Guardfolio Research · ETF Overlap
VGT vs SPY Overlap: 36.8% of Weight in Shared Holdings
VGT (Vanguard Information Technology) and SPY (SPDR S&P 500) overlap by 36.8% of normalized weight through 72 shared securities, led by NVDA, AAPL, MSFT, AVGO, MU. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
VGT and SPY overlap heavily: 36.8% of normalized fund weight is shared across 72 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 VGT and SPY 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 | VGT 2026-08-24; SPY 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | VGT weight | SPY weight | Shared (min) |
|---|---|---|---|
| NVIDIA Corp (NVDA) | 17.17% | 7.88% | 7.88% |
| Apple Inc (AAPL) | 16.26% | 6.88% | 6.88% |
| Microsoft Corp (MSFT) | 10.97% | 5.44% | 5.44% |
| Broadcom Inc (AVGO) | 4.21% | 2.64% | 2.64% |
| Micron Technology Inc (MU) | 3.82% | 1.65% | 1.65% |
| Advanced Micro Devices Inc (AMD) | 3.18% | 1.17% | 1.17% |
| Intel Corp (INTC) | 1.65% | 0.67% | 0.67% |
| Cisco Systems Inc (CSCO) | 1.91% | 0.66% | 0.66% |
| Palantir Technologies Inc (PLTR) | 1.14% | 0.63% | 0.63% |
| Lam Research Corp (LRCX) | 1.54% | 0.59% | 0.59% |
| Applied Materials Inc (AMAT) | 1.69% | 0.59% | 0.59% |
| Palo Alto Networks Inc (PANW) | 1.16% | 0.44% | 0.44% |
| Oracle Corp (ORCL) | 0.90% | 0.38% | 0.38% |
| Texas Instruments Inc (TXN) | 1.07% | 0.36% | 0.36% |
| KLA Corp (KLAC) | 1.02% | 0.36% | 0.36% |
| Sandisk Corp (SNDK) | 0.75% | 0.36% | 0.36% |
| Marvell Technology Inc (MRVL) | 0.70% | 0.31% | 0.31% |
| Crowdstrike Holdings Inc (CRWD) | 0.83% | 0.30% | 0.30% |
| Arista Networks Inc (ANET) | 0.83% | 0.30% | 0.30% |
| Amphenol Corp (APH) | 0.85% | 0.29% | 0.29% |
| Total full-holdings overlap | 86.7% | 36.8% | 36.8% |
Showing the 20 largest contributors of 72 shared securities. The total uses every shared security.
The 36.8% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. VGT is dated 2026-08-24 with 99.963% retained coverage; SPY is dated 2026-08-24 with 99.897% retained coverage.
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Sector Picture
VGT vs SPY: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (33.0% combined sector overlap).
| Sector | VGT | SPY |
|---|---|---|
| Technology | 100.0% | 33.1% |
| Financial Services | 0.0% | 12.2% |
| Consumer Discretionary | 0.0% | 10.4% |
| Healthcare | 0.0% | 9.3% |
| Industrials | 0.0% | 8.6% |
| Communication Services | 0.0% | 8.2% |
The Verdict
Should you hold both VGT and SPY?
VGT and SPY overlap heavily: 36.8% of normalized fund weight is shared across 72 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
VGT vs SPY overlap: common questions
How much do VGT and SPY overlap?
VGT (Vanguard Information Technology) and SPY (SPDR S&P 500) overlap by approximately 36.8% of normalized weight across their licensed full holdings. They share 72 securities; the largest contributors include NVDA, AAPL, MSFT, AVGO, MU, AMD, INTC, CSCO. The separately dated sector reference shows 33.0% overlap.
What stocks do VGT and SPY both hold?
Both VGT and SPY hold NVIDIA Corp (NVDA), Apple Inc (AAPL), Microsoft Corp (MSFT), Broadcom Inc (AVGO), Micron Technology Inc (MU), Advanced Micro Devices Inc (AMD), Intel Corp (INTC), Cisco Systems Inc (CSCO) among their top positions. These shared names account for the 36.8% weight overlap.
Is it worth holding both VGT and SPY?
VGT and SPY overlap heavily: 36.8% of normalized fund weight is shared across 72 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 VGT and SPY?
VGT is a technology-sector fund (US Sector – Technology, 0.10% expense ratio) and SPY is an S&P 500 fund (US Large-Cap Blend, 0.09% expense ratio). The dataset includes 320 VGT holdings as of 2026-08-24 and 504 SPY holdings as of 2026-08-24.
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