RSP vs SPY Overlap
RSP is an equal-weight U.S. equity ETF from Invesco, while SPY is a U.S. large-cap core ETF from SPDR. RSP and SPY show meaningful overlap, with an estimated weighted overlap of 44.32%. They share 486 holdings in the loaded dataset, led by MU, LRCX, and VZ.
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Quick Answer
RSP is an equal-weight U.S. equity ETF from Invesco, while SPY is a U.S. large-cap core ETF from SPDR. RSP and SPY show meaningful overlap, with an estimated weighted overlap of 44.32%. They share 486 holdings in the loaded dataset, led by MU, LRCX, and VZ.
- 44.32% weighted overlap across 486 shared holdings.
- The top three shared holdings explain 1.8% of the measured overlap.
- RSP and SPY are closer in breadth than a broad-vs-niche ETF pair.
- 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
- RSP 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
RSP is an equal-weight U.S. equity ETF from Invesco, while SPY is a U.S. large-cap core ETF from SPDR. RSP and SPY overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as MU, LRCX, and VZ, which explains why the score lands at 44.32%.
How They Differ
RSP is an equal-weight U.S. equity ETF from Invesco, while SPY is a U.S. large-cap core ETF from SPDR. Neither fund clearly dominates on breadth, so the practical difference is more about weighting, index construction, and cost. SPY has the lower expense ratio, while RSP 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 1.8% 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
Because RSP and SPY are closer in breadth, the better fit usually comes down to index methodology, issuer preference, and cost. SPY has the lower expense ratio, while RSP charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 1.8% 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 RSP and SPY.
| Holding | Name | RSP Wt. | SPY Wt. | Overlap |
|---|---|---|---|---|
| MU | Micron Technology Inc | 0.30% | 0.78% | 0.30% |
| LRCX | Lam Research Corp | 0.25% | 0.47% | 0.25% |
| VZ | Verizon Communications Inc | 0.25% | 0.37% | 0.25% |
| DE | Deere & Co | 0.25% | 0.26% | 0.25% |
| AMAT | Applied Materials Inc | 0.25% | 0.47% | 0.25% |
| HON | Honeywell International Inc | 0.24% | 0.26% | 0.24% |
| XOM | Exxon Mobil Corp | 0.24% | 1.08% | 0.24% |
| CVX | Chevron Corp | 0.24% | 0.61% | 0.24% |
| GILD | Gilead Sciences Inc | 0.24% | 0.32% | 0.24% |
| LIN | Linde PLC | 0.24% | 0.38% | 0.24% |
Why These ETFs Overlap
RSP is an equal-weight U.S. equity ETF from Invesco, 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 MU, LRCX, and VZ, which appear in both portfolios and push the overlap score higher.
Holding both RSP 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 RSP and SPY
What is the overlap between RSP and SPY?+
How many holdings do RSP and SPY share?+
Is the RSP and SPY overlap high?+
Why do RSP and SPY overlap?+
Which ETF is broader, RSP 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.