SPY vs VUG: 56% overlap
SPDR S&P 500 ETF Trust and Vanguard Growth ETF share 56.2% 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 VUG hold 113 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPY | in VUG | Δ |
|---|---|---|---|
| NVDA | 7.8% | 13.5% | 5.7% |
| AAPL | 7.7% | 12.5% | 4.8% |
| MSFT | 5.9% | 9.7% | 3.9% |
| AMZN | 3.7% | 4.3% | 0.5% |
| GOOGL | 2.9% | 5.2% | 2.3% |
| AVGO | 2.3% | 4.3% | 2.0% |
| GOOG | 2.3% | 4.1% | 1.8% |
| META | 2.2% | 4.2% | 2.1% |
| TSLA | 1.6% | 2.7% | 1.1% |
| LLY | 1.6% | 2.6% | 1.0% |
Where SPY and VUG 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 | VUG | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 59.4% | −21.9pp |
| Financials | 12.1% | 4.0% | +8.1pp |
| Communication Services | 9.2% | 15.2% | −6.0pp |
| Health Care | 9.9% | 4.3% | +5.7pp |
| Industrials | 8.0% | 4.0% | +4.0pp |
| Consumer Staples | 4.9% | 1.3% | +3.6pp |
| Energy | 3.7% | 0.3% | +3.5pp |
| Utilities | 2.0% | 0.0% | +2.0pp |
Δ is SPY minus VUG, 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
43.7% of SPY by weight, held in no part of VUG.
2.5% of VUG 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 | VUG | |
|---|---|---|
| Top 10 holdings | 37.9% | 63.1% |
| Positions held | 505 | 135 |
| 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 VUG overlap?
SPY and VUG overlap 56.2% by portfolio weight — substantial duplication if you hold both. They share 113 holdings. The figure comes from current issuer holdings files (SPY as of 2026-10-22, VUG as of 2026-09-30).
How is the overlap between SPY and VUG 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 VUG 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 VUG?
That depends on your goals — we state facts, not advice. At 56.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SPY own that VUG doesn't?
SPY holds 505 positions and VUG holds 135; 391 of SPY's positions don't appear in VUG at all, and they are 43.7% of SPY by weight.
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Related comparisons
Sources: issuer holdings files, SPY as of 2026-10-22, VUG as of 2026-09-30. Weights are fractions of each fund. Diagnostics, not advice.