SPSM vs IWO overlap
SPSM and IWO overlap 40.6% by weight, across 281 shared holdings.
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Top shared holdings
| Holding | SPSM | IWO | Overlap |
|---|---|---|---|
| Argan Inc.AGX | 0.60% | 0.66% | 0.60% |
| Brightspring HEABTSG | 0.60% | 0.68% | 0.60% |
| MaxlinearMXL | 0.58% | 0.66% | 0.58% |
| Krystal BiotechKRYS | 0.53% | 0.58% | 0.53% |
| ESCO Tech Inc.ESE | 0.49% | 0.56% | 0.49% |
| Stonex Group Inc.SNEX | 0.45% | 0.52% | 0.45% |
| Glaukos Corp.GKOS | 0.45% | 0.48% | 0.45% |
| Ryman HospitalitRHP | 0.44% | 0.48% | 0.44% |
| Plexus Corp.PLXS | 0.44% | 0.49% | 0.44% |
| Enpro Inc.NPO | 0.43% | 0.46% | 0.43% |
| FED Signal Corp.FSS | 0.43% | 0.47% | 0.43% |
| MYR Group Inc./deMYRG | 0.42% | 0.47% | 0.42% |
| Alkermes PLCALKS | 0.47% | 0.42% | 0.42% |
| ZURN Elkay WaterZWS | 0.41% | 0.46% | 0.41% |
| Protagonist THERPTGX | 0.40% | 0.45% | 0.40% |
Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: SPSM, SEC Form N-PORT, June 30, 2026; IWO, SEC Form N-PORT, June 30, 2026.
Largest institutions holding both
| Firm | SPSM | IWO |
|---|---|---|
| Bank of America Corp. | $700.5M | $1.4B |
| LPL Financial LLC | $1.5B | $235.8M |
| Morgan Stanley | $439.1M | $917.3M |
| Financial Engines Advisors L.L.C. | $1.1B | $87.9M |
| Betterment LLC | $1.1B | $1.6M |
| Envestnet Asset Management Inc. | $367.2M | $425.6M |
| Goldman Sachs Group Inc. | $15.3M | $380.5M |
| PNC Financial Services Group, Inc. | $113.1M | $233.5M |
| UBS Group AG | $143.2M | $201.4M |
| Raymond James Financial Inc. | $173.5M | $171.0M |
| Wells Fargo & Company | $54.9M | $277.7M |
| Ameriprise Financial Inc. | $251.5M | $63.3M |
| Valmark Advisers, Inc. | $294.2M | $639K |
| Creative Planning | $160.1M | $67.3M |
| Commonwealth Equity Services, LLC | $58.2M | $167.6M |
This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.
Who owns them: SPSM institutional holders, IWO institutional holders.
Frequently asked questions
How much do SPSM and IWO overlap?
40.6% by weight, with 281 holdings in common, using holdings for SPSM as of June 30, 2026 and IWO as of June 30, 2026. The largest shared position is AGX.
Do institutions hold both SPSM and IWO?
456 Form 13F filers report positions in both, out of 1,700 that report either one.
How is overlap by weight worked out?
For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.