SPY vs VUG Overlap
SPY is a U.S. large-cap core ETF from SPDR, while VUG is a U.S. growth equity ETF from Vanguard. SPY and VUG show heavy overlap, with an estimated weighted overlap of 55.88%. They share 124 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 VUG is a U.S. growth equity ETF from Vanguard. SPY and VUG show heavy overlap, with an estimated weighted overlap of 55.88%. They share 124 holdings in the loaded dataset, led by NVDA, AAPL, and MSFT.
- 55.88% weighted overlap across 124 shared holdings.
- The top three shared holdings explain 35.01% of the measured overlap.
- SPY is the broader fund, while VUG 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
- SPY holdings
- Mar 12, 2026
- VUG 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
SPY is a U.S. large-cap core ETF from SPDR, while VUG is a U.S. growth equity ETF from Vanguard. SPY and VUG share a large chunk of the same portfolio weight. The overlap is driven by positions like NVDA, AAPL, and MSFT, so owning both may not diversify your stock exposure as much as the fund names suggest.
How They Differ
SPY is a U.S. large-cap core ETF from SPDR, while VUG is a U.S. growth equity ETF from Vanguard. SPY is the broader fund, while VUG is the more targeted sleeve. VUG 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 35.01% 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, VUG is the narrower expression. VUG has the lower expense ratio, while SPY charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 35.01% 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 SPY and VUG.
| Holding | Name | SPY Wt. | VUG Wt. | Overlap |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 7.73% | 13.23% | 7.73% |
| AAPL | APPLE INC | 6.64% | 11.50% | 6.64% |
| MSFT | MICROSOFT CORP | 5.19% | 9.60% | 5.19% |
| AMZN | AMAZON.COM INC | 3.59% | 4.81% | 3.59% |
| GOOGL | ALPHABET INC CL A | 3.08% | 5.90% | 3.08% |
| AVGO | BROADCOM INC | 2.79% | 3.92% | 2.79% |
| GOOG | ALPHABET INC CL C | 2.46% | 4.67% | 2.46% |
| META | META PLATFORMS INC CLASS A | 2.45% | 4.69% | 2.45% |
| TSLA | TESLA INC | 1.93% | 3.66% | 1.93% |
| LLY | ELI LILLY + CO | 1.37% | 2.66% | 1.37% |
Why These ETFs Overlap
SPY is a U.S. large-cap core ETF from SPDR, while VUG is a U.S. growth equity 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 VUG may add less diversification than you expect. Many investors would choose the ETF that best matches their goal and avoid paying for duplicate exposure.
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Frequently Asked Questions About SPY and VUG
What is the overlap between SPY and VUG?+
How many holdings do SPY and VUG share?+
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Why do SPY and VUG overlap?+
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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.