SPY vs IWF overlap
SPY and IWF overlap 57.5% by weight, across 177 shared holdings. SPY is shown using IVV, which tracks the same index.
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SPY files no portfolio holdings with the SEC; shown using IVV, which tracks the same index, as of June 30, 2026.
Top shared holdings
| Holding | SPY | IWF | Overlap |
|---|---|---|---|
| Nvidia Corp.NVDA | 7.51% | 13.83% | 7.51% |
| Apple Inc.AAPL | 6.58% | 6.72% | 6.58% |
| Microsoft Corp.MSFT | 4.29% | 4.11% | 4.11% |
| Alphabet Inc.-aGOOGL | 3.25% | 6.17% | 3.25% |
| Broadcom Inc.AVGO | 2.77% | 5.21% | 2.77% |
| Alphabet Inc.-CGOOG | 2.59% | 4.98% | 2.59% |
| Micron TechMU | 2.02% | 3.86% | 2.02% |
| META Platforms-aMETA | 1.92% | 3.00% | 1.92% |
| Tesla Inc.TSLA | 1.83% | 3.64% | 1.83% |
| ELI Lilly & CoLLY | 1.47% | 2.84% | 1.47% |
| ADV Micro DeviceAMD | 1.47% | 2.80% | 1.47% |
| Applied MaterialAMAT | 0.89% | 1.70% | 0.89% |
| VISA Inc.-Class aV | 0.88% | 1.68% | 0.88% |
| LAM ResearchLRCX | 0.84% | 1.60% | 0.84% |
| Caterpillar Inc.CAT | 0.76% | 1.43% | 0.76% |
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: SPY, IVV's SEC Form N-PORT, June 30, 2026; IWF, SEC Form N-PORT, June 30, 2026.
Largest institutions holding both
| Firm | SPY | IWF |
|---|---|---|
| Morgan Stanley | $24.1B | $14.8B |
| JPMorgan Chase & Co | $35.3B | $3.2B |
| Bank of America Corp. | $23.0B | $13.5B |
| Jane Street Group, LLC | $33.1B | $4.2M |
| Goldman Sachs Group Inc. | $23.5B | $3.4B |
| Northern Trust Corp. | $10.3B | $2.5B |
| UBS Group AG | $9.2B | $2.3B |
| Wells Fargo & Company | $9.0B | $2.2B |
| D. E. Shaw & Co., Inc. | $10.5B | $17.5M |
| LPL Financial LLC | $7.4B | $1.9B |
| Gotham Asset Management, LLC | $8.5B | $19.0M |
| Royal Bank of Canada | $6.8B | $928.8M |
| FMR LLC | $3.1B | $4.1B |
| Raymond James Financial Inc. | $3.5B | $1.7B |
| Barclays PLC | $5.1B | $1.5M |
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: SPY institutional holders, IWF institutional holders.
Frequently asked questions
How much do SPY and IWF overlap?
57.5% by weight, with 177 holdings in common, using holdings for SPY as of June 30, 2026 and IWF as of June 30, 2026. The largest shared position is NVDA.
Do institutions hold both SPY and IWF?
2,290 Form 13F filers report positions in both, out of 4,872 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%.