SPY vs VIG: 40% overlap
SPDR S&P 500 ETF Trust and Vanguard Dividend Appreciation ETF share 40.5% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SPY and VIG hold 169 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPY | in VIG | Δ |
|---|---|---|---|
| AAPL | 7.4% | 4.2% | 3.2% |
| MSFT | 4.4% | 3.5% | 0.9% |
| AVGO | 2.9% | 4.5% | 1.6% |
| LLY | 1.5% | 4.1% | 2.7% |
| JPM | 1.5% | 3.6% | 2.1% |
| XOM | 1.0% | 2.5% | 1.5% |
| JNJ | 1.0% | 2.7% | 1.7% |
| V | 0.9% | 2.3% | 1.4% |
| WMT | 0.7% | 2.2% | 1.4% |
| ABBV | 0.7% | 1.9% | 1.2% |
Where SPY and VIG 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 | SPY | VIG | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 26.3% | +11.2pp |
| Communication Services | 9.3% | 0.0% | +9.3pp |
| Health Care | 9.1% | 17.7% | −8.5pp |
| Financials | 12.4% | 20.2% | −7.8pp |
| Consumer Staples | 4.6% | 9.3% | −4.7pp |
| Consumer Discretionary | 8.8% | 4.3% | +4.5pp |
| Industrials | 8.9% | 12.2% | −3.3pp |
| Real Estate | 1.9% | 0.0% | +1.9pp |
Δ is SPY minus VIG, 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
55.3% of SPY by weight, held in no part of VIG.
4.9% of VIG by weight, held in no part of SPY.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SPY | VIG | |
|---|---|---|
| Top 10 holdings | 36.9% | 31.9% |
| Positions held | 505 | 333 |
| Cost per $10,000 held, per year | $9 | $4 |
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 SPY and VIG overlap?
SPY and VIG overlap 40.5% by portfolio weight — moderate overlap. They share 169 holdings. The figure comes from current issuer holdings files (SPY as of 2026-07-23, VIG as of 2026-06-30).
How is the overlap between SPY and VIG calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SPY holds a stock at 6% and VIG 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 SPY and VIG?
That depends on your goals — we state facts, not advice. At 40.5% overlap, each fund still contributes meaningfully distinct exposure.
What does SPY own that VIG doesn't?
SPY holds 505 positions and VIG holds 333; 335 of SPY's positions don't appear in VIG at all, and they are 55.3% of SPY by weight.
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Related comparisons
Sources: issuer holdings files, SPY as of 2026-07-23, VIG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.