SPY vs VOOG: 65% overlap
SPDR S&P 500 ETF Trust and Vanguard S&P 500 Growth ETF share 64.7% 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 1.4. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SPY and VOOG hold 147 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPY | in VOOG | Δ |
|---|---|---|---|
| NVDA | 7.9% | 13.7% | 5.7% |
| AAPL | 7.4% | 6.0% | 1.4% |
| MSFT | 4.4% | 7.8% | 3.4% |
| AMZN | 3.6% | 3.5% | 0.1% |
| GOOGL | 2.9% | 5.9% | 3.0% |
| AVGO | 2.9% | 5.0% | 2.1% |
| GOOG | 2.4% | 4.7% | 2.3% |
| META | 2.1% | 3.5% | 1.4% |
| MU | 1.8% | 3.7% | 1.9% |
| LLY | 1.5% | 2.7% | 1.2% |
Where SPY and VOOG 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 | VOOG | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 52.2% | −14.7pp |
| Communication Services | 9.3% | 15.2% | −5.9pp |
| Financials | 12.4% | 8.5% | +3.8pp |
| Consumer Staples | 4.6% | 1.1% | +3.5pp |
| Energy | 3.4% | 0.0% | +3.4pp |
| Health Care | 9.1% | 6.2% | +3.0pp |
| Industrials | 8.9% | 6.9% | +2.0pp |
| Utilities | 2.3% | 0.4% | +1.9pp |
Δ is SPY minus VOOG, 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
32.9% of SPY by weight, held in no part of VOOG.
0.2% of VOOG 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 | VOOG | |
|---|---|---|
| Top 10 holdings | 36.9% | 56.4% |
| Positions held | 505 | 148 |
| Cost per $10,000 held, per year | $9 | $7 |
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 VOOG overlap?
SPY and VOOG overlap 64.7% by portfolio weight — substantial duplication if you hold both. They share 147 holdings. The figure comes from current issuer holdings files (SPY as of 2026-07-23, VOOG as of 2026-06-30).
How is the overlap between SPY and VOOG 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 VOOG 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 VOOG?
That depends on your goals — we state facts, not advice. At 64.7% overlap, each fund still contributes meaningfully distinct exposure.
What does SPY own that VOOG doesn't?
SPY holds 505 positions and VOOG holds 148; 357 of SPY's positions don't appear in VOOG at all, and they are 32.9% of SPY by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, SPY as of 2026-07-23, VOOG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.