SPY vs VTI: 88% overlap
SPDR S&P 500 ETF Trust and Vanguard Total Stock Market ETF share 87.8% 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 1.1. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SPY and VTI hold 499 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPY | in VTI | Δ |
|---|---|---|---|
| NVDA | 7.8% | 7.1% | 0.6% |
| AAPL | 7.7% | 6.6% | 1.1% |
| MSFT | 5.9% | 5.2% | 0.7% |
| AMZN | 3.7% | 3.3% | 0.4% |
| GOOGL | 2.9% | 2.8% | 0.1% |
| AVGO | 2.3% | 2.3% | 0.0% |
| GOOG | 2.3% | 2.2% | 0.1% |
| META | 2.2% | 2.2% | 0.0% |
| MU | 1.5% | 1.6% | 0.2% |
| TSLA | 1.6% | 1.4% | 0.2% |
Where SPY and VTI 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 | VTI | Δ |
|---|---|---|---|
| Industrials | 8.0% | 9.3% | −1.3pp |
| Consumer Staples | 4.9% | 4.2% | +0.7pp |
| Financials | 12.1% | 11.7% | +0.4pp |
| Consumer Discretionary | 9.0% | 8.6% | +0.4pp |
| Information Technology | 37.5% | 37.2% | +0.4pp |
| Real Estate | 1.7% | 2.1% | −0.3pp |
| Cash & Other | 0.3% | 0.0% | +0.3pp |
| Cash and/or Derivatives | 0.0% | 0.3% | −0.3pp |
Δ is SPY minus VTI, 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
0.2% of SPY by weight, held in no part of VTI.
11.1% of VTI 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 | VTI | |
|---|---|---|
| Top 10 holdings | 37.9% | 34.7% |
| Positions held | 505 | 3,485 |
| Cost per $10,000 held, per year | $9 | $3 |
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 VTI overlap?
SPY and VTI overlap 87.8% by portfolio weight — substantial duplication if you hold both. They share 499 holdings. The figure comes from current issuer holdings files (SPY as of 2026-10-22, VTI as of 2026-09-30).
How is the overlap between SPY and VTI 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 VTI 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 VTI?
That depends on your goals — we state facts, not advice. At 87.8% overlap, most of what one fund holds, the other holds too. Expense ratios: SPY 0.09% versus VTI 0.03%.
What does SPY own that VTI doesn't?
SPY holds 505 positions and VTI holds 3,485; 5 of SPY's positions don't appear in VTI at all, and they are 0.2% of SPY by weight.
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Related comparisons
Sources: issuer holdings files, SPY as of 2026-10-22, VTI as of 2026-09-30. Weights are fractions of each fund. Diagnostics, not advice.