX 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 | VTWNX | |
|---|---|---|
| Top 10 holdings | 46.7% | 44.9% |
| Positions held | 103 | 7 |
| Cost per $10,000 held, per year | $15 | $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 QQQM and VTWNX overlap?
QQQM and VTWNX overlap 9.9% by portfolio weight — largely distinct portfolios. They share 95 holdings. The figure comes from current issuer holdings files (QQQM as of 2026-02-28, VTWNX as of 2026-03-31).
How is the overlap between QQQM and VTWNX 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 VTWNX 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 VTWNX?
That depends on your goals — we state facts, not advice. At 9.9% overlap, each fund still contributes meaningfully distinct exposure.
What does QQQM own that VTWNX doesn't?
QQQM holds 103 positions and VTWNX holds 7; 7 of QQQM's positions don't appear in VTWNX at all, and they are 2.3% of QQQM by weight.
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Related comparisons
Sources: issuer holdings files, QQQM as of 2026-02-28, VTWNX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.