Guardfolio Research · ETF Overlap
SPY vs IVV Overlap: 38.4% of Weight in Shared Holdings
SPY (SPDR S&P 500) and IVV (iShares Core S&P 500) track the same index, so they hold the same stocks in nearly the same weights — 38.4% top-10 overlap. The decision between them comes down to fees and structure, not holdings.
Overlap Summary
Bottom line
SPY and IVV track the same underlying index, so their holdings are essentially identical (38.4% by top-10 weight). Holding both adds no diversification — the only real differences are the expense ratio (0.09% vs 0.03%), issuer, and trading liquidity.
The Data
Exactly which stocks SPY and IVV 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 | SPY weight | IVV weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp. (NVDA) | 7.84% | 7.84% | 7.84% |
| Apple Inc. (AAPL) | 6.44% | 6.44% | 6.44% |
| Microsoft Corp. (MSFT) | 4.89% | 4.89% | 4.89% |
| Amazon.com, Inc. (AMZN) | 4.19% | 4.19% | 4.19% |
| Alphabet Inc. (GOOGL) | 3.62% | 3.62% | 3.62% |
| Broadcom Inc. (AVGO) | 3.20% | 3.20% | 3.20% |
| Alphabet Inc. (GOOG) | 2.89% | 2.89% | 2.89% |
| Meta Platforms, Inc. (META) | 2.16% | 2.16% | 2.16% |
| Tesla, Inc. (TSLA) | 1.74% | 1.74% | 1.74% |
| Berkshire Hathaway Inc. (BRK.B) | 1.40% | 1.40% | 1.40% |
| Total shared top-10 weight | 38.4% | 38.4% | 38.4% |
Weights are approximate, based on the most recent quarterly holdings. The 38.4% 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
SPY vs IVV: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (97.0% combined sector overlap).
| Sector | SPY | IVV |
|---|---|---|
| Technology | 33.1% | 33.1% |
| Financial Services | 12.2% | 12.2% |
| Consumer Discretionary | 10.4% | 10.4% |
| Healthcare | 9.3% | 9.3% |
| Industrials | 8.6% | 8.6% |
| Communication Services | 8.2% | 8.2% |
The Verdict
Should you hold both SPY and IVV?
SPY and IVV track the same underlying index, so their holdings are essentially identical (38.4% by top-10 weight). Holding both adds no diversification — the only real differences are the expense ratio (0.09% vs 0.03%), issuer, and trading liquidity. Most investors should pick one and consolidate.
FAQ
SPY vs IVV overlap: common questions
How much do SPY and IVV overlap?
SPY (SPDR S&P 500) and IVV (iShares Core S&P 500) overlap by approximately 38.4% of weight based on their top-10 holdings, with 97.0% sector overlap. They share 10 top-10 holdings: NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META, TSLA, BRK.B.
What stocks do SPY and IVV both hold?
Both SPY and IVV hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Amazon (AMZN), Alphabet Inc (GOOGL), Broadcom Inc (AVGO), Alphabet Inc (GOOG), Meta Platforms (META) among their top positions. These shared names account for the 38.4% weight overlap.
Is it worth holding both SPY and IVV?
SPY and IVV track the same underlying index, so their holdings are essentially identical (38.4% by top-10 weight). Holding both adds no diversification — the only real differences are the expense ratio (0.09% vs 0.03%), issuer, and trading liquidity. Most investors should pick one and consolidate.
What is the difference between SPY and IVV?
SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio) and IVV is an S&P 500 fund (US Large-Cap Blend, 0.03% expense ratio). SPY's top 10 is 38.4% of the fund; IVV's is 38.4%.
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