Check if your ETFs are secretly holding the same stocks.
Compare ETFs like VOO, VTI, QQQ, SPY, and SCHD to see overlapping holdings and hidden concentration.
Why it matters: Owning three ETFs does not always mean you are diversified. You may just be buying Apple, Microsoft, and Nvidia again and again.
Example calculation
You own both VOO (S&P 500) and QQQ (Nasdaq-100), thinking you're diversified. But both funds hold huge positions in the same mega-caps — Apple, Microsoft, Nvidia, Amazon, and Meta.
The checker reveals a high weighted overlap, meaning a big slice of your "two funds" is really the same handful of companies. Owning both gives you extra exposure to those names rather than true diversification.
What is ETF overlap?
ETF overlap is the degree to which two (or more) funds hold the same underlying stocks. It's one of the most common hidden risks for everyday investors: you buy several ETFs believing you're spreading your money around, but if they all load up on the same mega-cap companies, you're far more concentrated than you think. This ETF overlap checker shows the shared holdings, a weighted overlap percentage, and an estimate of how many of your dollars are effectively doubled up.
How the overlap percentage is calculated
The tool uses the standard methodology of summing the minimum shared weight of each common holding across two funds. If Apple is 6% of one ETF and 9% of another, the overlapping portion is 6%. Add up those minimums across every shared company and you get the weighted overlap — an approximation of how much of your money sits in the same stocks. Because the MVP uses simplified sample holdings, treat the number as directional rather than exact.
Why ETF overlap matters
High overlap quietly undermines diversification and concentrates your risk:
- Concentration risk: a handful of companies (or one sector) can dominate your portfolio.
- Correlated drawdowns: overlapping funds tend to fall together when those shared names drop.
- False sense of safety: owning "more funds" isn't the same as owning different things.
High overlap isn't automatically bad — but it should be a choice you make on purpose, not a surprise.
Common overlapping ETF combinations
Some popular pairings overlap heavily because they're built from the same large-cap universe. S&P 500 funds like VOO, SPY, and IVV are nearly identical to each other. A total-market fund like VTI overlaps almost entirely with the S&P 500 at the top. And growth funds like QQQ share their biggest holdings with broad-market funds. Run your own combinations to see where you're doubling up.
How to use your results
If you discover heavy overlap, you have options: consolidate into a single broad fund to simplify, or intentionally add genuinely different exposure — such as small caps, international stocks, value, or bonds — to diversify. The combined sector concentration bars help you spot when one sector (often technology) dominates your blended holdings.
Important data caveat
The ETF Overlap Checker uses simplified, static sample holdings for the MVP. Real fund holdings change constantly and our sample weights are approximate and may be out of date. Always verify current holdings and weights on the fund provider's official website before making any decision. This tool is for education only and is not investment advice.
Keep building a resilient portfolio
Pair this checker with our investment goal calculator to plan your overall allocation, and the dividend calculator if income is part of your strategy.
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Frequently asked questions
Educational use only — not financial advice
StockLeo is for educational purposes only and does not provide financial, investment, legal, or tax advice. Calculations are estimates and may not reflect your full tax or financial situation. Consult a qualified professional before making financial decisions.