Guardfolio Research · ETF Overlap
QQQ vs QQQM Overlap: 99.8% of Weight in Shared Holdings
QQQ (Invesco QQQ) and QQQM (Invesco Nasdaq-100) track the same index and overlap by 99.8% across their licensed full holdings. The decision between them comes down largely to fees, structure, issuer, and liquidity.
Overlap Summary
Bottom line
QQQ and QQQM track the same underlying index, so their licensed full-holdings overlap is 99.8%. Holding both adds little diversification.
The Data
Exactly which securities QQQ and QQQM 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; QQQM 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | QQQ weight | QQQM weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp (NVDA) | 8.32% | 8.31% | 8.31% |
| Apple Inc (AAPL) | 7.28% | 7.26% | 7.26% |
| Microsoft Corp (MSFT) | 5.75% | 5.74% | 5.74% |
| Micron Technology Inc (MU) | 4.82% | 4.81% | 4.81% |
| Amazon.com Inc (AMZN) | 4.45% | 4.45% | 4.45% |
| Advanced Micro Devices Inc (AMD) | 3.41% | 3.41% | 3.41% |
| Alphabet Inc (GOOGL) | 3.22% | 3.21% | 3.21% |
| Alphabet Inc (GOOG) | 2.99% | 2.98% | 2.98% |
| Tesla Inc (TSLA) | 2.90% | 2.90% | 2.90% |
| Broadcom Inc (AVGO) | 2.80% | 2.79% | 2.79% |
| Meta Platforms Inc (META) | 2.61% | 2.60% | 2.60% |
| Walmart Inc (WMT) | 2.24% | 2.23% | 2.23% |
| Intel Corp (INTC) | 2.00% | 2.00% | 2.00% |
| Cisco Systems Inc (CSCO) | 1.93% | 1.93% | 1.93% |
| Costco Wholesale Corp (COST) | 1.86% | 1.86% | 1.86% |
| Palantir Technologies Inc (PLTR) | 1.83% | 1.82% | 1.82% |
| Lam Research Corp (LRCX) | 1.74% | 1.73% | 1.73% |
| Applied Materials Inc (AMAT) | 1.73% | 1.72% | 1.72% |
| Netflix Inc (NFLX) | 1.48% | 1.48% | 1.48% |
| Palo Alto Networks Inc (PANW) | 1.29% | 1.29% | 1.29% |
| Total full-holdings overlap | 100.0% | 99.9% | 99.8% |
Showing the 20 largest contributors of 104 shared securities. The total uses every shared security.
The 99.8% 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; QQQM is dated 2026-08-24 with 100.128% retained coverage.
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Sector Picture
QQQ vs QQQM: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (97.0% combined sector overlap).
| Sector | QQQ | QQQM |
|---|---|---|
| Technology | 53.6% | 53.5% |
| Consumer Discretionary | 13.0% | 13.0% |
| Communication Services | 12.6% | 12.6% |
| Consumer Staples | 5.0% | 5.0% |
| Industrials | 4.6% | 4.6% |
| Healthcare | 4.3% | 4.3% |
The Verdict
Should you hold both QQQ and QQQM?
QQQ and QQQM track the same underlying index, so their licensed full-holdings overlap is 99.8%. Holding both adds little diversification. The main differences are the expense ratio (0.20% vs 0.15%), issuer, structure, and trading liquidity.
FAQ
QQQ vs QQQM overlap: common questions
How much do QQQ and QQQM overlap?
QQQ (Invesco QQQ) and QQQM (Invesco Nasdaq-100) overlap by approximately 99.8% of normalized weight across their licensed full holdings. They share 104 securities; the largest contributors include NVDA, AAPL, MSFT, MU, AMZN, AMD, GOOGL, GOOG. The separately dated sector reference shows 97.0% overlap.
What stocks do QQQ and QQQM both hold?
Both QQQ and QQQM hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Micron Technology Inc (MU), Amazon (AMZN), Advanced Micro Devices Inc (AMD), Alphabet Inc (GOOGL), Alphabet Inc (GOOG) among their top positions. These shared names account for the 99.8% weight overlap.
Is it worth holding both QQQ and QQQM?
QQQ and QQQM track the same underlying index, so their licensed full-holdings overlap is 99.8%. Holding both adds little diversification. The main differences are the expense ratio (0.20% vs 0.15%), issuer, structure, and trading liquidity.
What is the difference between QQQ and QQQM?
QQQ is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.20% expense ratio) and QQQM is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.15% expense ratio). The dataset includes 104 QQQ holdings as of 2026-08-24 and 105 QQQM holdings as of 2026-08-24.
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