SCHB vs SPY: 85% overlap
Schwab U.S. Broad Market ETF and SPDR S&P 500 ETF Trust share 85.0% 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 2 months apart — SCHB as of 2026-05-31, 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHB and SPY hold 466 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHB | in SPY | Δ |
|---|---|---|---|
| NVDA | 7.0% | 7.9% | 0.9% |
| AAPL | 6.3% | 7.4% | 1.1% |
| MSFT | 4.6% | 4.4% | 0.1% |
| AMZN | 3.6% | 3.6% | 0.0% |
| GOOGL | 3.0% | 2.9% | 0.1% |
| AVGO | 2.9% | 2.9% | 0.0% |
| GOOG | 2.4% | 2.4% | 0.0% |
| META | 1.9% | 2.1% | 0.2% |
| MU | 1.5% | 1.8% | 0.3% |
| TSLA | 1.7% | 1.4% | 0.3% |
Where SCHB and SPY 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 | SCHB | SPY | Δ |
|---|---|---|---|
| Unclassified | 3.5% | 0.0% | +3.5pp |
| Information Technology | 35.8% | 37.5% | −1.7pp |
| Financials | 11.1% | 12.4% | −1.2pp |
| Health Care | 8.4% | 9.1% | −0.7pp |
| Consumer Discretionary | 9.3% | 8.8% | +0.6pp |
| Consumer Staples | 4.3% | 4.6% | −0.3pp |
| Communication Services | 9.6% | 9.3% | +0.3pp |
| Cash & Other | 0.0% | 0.3% | −0.3pp |
Δ is SCHB minus SPY, 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
13.7% of SCHB by weight, held in no part of SPY.
3.2% of SPY by weight, held in no part of SCHB.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHB | SPY | |
|---|---|---|
| Top 10 holdings | 34.9% | 36.9% |
| Positions held | 2,407 | 505 |
| Cost per $10,000 held, per year | $3 | $9 |
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 SCHB and SPY overlap?
SCHB and SPY overlap 85.0% by portfolio weight — substantial duplication if you hold both. They share 466 holdings. The figure comes from current issuer holdings files (SCHB as of 2026-05-31, SPY as of 2026-07-23).
How is the overlap between SCHB and SPY calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHB holds a stock at 6% and SPY 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 SCHB and SPY?
That depends on your goals — we state facts, not advice. At 85.0% overlap, most of what one fund holds, the other holds too. Expense ratios: SCHB 0.03% versus SPY 0.09%.
What does SCHB own that SPY doesn't?
SCHB holds 2,407 positions and SPY holds 505; 1,940 of SCHB's positions don't appear in SPY at all, and they are 13.7% of SCHB by weight.
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Related comparisons
Sources: issuer holdings files, SCHB as of 2026-05-31, SPY as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.