50/50 QQQ + VOO
~47% technology and communication services — nearly half the combined portfolio in a single sector pair.
Guardfolio Research · ETF Overlap
QQQ vs VOO Overlap: 32.7% of Weight in the Same Stocks
QQQ and VOO share 9 of their top 10 holdings — Apple, Microsoft, Nvidia, Amazon, Meta, Broadcom, both Alphabet share classes, and Tesla. At a 50/50 allocation, these shared names account for 32.7% of the combined portfolio's weight. That's not diversification; it's a larger growth bet on the same cluster.
Overlap Summary
Weight Overlap32.7%
Shared Top-109 of 10
Tech + Comms~47%
CorrelationHigh
Bottom line
Adding QQQ to VOO typically increases mega-cap tech concentration rather than improving diversification.
The Data
Exactly which stocks QQQ and VOO share
The table below shows the 9 holdings that appear in both funds' top 10, with each fund's weight. The combined effective weight in a 50/50 portfolio is shown in the final column.
| Stock | QQQ weight | VOO weight | 50/50 combined |
|---|---|---|---|
| Apple (AAPL) | 9.0% | 7.0% | 8.0% |
| Microsoft (MSFT) | 8.0% | 6.5% | 7.3% |
| Nvidia (NVDA) | 7.5% | 6.0% | 6.8% |
| Amazon (AMZN) | 5.5% | 3.8% | 4.7% |
| Meta (META) | 5.0% | 2.8% | 3.9% |
| Broadcom (AVGO) | 4.5% | 2.2% | 3.4% |
| Alphabet Class C (GOOG) | 3.2% | 2.0% | 2.6% |
| Alphabet Class A (GOOGL) | 3.0% | 1.9% | 2.5% |
| Tesla (TSLA) | 2.5% | 1.6% | 2.1% |
| Total shared weight | 48.2% | 33.8% | 41.3% |
Weights are approximate and based on quarterly data. The 32.7% overlap figure represents the minimum shared weight (taking the lesser of each fund's weight per holding). The 41.3% combined weight shows the effective allocation to shared names in a 50/50 mix.
Sector Concentration
What the combination does to your tech exposure
QQQ allocates approximately 60% to technology and communication services. VOO allocates approximately 33%. When you hold both at equal weight:
Compared to VTI alone
VTI (Total Market) allocates ~33% to tech and comms — a full 14 percentage points less than the QQQ+VOO blend.
What VOO alone gives you
VOO by itself: ~33% tech and comms. Adding QQQ pushes this sector weight up to 47%. The "diversification" is actually sector concentration.
Key Distinction
QQQ vs VOO: what's actually different
Despite the overlap, QQQ and VOO are not identical. The differences matter but they're narrower than most investors assume:
| QQQ | VOO | |
|---|---|---|
| Index tracked | Nasdaq-100 | S&P 500 |
| Number of holdings | ~100 | ~500 |
| Includes financials | No | Yes (~13%) |
| Tech + comms weight | ~60% | ~33% |
| Top-10 weight | ~50.5% | ~34% |
| Expense ratio | 0.20% | 0.03% |
| Main use case | Growth tilt | Broad market core |
VOO's broader sector coverage (financials, energy, healthcare, industrials) does give it meaningfully different exposure in those sectors. The problem is that the top-10 holdings — which drive most of both funds' returns — are nearly identical.
Practical Implications
When does the overlap actually matter?
In a tech-driven bull market
Overlap feels fine. Both funds rise together, reinforcing the impression that the pair is "working well." The redundancy is invisible when the shared names are leading.
When tech leadership reverses
The overlap becomes visible. Both funds decline together because the same names drive both portfolios lower. The diversification you expected doesn't materialize.
During rebalancing decisions
If you hold both, a decision to "trim QQQ" while keeping VOO still leaves you with heavy exposure to the same top 9 names through VOO alone.
When sizing new contributions
Directing new money to "both" for perceived diversification is actually directing it to the same mega-cap growth cluster twice, inflating concentration over time.
Alternatives
What actually diversifies away from QQQ + VOO
If your goal is genuine diversification rather than a growth tilt, these pairings with VOO add meaningfully different exposure:
VOO + IWM (0% overlap)
IWM tracks the Russell 2000 small-caps. Zero top-10 holdings overlap with VOO. True diversification across market-cap bands.
VOO + SCHD (1.8% overlap)
SCHD's dividend screen filters out most mega-cap growth names. Very low overlap, different factor exposure, different rate sensitivity.
VOO + VEA or VWO
International developed or emerging markets ETFs add geographic diversification and near-zero overlap with US mega-cap names.
Free Tool
Check QQQ vs VOO in the overlap tool
The Guardfolio ETF overlap checker lets you compare QQQ and VOO side by side — and see any other pair from the 22-ETF dataset. No signup needed for the two-fund comparison.
The free tool compares two ETFs using top-10 holdings data. Full portfolio analysis (all your ETFs weighted by your actual allocation) requires a free Guardfolio account with brokerage connection.
Frequently Asked Questions
QQQ vs VOO overlap — common questions
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