Guardfolio Research · ETF Overlap
QQQM vs SPY Overlap: 34.8% of Weight in Shared Holdings
QQQM (Invesco Nasdaq-100) and SPY (SPDR S&P 500) overlap by 34.8% of weight through 8 shared top-10 holdings — including NVDA, AAPL, MSFT, AMZN, GOOGL. Here is exactly which stocks duplicate, the sector picture, and whether holding both concentrates or diversifies your portfolio.
Overlap Summary
Bottom line
QQQM and SPY share 34.8% of their top-10 weight across 8 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies.
The Data
Exactly which stocks QQQM and SPY share
The table below shows every holding that appears in both funds' top 10, with each fund's weight and the shared (minimum) weight that counts toward overlap.
| Holding | QQQM weight | SPY weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp. (NVDA) | 9.34% | 7.84% | 7.84% |
| Apple Inc. (AAPL) | 7.14% | 6.44% | 6.44% |
| Microsoft Corp. (MSFT) | 4.96% | 4.89% | 4.89% |
| Amazon.com, Inc. (AMZN) | 4.68% | 4.19% | 4.19% |
| Alphabet Inc. (GOOGL) | 3.81% | 3.62% | 3.62% |
| Broadcom Inc. (AVGO) | 3.40% | 3.20% | 3.20% |
| Alphabet Inc. (GOOG) | 3.52% | 2.89% | 2.89% |
| Tesla, Inc. (TSLA) | 3.61% | 1.74% | 1.74% |
| Total shared top-10 weight | 40.5% | 34.8% | 34.8% |
Weights are approximate, based on the most recent quarterly holdings. The 34.8% figure is the sum of the lesser of each fund's weight per shared holding (the conservative top-10 method).
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Sector Picture
QQQM vs SPY: 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 | QQQM | SPY |
|---|---|---|
| Technology | 53.5% | 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 QQQM and SPY?
QQQM and SPY share 34.8% of their top-10 weight across 8 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies. Worth knowing before you size both as core positions.
FAQ
QQQM vs SPY overlap: common questions
How much do QQQM and SPY overlap?
QQQM (Invesco Nasdaq-100) and SPY (SPDR S&P 500) overlap by approximately 34.8% of weight based on their top-10 holdings, with 69.0% sector overlap. They share 8 top-10 holdings: NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, TSLA.
What stocks do QQQM and SPY both hold?
Both QQQM and SPY hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Amazon (AMZN), Alphabet Inc (GOOGL), Broadcom Inc (AVGO), Alphabet Inc (GOOG), Tesla (TSLA) among their top positions. These shared names account for the 34.8% weight overlap.
Is it worth holding both QQQM and SPY?
QQQM and SPY share 34.8% of their top-10 weight across 8 common holdings. That is significant overlap: the funds reinforce the same bet, so combining them concentrates you more than it diversifies. Worth knowing before you size both as core positions.
What is the difference between QQQM and SPY?
QQQM is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.15% expense ratio) and SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio). QQQM's top 10 is 47.7% of the fund; SPY's is 38.4%.
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