MTUM vs SPY Overlap
MTUM is an equity ETF from IShares, while SPY is a U.S. large-cap core ETF from SPDR. MTUM and SPY show meaningful overlap, with an estimated weighted overlap of 32.24%. They share 98 holdings in the loaded dataset, led by NVDA, AVGO, and GOOGL.
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Quick Answer
MTUM is an equity ETF from IShares, while SPY is a U.S. large-cap core ETF from SPDR. MTUM and SPY show meaningful overlap, with an estimated weighted overlap of 32.24%. They share 98 holdings in the loaded dataset, led by NVDA, AVGO, and GOOGL.
- 32.24% weighted overlap across 98 shared holdings.
- The top three shared holdings explain 32.21% of the measured overlap.
- SPY is the broader fund, while MTUM 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
- MTUM 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
MTUM is an equity ETF from IShares, while SPY is a U.S. large-cap core ETF from SPDR. MTUM and SPY overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as NVDA, AVGO, and GOOGL, which explains why the score lands at 32.24%.
How They Differ
MTUM is an equity ETF from IShares, while SPY is a U.S. large-cap core ETF from SPDR. SPY is the broader fund, while MTUM is the more targeted sleeve. SPY has the lower expense ratio, while MTUM 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 32.21% 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, MTUM is the narrower expression. SPY has the lower expense ratio, while MTUM charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 32.21% 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 MTUM and SPY.
| Holding | Name | MTUM Wt. | SPY Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 4.91% | 7.73% | 4.91% |
| AVGO | BROADCOM INC | 5.07% | 2.79% | 2.79% |
| GOOGL | ALPHABET INC CLASS A | 2.69% | 3.08% | 2.69% |
| GOOG | ALPHABET INC CLASS C | 2.19% | 2.46% | 2.19% |
| JPM | JPMORGAN CHASE & CO | 3.02% | 1.35% | 1.35% |
| XOM | EXXON MOBIL CORP | 3.77% | 1.08% | 1.08% |
| JNJ | JOHNSON & JOHNSON | 4.55% | 1.01% | 1.01% |
| WMT | WALMART INC | 2.99% | 0.94% | 0.94% |
| MU | MICRON TECHNOLOGY INC | 4.96% | 0.78% | 0.78% |
| PLTR | PALANTIR TECHNOLOGIES INC CLASS A | 1.89% | 0.59% | 0.59% |
Why These ETFs Overlap
MTUM is an equity ETF from IShares, 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, AVGO, and GOOGL, which appear in both portfolios and push the overlap score higher.
Holding both MTUM 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 MTUM and SPY
What is the overlap between MTUM and SPY?+
How many holdings do MTUM and SPY share?+
Is the MTUM and SPY overlap high?+
Why do MTUM and SPY overlap?+
Which ETF is broader, MTUM or SPY?+
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.