SPY vs QQQ overlap
SPY and QQQ overlap 54.5% by weight, across 88 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 | QQQ | Overlap |
|---|---|---|---|
| Nvidia Corp.NVDA | 7.51% | 7.60% | 7.51% |
| Apple Inc.AAPL | 6.58% | 6.67% | 6.58% |
| Microsoft Corp.MSFT | 4.29% | 4.35% | 4.29% |
| Amazon.COM Inc.AMZN | 3.61% | 4.02% | 3.61% |
| Alphabet Inc.-aGOOGL | 3.25% | 3.27% | 3.25% |
| Broadcom Inc.AVGO | 2.77% | 2.81% | 2.77% |
| Alphabet Inc.-CGOOG | 2.59% | 3.02% | 2.59% |
| Micron TechMU | 2.02% | 5.64% | 2.02% |
| META Platforms-aMETA | 1.92% | 2.62% | 1.92% |
| Tesla Inc.TSLA | 1.83% | 3.30% | 1.83% |
| ADV Micro DeviceAMD | 1.47% | 4.10% | 1.47% |
| Intel Corp.INTC | 1.02% | 3.04% | 1.02% |
| Applied MaterialAMAT | 0.89% | 2.49% | 0.89% |
| LAM ResearchLRCX | 0.84% | 2.35% | 0.84% |
| Walmart Inc.WMT | 0.77% | 2.39% | 0.77% |
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; QQQ, SEC Form N-PORT, June 30, 2026.
Largest institutions holding both
| Firm | SPY | QQQ |
|---|---|---|
| Morgan Stanley | $24.1B | $15.6B |
| JPMorgan Chase & Co | $35.3B | $2.1B |
| Bank of America Corp. | $23.0B | $12.5B |
| Jane Street Group, LLC | $33.1B | $2.1B |
| Goldman Sachs Group Inc. | $23.5B | $4.7B |
| LPL Financial LLC | $7.4B | $7.8B |
| Susquehanna International Group, LLP | $10.9B | $4.3B |
| Wells Fargo & Company | $9.0B | $5.3B |
| UBS Group AG | $9.2B | $4.2B |
| D. E. Shaw & Co., Inc. | $10.5B | $1.5M |
| Northern Trust Corp. | $10.3B | $192.2M |
| Royal Bank of Canada | $6.8B | $3.1B |
| Gotham Asset Management, LLC | $8.5B | $119.2M |
| HRT Financial LP | $5.6B | $2.7B |
| Barclays PLC | $5.1B | $2.0B |
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, QQQ institutional holders.
Frequently asked questions
How much do SPY and QQQ overlap?
54.5% by weight, with 88 holdings in common, using holdings for SPY as of June 30, 2026 and QQQ as of June 30, 2026. The largest shared position is NVDA.
Do institutions hold both SPY and QQQ?
3,489 Form 13F filers report positions in both, out of 5,168 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%.