SPY vs VTIVX: 42% overlap
SPDR S&P 500 ETF Trust and Vanguard Target Retirement 2045 share 42.3% 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 — VTIVX as of 2026-03-31, 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SPY and VTIVX hold 501 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPY | in VTIVX | Δ |
|---|---|---|---|
| NVDA | 7.9% | 3.0% | 4.9% |
| AAPL | 7.4% | 2.8% | 4.6% |
| MSFT | 4.4% | 1.8% | 2.6% |
| AMZN | 3.6% | 1.5% | 2.1% |
| GOOGL | 2.9% | 1.4% | 1.5% |
| AVGO | 2.9% | 1.2% | 1.7% |
| GOOG | 2.4% | 1.1% | 1.3% |
| MU | 1.8% | 0.9% | 0.9% |
| META | 2.1% | 0.8% | 1.3% |
| TSLA | 1.4% | 0.8% | 0.6% |
Where SPY and VTIVX 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 | VTIVX | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 23.8% | +13.7pp |
| Unclassified | 0.0% | 8.0% | −8.0pp |
| Treasuries | 0.0% | 6.2% | −6.2pp |
| Communication Services | 9.3% | 5.4% | +3.9pp |
| Health Care | 9.1% | 6.3% | +2.8pp |
| MBS Pass-Through | 0.0% | 2.6% | −2.6pp |
| Corporate — industrial & other | 0.0% | 2.0% | −2.0pp |
| Cash and/or Derivatives | 0.0% | 1.9% | −1.9pp |
Δ is SPY minus VTIVX, 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
0.1% of SPY by weight, held in no part of VTIVX.
57.3% of VTIVX 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 | VTIVX | |
|---|---|---|
| Top 10 holdings | 36.9% | 21.4% |
| Positions held | 505 | 6 |
| Cost per $10,000 held, per year | $9 | $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 SPY and VTIVX overlap?
SPY and VTIVX overlap 42.3% by portfolio weight — moderate overlap. They share 501 holdings. The figure comes from current issuer holdings files (SPY as of 2026-07-23, VTIVX as of 2026-03-31).
How is the overlap between SPY and VTIVX 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 VTIVX 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 VTIVX?
That depends on your goals — we state facts, not advice. At 42.3% overlap, each fund still contributes meaningfully distinct exposure.
What does SPY own that VTIVX doesn't?
SPY holds 505 positions and VTIVX holds 6; 3 of SPY's positions don't appear in VTIVX at all, and they are 0.1% of SPY by weight.
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Related comparisons
Sources: issuer holdings files, SPY as of 2026-07-23, VTIVX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.