MGK vs SPY Overlap
MGK is a U.S. growth equity ETF from Vanguard, while SPY is a U.S. large-cap core ETF from SPDR. MGK and SPY show meaningful overlap, with an estimated weighted overlap of 49.41%. They share 57 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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Quick Answer
MGK is a U.S. growth equity ETF from Vanguard, while SPY is a U.S. large-cap core ETF from SPDR. MGK and SPY show meaningful overlap, with an estimated weighted overlap of 49.41%. They share 57 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
- 49.41% weighted overlap across 57 shared holdings.
- The top three shared holdings explain 39.6% of the measured overlap.
- SPY is the broader fund, while MGK is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both may add less diversification than the fund names imply.
Data Freshness
- MGK holdings
- Mar 12, 2026
- SPY holdings
- Mar 12, 2026
- Overlap computed
- Mar 13, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
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About These ETFs
What Stands Out In This Comparison
What This Means
MGK is a U.S. growth equity ETF from Vanguard, while SPY is a U.S. large-cap core ETF from SPDR. MGK and SPY overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as NVDA, AAPL, and MSFT, which explains why the score lands at 49.41%.
How They Differ
MGK is a U.S. growth equity ETF from Vanguard, while SPY is a U.S. large-cap core ETF from SPDR. SPY is the broader fund, while MGK is the more targeted sleeve. MGK has the lower expense ratio, while SPY charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 39.6% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
If you want the broader portfolio building block, SPY is usually the wider choice. If you want the more focused tilt, MGK is the narrower expression. MGK has the lower expense ratio, while SPY charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 39.6% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between MGK and SPY.
| Holding | Name | MGK Wt. | SPY Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA Corp | 13.52% | 7.73% | 7.73% |
| AAPL | Apple Inc | 11.72% | 6.64% | 6.64% |
| MSFT | Microsoft Corp | 9.61% | 5.19% | 5.19% |
| AMZN | Amazon.com Inc | 4.82% | 3.59% | 3.59% |
| GOOGL | Alphabet Inc | 5.85% | 3.08% | 3.08% |
| AVGO | Broadcom Inc | 3.93% | 2.79% | 2.79% |
| GOOG | Alphabet Inc | 4.63% | 2.46% | 2.46% |
| META | Meta Platforms Inc | 4.92% | 2.45% | 2.45% |
| TSLA | Tesla Inc | 4.35% | 1.93% | 1.93% |
| LLY | Eli Lilly & Co | 3.22% | 1.37% | 1.37% |
Why These ETFs Overlap
MGK is a U.S. growth equity ETF from Vanguard, while SPY is a U.S. large-cap core ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are NVDA, AAPL, and MSFT, which appear in both portfolios and push the overlap score higher.
Holding both MGK and SPY can still be reasonable, but you should expect some duplication. The decision comes down to whether the non-overlapping parts of each ETF are important enough for your strategy.
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Frequently Asked Questions About MGK and SPY
What is the overlap between MGK and SPY?+
How many holdings do MGK and SPY share?+
Is the MGK and SPY overlap high?+
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How Overlap Is Calculated
A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.