State Street SPDR S&P 500 ETF Trust vs Invesco QQQ Trust — shared top holdings, sector duplication, and what makes each fund different.
Data as of August 25, 2026
How much of the two funds' sector allocations coincide — computed on full sector data, so this is the headline number.
Weight the funds' disclosed top holdings have in common. Public data discloses only each fund's largest positions (37.6% of SPY, 46.3% of QQQ), so full-portfolio overlap is at least this much.
8 positions appear in both funds' disclosed top-holdings lists.
72.1% sector overlap is high. The funds share most of their market exposure; the second fund adds a tilt rather than real diversification. Make sure the tilt (dividends, tech, size) is one you actually want twice.
| Ticker | Company | Weight in SPY | Weight in QQQ | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA Corp | 7.5% | 8% | 7.5% |
| AAPL | Apple Inc | 7% | 7.5% | 7% |
| MSFT | Microsoft Corp | 5.4% | 5.7% | 5.4% |
| AMZN | Amazon.com Inc | 4.1% | 4.8% | 4.1% |
| GOOGL | Alphabet Inc Class A | 3.2% | 3.4% | 3.2% |
| AVGO | Broadcom Inc | 2.9% | 3.1% | 2.9% |
| GOOG | Alphabet Inc Class C | 2.6% | 3.2% | 2.6% |
| META | Meta Platforms Inc Class A | 1.9% | 2.7% | 1.9% |
| Sector | SPY | QQQ | Overlap |
|---|---|---|---|
| Technology | 37.4% | 58% | 37.4% |
| Communication Services | 9.9% | 13.6% | 9.9% |
| Financial Services | 12.2% | 0.2% | 0.2% |
| Consumer Discretionary | 9.6% | 11.2% | 9.6% |
| Health Care | 9.1% | 3.8% | 3.8% |
| Industrials | 8.2% | 3.9% | 3.9% |
| Consumer Staples | 4.6% | 6.7% | 4.6% |
| Energy | 3.4% | 0.5% | 0.5% |
| Utilities | 2.2% | 1.2% | 1.2% |
| Real Estate | 1.9% | 0% | 0% |
| Materials | 1.6% | 1% | 1% |
Holdings overlap sums min(weight in fund A, weight in fund B) across positions that appear in both funds' disclosed top-holdings lists — public data discloses only each fund's largest positions, so this number is a lower bound on true full-portfolio overlap. Sector overlap applies the same min() logic to the funds' complete sector allocations, which cover ~100% of each fund, making it the more complete signal of duplication.
The largest SPY positions missing from QQQ's disclosed top holdings are JPM, BRK-B. In the other direction, QQQ's largest positions not in SPY's top list are MU, AMD. Disclosed lists cover 37.6% of SPY and 46.3% of QQQ; the sector table below compares the funds on complete data.
Fund holdings change over time. Open SPY vs QQQ in the interactive ETF overlap calculator for a fresh comparison — or swap in any other tickers.
This tool is for education, not investment advice. Holdings and sector data come from public market-data feeds, reflect each fund's most recently disclosed top positions, and can lag the fund's actual portfolio. Overlap computed from disclosed top holdings is a lower bound. Always verify against the fund provider's official holdings file before making decisions.
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