Guardfolio Research · ETF Overlap
SPY vs VOO Overlap: 96.2% of Weight in Shared Holdings
SPY (SPDR S&P 500) and VOO (Vanguard S&P 500) track the same index and overlap by 96.2% across their licensed full holdings. The decision between them comes down largely to fees, structure, issuer, and liquidity.
Overlap Summary
Bottom line
SPY and VOO track the same underlying index, so their licensed full-holdings overlap is 96.2%. Holding both adds little diversification.
The Data
Exactly which securities SPY and VOO 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 |
|---|---|
| Provider | Financial Modeling Prep |
| Fund dates | SPY 2026-08-22; VOO 2026-08-22 |
| Coverage gate | At least 97% retained per fund |
| Holding | SPY weight | VOO weight | Shared (min) |
|---|---|---|---|
| NVIDIA CORP (NVDA) | 7.99% | 7.56% | 7.56% |
| APPLE INC (AAPL) | 6.96% | 7.05% | 6.96% |
| MICROSOFT CORP (MSFT) | 5.44% | 5.37% | 5.37% |
| AMAZON.COM INC (AMZN) | 3.87% | 4.13% | 3.87% |
| ALPHABET INC CL A (GOOGL) | 3.04% | 3.25% | 3.04% |
| BROADCOM INC (AVGO) | 2.62% | 2.87% | 2.62% |
| ALPHABET INC CL C (GOOG) | 2.43% | 2.62% | 2.43% |
| META PLATFORMS INC CLASS A (META) | 1.82% | 1.90% | 1.82% |
| MICRON TECHNOLOGY INC (MU) | 1.67% | 1.44% | 1.44% |
| JPMORGAN CHASE + CO (JPM) | 1.43% | 1.47% | 1.43% |
| ELI LILLY + CO (LLY) | 1.50% | 1.41% | 1.41% |
| BERKSHIRE HATHAWAY INC CL B (BRK-B) | 1.39% | 1.46% | 1.39% |
| TESLA INC (TSLA) | 1.48% | 1.36% | 1.36% |
| ADVANCED MICRO DEVICES (AMD) | 1.16% | 1.21% | 1.16% |
| EXXONMOBIL HOLDINGS CORP (XOM) | 1.05% | 1.00% | 1.00% |
| JOHNSON + JOHNSON (JNJ) | 0.98% | 0.96% | 0.96% |
| VISA INC CLASS A SHARES (V) | 0.92% | 0.93% | 0.92% |
| MASTERCARD INC A (MA) | 0.70% | 0.72% | 0.70% |
| WALMART INC (WMT) | 0.69% | 0.76% | 0.69% |
| ABBVIE INC (ABBV) | 0.70% | 0.69% | 0.69% |
| Total full-holdings overlap | 98.8% | 98.9% | 96.2% |
Showing the 20 largest contributors of 489 shared securities. The total uses every shared security.
The 96.2% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. SPY is dated 2026-08-22 with 99.847% retained coverage; VOO is dated 2026-08-22 with 99.945% retained coverage. Holdings licensed from Financial Modeling Prep.
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Sector Picture
SPY vs VOO: 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 | VOO |
|---|---|---|
| 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 VOO?
SPY and VOO track the same underlying index, so their licensed full-holdings overlap is 96.2%. Holding both adds little diversification. The main differences are the expense ratio (0.09% vs 0.03%), issuer, structure, and trading liquidity.
FAQ
SPY vs VOO overlap: common questions
How much do SPY and VOO overlap?
SPY (SPDR S&P 500) and VOO (Vanguard S&P 500) overlap by approximately 96.2% of normalized weight across their licensed full holdings. They share 489 securities; the largest contributors include NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META. The separately dated sector reference shows 97.0% overlap.
What stocks do SPY and VOO both hold?
Both SPY and VOO hold NVIDIA CORP (NVDA), APPLE INC (AAPL), MICROSOFT CORP (MSFT), AMAZON (AMZN), ALPHABET INC CL A (GOOGL), BROADCOM INC (AVGO), ALPHABET INC CL C (GOOG), META PLATFORMS INC CLASS A (META) among their top positions. These shared names account for the 96.2% weight overlap.
Is it worth holding both SPY and VOO?
SPY and VOO track the same underlying index, so their licensed full-holdings overlap is 96.2%. Holding both adds little diversification. The main differences are the expense ratio (0.09% vs 0.03%), issuer, structure, and trading liquidity.
What is the difference between SPY and VOO?
SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio) and VOO is an S&P 500 fund (US Large-Cap Blend, 0.03% expense ratio). The dataset includes 504 SPY holdings as of 2026-08-22 and 506 VOO holdings as of 2026-08-22.
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