etf overlap tool · heavy overlap
QQQ vs XLK overlap
85% of XLK's money sits in companies QQQ also holds; 54% of the two funds is the same money, spread over 35 companies both hold.
Holdings as of October 16, 2026 · source: Invesco (QQQ), SPDR (XLK) · How we measured all 1,431 pairs
- same money
- same companies, extra weight
- only in this fund
Swapping one for the other to harvest a loss? In our study of 32 tax-loss harvesting ETF pairs, QQQ and XLK correlated 0.9696 over the 261 weeks to October 16, 2026 and were more than 1 point apart in 22.6% of weeks; over the year to that date, XLK returned 11.32 points more than QQQ. IRS Publication 550 sets no test for when two ETFs are “substantially identical” under the wash-sale rule: it says to consider “all the facts and circumstances in your particular case,” so no correlation figure settles the question.
Hold QQQ and XLK with other funds or stocks? The free portfolio optimizer opens QQQ and XLK beside the rest of what you own: the companies you hold twice, what the funds cost a year, and where the next deposit should go. No account.
The companies you would own twice
PLTRPalantir Technologies Inc1.87%2.58%
What only one of them gives you
AMZNAmazon.com Inc4.26%
TSLATesla Inc2.94%
GOOGAlphabet Inc Class C2.94%
WMTWalmart Inc2.52%
ORCLORACLE CORP1.34%
CRMSALESFORCE INC1.19%
NOWSERVICENOW INC0.89%
Where each fund puts its money
QQQ and XLK: what people ask
How much do QQQ and XLK overlap?
54% by weight, as of October 16, 2026: heavy overlap. 35 companies appear in both funds; they make up 54% of QQQ and 85% of XLK.
Which stocks do QQQ and XLK both hold?
The largest shared positions are NVDA, AAPL, MSFT, MU and AMD. Ranked by the smaller of the two weights, which is the part you would own twice.
Is it redundant to hold both QQQ and XLK?
Out of every $100 split evenly between them, about $54 (half in each fund) buys identical positions. The rest is exposure only one of the two funds gives you: 66 names only in QQQ, 40 only in XLK. Half in each behaves like 22 equally weighted stocks, against 31 for QQQ alone and 14 for XLK alone. Whether that duplication is a problem depends on the mix you want; this is a description, not advice.
How is ETF overlap calculated here?
For every company held by both funds we take the smaller of its two weights and add them up. The weights come from the full holdings files Invesco and SPDR publish, not a top-10 sample, and companies are matched by their ISIN so share classes stay apart. Sector overlap applies the same rule to the issuers' sector labels; "behaves like N equally weighted stocks" is one over the sum of the squared weights.
Weights come from each issuer's published holdings file and are matched company by company on their ISIN. Cash, futures and currency positions are left out. This page describes what the funds hold; it is not investment advice.