Guardfolio Research · ETF Overlap
QQQ vs FXAIX Overlap: 54.4% of Weight in Shared Holdings
QQQ (Invesco QQQ) and FXAIX (Fidelity 500 Index) overlap by 54.4% of normalized weight through 87 shared securities, led by NVDA, AAPL, MSFT, AMZN, GOOGL. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
QQQ and FXAIX overlap heavily: 54.4% of normalized fund weight is shared across 87 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification..
The Data
Exactly which securities QQQ and FXAIX share
The table below shows the largest contributors to overlap across the licensed full holdings, with each fund's normalized weight and the lesser weight that counts toward overlap.
| Data basis | Licensed full holdings |
|---|---|
| Fund dates | QQQ 2026-08-24; FXAIX 2026-08-19 |
| Coverage gate | At least 97% retained per fund |
| Holding | QQQ weight | FXAIX weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp (NVDA) | 8.32% | 7.51% | 7.51% |
| Apple Inc (AAPL) | 7.28% | 6.59% | 6.59% |
| Microsoft Corp (MSFT) | 5.75% | 4.30% | 4.30% |
| Amazon.com Inc (AMZN) | 4.45% | 3.62% | 3.62% |
| Alphabet Inc (GOOGL) | 3.22% | 3.25% | 3.22% |
| Broadcom Inc (AVGO) | 2.80% | 2.77% | 2.77% |
| Alphabet Inc (GOOG) | 2.99% | 2.59% | 2.59% |
| Micron Technology Inc (MU) | 4.82% | 2.02% | 2.02% |
| Meta Platforms Inc (META) | 2.61% | 1.92% | 1.92% |
| Tesla Inc (TSLA) | 2.90% | 1.84% | 1.84% |
| Advanced Micro Devices Inc (AMD) | 3.41% | 1.47% | 1.47% |
| Intel Corp (INTC) | 2.00% | 1.02% | 1.02% |
| Applied Materials Inc (AMAT) | 1.73% | 0.89% | 0.89% |
| Lam Research Corp (LRCX) | 1.74% | 0.84% | 0.84% |
| Walmart Inc (WMT) | 2.24% | 0.77% | 0.77% |
| Cisco Systems Inc (CSCO) | 1.93% | 0.72% | 0.72% |
| Costco Wholesale Corp (COST) | 1.86% | 0.64% | 0.64% |
| KLA Corp (KLAC) | 1.06% | 0.61% | 0.61% |
| Sandisk Corp (SNDK) | 1.05% | 0.52% | 0.52% |
| Netflix Inc (NFLX) | 1.48% | 0.47% | 0.47% |
| Total full-holdings overlap | 94.3% | 54.4% | 54.4% |
Showing the 20 largest contributors of 87 shared securities. The total uses every shared security.
The 54.4% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. QQQ is dated 2026-08-24 with 99.986% retained coverage; FXAIX is dated 2026-08-19 with 99.983% retained coverage.
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Sector Picture
QQQ vs FXAIX: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (69.0% combined sector overlap).
| Sector | QQQ | FXAIX |
|---|---|---|
| Technology | 53.6% | 33.1% |
| Consumer Discretionary | 13.0% | 10.4% |
| Communication Services | 12.6% | 8.2% |
| Consumer Staples | 5.0% | 5.5% |
| Industrials | 4.6% | 8.6% |
| Healthcare | 4.3% | 9.3% |
The Verdict
Should you hold both QQQ and FXAIX?
QQQ and FXAIX overlap heavily: 54.4% of normalized fund weight is shared across 87 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
FAQ
QQQ vs FXAIX overlap: common questions
How much do QQQ and FXAIX overlap?
QQQ (Invesco QQQ) and FXAIX (Fidelity 500 Index) overlap by approximately 54.4% of normalized weight across their licensed full holdings. They share 87 securities; the largest contributors include NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, MU. The separately dated sector reference shows 69.0% overlap.
What stocks do QQQ and FXAIX both hold?
Both QQQ and FXAIX hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Amazon (AMZN), Alphabet Inc (GOOGL), Broadcom Inc (AVGO), Alphabet Inc (GOOG), Micron Technology Inc (MU) among their top positions. These shared names account for the 54.4% weight overlap.
Is it worth holding both QQQ and FXAIX?
QQQ and FXAIX overlap heavily: 54.4% of normalized fund weight is shared across 87 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
What is the difference between QQQ and FXAIX?
QQQ is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.20% expense ratio) and FXAIX is an S&P 500 fund (US Large-Cap Blend, 0.01% expense ratio). The dataset includes 104 QQQ holdings as of 2026-08-24 and 505 FXAIX holdings as of 2026-08-19.
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