SPY is a U.S. large-cap core ETF from SPDR, while VOO is a U.S. large-cap core ETF from Vanguard. SPY and VOO show very heavy overlap, with an estimated weighted overlap of 91.22%. They share 491 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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Quick Answer
SPY is a U.S. large-cap core ETF from SPDR, while VOO is a U.S. large-cap core ETF from Vanguard. SPY and VOO show very heavy overlap, with an estimated weighted overlap of 91.22%. They share 491 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
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SPY is a U.S. large-cap core ETF from SPDR, while VOO is a U.S. large-cap core ETF from Vanguard. SPY and VOO are closely aligned. A large share of their portfolio weight is invested in the same companies, especially NVDA, AAPL, and MSFT, which means holding both is likely to feel similar to increasing the size of one core position.
SPY is a U.S. large-cap core ETF from SPDR, while VOO is a U.S. large-cap core ETF from Vanguard. Neither fund clearly dominates on breadth, so the practical difference is more about weighting, index construction, and cost. VOO has the lower expense ratio, while SPY charges more for its exposure.
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 20.99% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
Because SPY and VOO are closer in breadth, the better fit usually comes down to index methodology, issuer preference, and cost. VOO has the lower expense ratio, while SPY charges more for its exposure.
Concentration
The top three shared holdings explain 20.99% 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.
These are the holdings contributing the most to the overlap score between SPY and VOO.
| Holding | Name | SPY Wt. | VOO Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 8.14% | 7.58% | 7.58% |
| AAPL | APPLE INC | 6.66% | 6.66% | 6.66% |
| MSFT | MICROSOFT CORP | 5.48% | 4.91% | 4.91% |
| AMZN | AMAZON.COM INC | 3.92% | 3.64% | 3.64% |
| GOOGL | ALPHABET INC CL A | 3.02% | 2.99% | 2.99% |
| AVGO | BROADCOM INC | 2.95% | 2.62% | 2.62% |
| GOOG | ALPHABET INC CL C | 2.43% | 2.40% | 2.40% |
| META | META PLATFORMS INC CLASS A | 1.91% | 2.24% | 1.91% |
| BRK.B | BERKSHIRE HATHAWAY INC CL B | 1.40% | 1.57% | 1.40% |
| TSLA | TESLA INC | 1.38% | 1.87% | 1.38% |
SPY is a U.S. large-cap core ETF from SPDR, while VOO is a U.S. large-cap core ETF from Vanguard. 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 SPY and VOO is usually redundant unless you have a very specific reason to tilt toward their shared holdings. In most cases, one ETF is enough.
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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.