Guardfolio Research · ETF Overlap
QQQ vs ITOT Overlap: 47.7% of Weight in Shared Holdings
QQQ (Invesco QQQ) and ITOT (iShares Core S&P Total US Stock Market) overlap by 47.7% of normalized weight through 92 shared securities, led by NVDA, AAPL, MSFT, AMZN, GOOGL. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
QQQ and ITOT overlap heavily: 47.7% of normalized fund weight is shared across 92 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification..
The Data
Exactly which securities QQQ and ITOT share
The table below shows the largest contributors to overlap across the licensed full holdings, with each fund's normalized weight and the lesser weight that counts toward overlap.
| Data basis | Licensed full holdings |
|---|---|
| Fund dates | QQQ 2026-08-24; ITOT 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | QQQ weight | ITOT weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp (NVDA) | 8.32% | 6.98% | 6.98% |
| Apple Inc (AAPL) | 7.28% | 6.10% | 6.10% |
| Microsoft Corp (MSFT) | 5.75% | 4.82% | 4.82% |
| Amazon.com Inc (AMZN) | 4.45% | 3.40% | 3.40% |
| Alphabet Inc (GOOGL) | 3.22% | 2.71% | 2.71% |
| Broadcom Inc (AVGO) | 2.80% | 2.34% | 2.34% |
| Alphabet Inc (GOOG) | 2.99% | 2.17% | 2.17% |
| Meta Platforms Inc (META) | 2.61% | 1.62% | 1.62% |
| Micron Technology Inc (MU) | 4.82% | 1.46% | 1.46% |
| Tesla Inc (TSLA) | 2.90% | 1.37% | 1.37% |
| Advanced Micro Devices Inc (AMD) | 3.41% | 1.04% | 1.04% |
| Walmart Inc (WMT) | 2.24% | 0.61% | 0.61% |
| Intel Corp (INTC) | 2.00% | 0.59% | 0.59% |
| Cisco Systems Inc (CSCO) | 1.93% | 0.59% | 0.59% |
| Costco Wholesale Corp (COST) | 1.86% | 0.56% | 0.56% |
| Palantir Technologies Inc (PLTR) | 1.83% | 0.55% | 0.55% |
| Lam Research Corp (LRCX) | 1.74% | 0.53% | 0.53% |
| Applied Materials Inc (AMAT) | 1.73% | 0.52% | 0.52% |
| Netflix Inc (NFLX) | 1.48% | 0.45% | 0.45% |
| Palo Alto Networks Inc (PANW) | 1.29% | 0.39% | 0.39% |
| Total full-holdings overlap | 96.0% | 47.7% | 47.7% |
Showing the 20 largest contributors of 92 shared securities. The total uses every shared security.
The 47.7% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. QQQ is dated 2026-08-24 with 99.986% retained coverage; ITOT is dated 2026-08-24 with 99.91% retained coverage.
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Sector Picture
QQQ vs ITOT: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (68.0% combined sector overlap).
| Sector | QQQ | ITOT |
|---|---|---|
| Technology | 53.6% | 32.2% |
| Consumer Discretionary | 13.0% | 10.5% |
| Communication Services | 12.6% | 7.6% |
| Consumer Staples | 5.0% | 5.0% |
| Industrials | 4.6% | 9.6% |
| Healthcare | 4.3% | 9.1% |
The Verdict
Should you hold both QQQ and ITOT?
QQQ and ITOT overlap heavily: 47.7% of normalized fund weight is shared across 92 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
FAQ
QQQ vs ITOT overlap: common questions
How much do QQQ and ITOT overlap?
QQQ (Invesco QQQ) and ITOT (iShares Core S&P Total US Stock Market) overlap by approximately 47.7% of normalized weight across their licensed full holdings. They share 92 securities; the largest contributors include NVDA, AAPL, MSFT, AMZN, GOOGL, AVGO, GOOG, META. The separately dated sector reference shows 68.0% overlap.
What stocks do QQQ and ITOT both hold?
Both QQQ and ITOT hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Amazon (AMZN), Alphabet Inc (GOOGL), Broadcom Inc (AVGO), Alphabet Inc (GOOG), Meta Platforms Inc (META) among their top positions. These shared names account for the 47.7% weight overlap.
Is it worth holding both QQQ and ITOT?
QQQ and ITOT overlap heavily: 47.7% of normalized fund weight is shared across 92 securities. Owning both repeats much of the same exposure, so treat the pair as closely related positions rather than assuming two fund labels create diversification.
What is the difference between QQQ and ITOT?
QQQ is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.20% expense ratio) and ITOT is a total US market fund (US Total Market, 0.03% expense ratio). The dataset includes 104 QQQ holdings as of 2026-08-24 and 2429 ITOT holdings as of 2026-08-24.
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