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ETF Overlap Tool: VOO vs SPY

Compare portfolio holdings overlap, tech concentration risk, and expense ratio differences between Vanguard S&P 500 ETF (VOO) and SPDR S&P 500 ETF Trust (SPY).

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ETF Overlap Overview & Key Metrics
VOO (503 Total) SPY (503 Total) ONLY IN VOO 3 Stocks (53.6% Weight) HIGH HOLDINGS OVERLAP 45 Shared Stocks (83.2%) 56.6% Weight Duplication ONLY IN SPY 4 Stocks (53.6% Weight)
Overlap by Weight
56.6%
⚡ Identical S&P 500 Overlap
Expense Ratio Gap
0.03% vs 0.095%
VOO is 3.1x cheaper than SPY
Unique Holdings
419 vs 4 Stocks
~0.0% Weight Difference
Sector Allocation Breakdown
Information Technology
37.43%
Financials
12.19%
Communication Services
9.91%
Consumer Discretionary
9.58%
Healthcare
9.1%
Industrials
8.16%
Consumer Staples
4.61%
Energy
3.36%
Utilities
2.15%
Real Estate
1.88%
Materials
1.62%
Information Technology
38.82%
Financials
12.09%
Communication Services
9.57%
Healthcare
9.3%
Consumer Discretionary
9.14%
Industrials
7.73%
Consumer Staples
4.42%
Energy
3.47%
Utilities
2.01%
Real Estate
1.79%
Materials
1.66%

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Stock Holdings Breakdown (VOO vs SPY)

52 Assets
Asset Sector VOO Weight SPY Weight Combined (50/50) Status
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Showing 1 to 20 of 73 holdings

VOO vs SPY: Portfolio Overlap & Investment Strategy Guide

When evaluating Vanguard S&P 500 ETF (VOO) versus SPDR S&P 500 ETF Trust (SPY), investors are comparing two distinct ETF strategies. VOO holds 503 total assets while SPY contains 503 total assets. Across both portfolios, they share 45 common stock holdings, representing a 56.6% portfolio overlap by weight.

Sector Concentration & Shared Stock Holdings

While both funds invest in equity markets, their internal sector allocations create meaningful differences in portfolio performance and volatility:

  • Primary Sector Focus: VOO concentrates its largest allocation in Information Technology (37.43%), whereas SPY allocates its highest weighting to Information Technology (38.82%).
  • Top Shared Holdings: Key overlapping stocks held in both funds include NVIDIA Corporation (NVDA), Apple Inc (AAPL), Microsoft Corporation (MSFT), Amazon.com, Inc (AMZN).
  • Holdings Distribution: VOO features 503 holdings compared to 503 holdings in SPY, affecting single-stock concentration risk.

Strategic Portfolio Insight: Moderate Overlap & Balanced Dual Exposure

Combining VOO and SPY creates a moderate portfolio overlap of 56.6% by weight. While they share 45 common holdings, each ETF offers distinct sector weightings and strategy tilts that can complement a broader asset allocation strategy.

Expense Ratio Comparison & Performance: VOO vs SPY

Beyond portfolio holdings overlap, fund management fees, dividend yields, and sector diversification play a vital role in long-term compounding returns:

1. Annual Management Fee Impact

VOO charges a lower expense ratio of 0.03% compared to SPY at 0.10%. VOO is 3.2x cheaper, saving long-term investors approximately $6 per year for every $100,000 invested.

2. Volatility, Risk & Long-Term Growth Potential

VOO and SPY react differently to changing interest rates, market cycles, and sector rotations. Diversifying across funds with different underlying indexes helps reduce portfolio drawdown risk during broader market corrections.

Snowball Portfolio Lab Insight

Want to analyze how combining VOO and SPY impacts your total portfolio yield, sector distribution, and historical dividend income? Model your custom asset allocation in the Snowball Analytics Portfolio Lab.

Frequently Asked Questions: VOO vs SPY ETF Overlap
What is the portfolio overlap percentage between VOO and SPY?
Vanguard S&P 500 ETF (VOO) and SPDR S&P 500 ETF Trust (SPY) have a 56.6% overlap by weight and share 45 identical stock holdings. VOO holds 503 total assets while SPY holds 503 total assets.
What is the main difference between VOO and SPY?
The main difference between VOO and SPY lies in sector allocation, expense ratio, and portfolio breadth:
  • Sector Focus: VOO's largest sector is Information Technology (37.43%), whereas SPY's largest sector is Information Technology (38.82%).
  • Expense Ratio: VOO has an expense ratio of 0.03%, while SPY charges 0.10%. VOO is 3.2x cheaper than SPY.
  • Portfolio Breadth: VOO holds 503 total stocks vs SPY's 503 stocks.
Is it good to hold both VOO and SPY in the same portfolio?
Holding both VOO and SPY results in a 56.6% portfolio weight overlap across 45 common holdings. With a moderate weight overlap of 56.6%, holding both VOO and SPY can provide balanced dual exposure if you want to tilt toward specific sector weightings while maintaining broader market coverage.
Which ETF has lower management expense fees: VOO or SPY?
VOO has an expense ratio of 0.03%, while SPY charges 0.10%. VOO is 3.2x cheaper than SPY.
Which ETF is better for long-term investors: VOO or SPY?
The ideal choice depends on your investment strategy: VOO (0.03% expense ratio) provides exposure to Vanguard S&P 500 ETF, while SPY (0.10% expense ratio) offers exposure to SPDR S&P 500 ETF Trust. Comparing sector concentration and historical volatility helps align your choice with long-term goals.
Do VOO and SPY pay dividends?
Yes, both VOO and SPY pay quarterly dividend distributions to shareholders derived from underlying dividend payments of portfolio companies.