Guardfolio Research · ETF Overlap
XLK vs QQQ Overlap: 54.6% of Weight in Shared Holdings
XLK (Technology Select Sector SPDR) and QQQ (Invesco QQQ) overlap by 54.6% of normalized weight through 35 shared securities, led by NVDA, AAPL, MSFT, MU, AMD. Here is which positions contribute most and what the result can and cannot say about diversification.
Overlap Summary
Bottom line
XLK and QQQ overlap heavily: 54.6% of normalized fund weight is shared across 35 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 XLK and QQQ 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 | XLK 2026-08-24; QQQ 2026-08-24 |
| Coverage gate | At least 97% retained per fund |
| Holding | XLK weight | QQQ weight | Shared (min) |
|---|---|---|---|
| NVIDIA CORP (NVDA) | 14.22% | 8.32% | 8.32% |
| APPLE INC (AAPL) | 12.43% | 7.28% | 7.28% |
| MICROSOFT CORP (MSFT) | 9.82% | 5.75% | 5.75% |
| MICRON TECHNOLOGY INC (MU) | 4.11% | 4.82% | 4.11% |
| ADVANCED MICRO DEVICES (AMD) | 4.02% | 3.41% | 3.41% |
| BROADCOM INC (AVGO) | 4.77% | 2.80% | 2.80% |
| INTEL CORP (INTC) | 2.97% | 2.00% | 2.00% |
| CISCO SYSTEMS INC (CSCO) | 2.93% | 1.93% | 1.93% |
| PALANTIR TECHNOLOGIES INC A (PLTR) | 2.76% | 1.83% | 1.83% |
| LAM RESEARCH CORP (LRCX) | 2.62% | 1.74% | 1.74% |
| APPLIED MATERIALS INC (AMAT) | 2.61% | 1.73% | 1.73% |
| PALO ALTO NETWORKS INC (PANW) | 1.94% | 1.29% | 1.29% |
| TEXAS INSTRUMENTS INC (TXN) | 1.61% | 1.06% | 1.06% |
| KLA CORP (KLAC) | 1.60% | 1.06% | 1.06% |
| SANDISK CORP (SNDK) | 1.58% | 1.05% | 1.05% |
| MARVELL TECHNOLOGY INC (MRVL) | 1.39% | 0.92% | 0.92% |
| CROWDSTRIKE HOLDINGS INC A (CRWD) | 1.30% | 0.86% | 0.86% |
| SEAGATE TECHNOLOGY HOLDINGS (STX) | 1.27% | 0.84% | 0.84% |
| ANALOG DEVICES INC (ADI) | 1.22% | 0.80% | 0.80% |
| QUALCOMM INC (QCOM) | 1.13% | 0.75% | 0.75% |
| Total full-holdings overlap | 83.9% | 55.3% | 54.6% |
Showing the 20 largest contributors of 35 shared securities. The total uses every shared security.
The 54.6% figure uses all reported non-cash holdings and sums the lesser normalized weight for each shared security. XLK is dated 2026-08-24 with 99.934% retained coverage; QQQ is dated 2026-08-24 with 99.986% retained coverage.
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Sector Picture
XLK vs QQQ: sector exposure side by side
Two funds can share few holdings yet still concentrate the same sectors. Here is how the top sectors compare (54.0% combined sector overlap).
| Sector | XLK | QQQ |
|---|---|---|
| Technology | 100.0% | 53.6% |
| Consumer Discretionary | 0.0% | 13.0% |
| Communication Services | 0.0% | 12.6% |
| Consumer Staples | 0.0% | 5.0% |
| Industrials | 0.0% | 4.6% |
| Healthcare | 0.0% | 4.3% |
The Verdict
Should you hold both XLK and QQQ?
XLK and QQQ overlap heavily: 54.6% of normalized fund weight is shared across 35 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
XLK vs QQQ overlap: common questions
How much do XLK and QQQ overlap?
XLK (Technology Select Sector SPDR) and QQQ (Invesco QQQ) overlap by approximately 54.6% of normalized weight across their licensed full holdings. They share 35 securities; the largest contributors include NVDA, AAPL, MSFT, MU, AMD, AVGO, INTC, CSCO. The separately dated sector reference shows 54.0% overlap.
What stocks do XLK and QQQ both hold?
Both XLK and QQQ hold NVIDIA CORP (NVDA), APPLE INC (AAPL), MICROSOFT CORP (MSFT), MICRON TECHNOLOGY INC (MU), ADVANCED MICRO DEVICES (AMD), BROADCOM INC (AVGO), INTEL CORP (INTC), CISCO SYSTEMS INC (CSCO) among their top positions. These shared names account for the 54.6% weight overlap.
Is it worth holding both XLK and QQQ?
XLK and QQQ overlap heavily: 54.6% of normalized fund weight is shared across 35 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 XLK and QQQ?
XLK is a technology-sector fund (US Sector – Technology, 0.09% expense ratio) and QQQ is a large-cap growth fund (US Large-Cap Growth (Nasdaq-100), 0.20% expense ratio). The dataset includes 73 XLK holdings as of 2026-08-24 and 104 QQQ holdings as of 2026-08-24.
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