KBWB vs SPY: Holdings Overlap
Invesco · 24 holdings · $6.8B · as of 2026-05-31
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 67 days apart (KBWB: 2026-05-31, SPY: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are KBWB and SPY?
Invesco KBW Bank ETF (KBWB, by Invesco) holds 24 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 19 holdings in common, and by portfolio weight the two funds are 4.9% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 4.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 19KBWB holds 24 · SPY holds 504
- Weight in Shared Holdings
- KBWB 92%·SPY 5%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in KBWB
5 of 24 positions (7.3% of the fund) are not held by SPY.
Sector Breakdown
| Sector | KBWB | SPY |
|---|---|---|
| Financials | 99.8% | 12.3% |
| Information Technology | 0.0% | 37.6% |
| Communication Services | 0.0% | 9.7% |
| Consumer Discretionary | 0.0% | 9.3% |
| Health Care | 0.0% | 8.9% |
| Other Sectors | 0.0% | 22.1% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts.
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| KBWB | +1.5% | +17.1% | +39.1% | +32.5% | +11.4% | +13.3% | 1.90% |
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in KBWB vs SPY →
Shared Holdings(19)
The top 10 shared positions account for 89% of the overlap, led by JPM, BAC and GS.
 JPMJPMorgan Chase & Co. COM | 7.47% | 1.44% | 1.44% |
|---|---|---|---|
 BACBank of America Corp. COM | 7.76% | 0.62% | 0.62% |
 GSGoldman Sachs Group, Inc. (The) | 8.94% | 0.46% | 0.46% |
 WFCWells Fargo & Co. COM | 7.13% | 0.40% | 0.40% |
 MSMorgan Stanley COM NEW | 9.36% | 0.39% | 0.39% |
 CCitigroup Inc. COM NEW | 4.28% | 0.34% | 0.34% |
 COFCapital One Financial Corp. COM | 3.60% | 0.21% | 0.21% |
 BNYThe Bank of New York Mellon Corp. COM | 4.39% | 0.16% | 0.16% |
 PNCPNC Financial Services Group, Inc. (The) | 3.90% | 0.15% | 0.15% |
 USBU.S. Bancorp. COM NEW | 3.76% | 0.15% | 0.15% |
 TFCTruist Financial Corp. COM | 3.66% | 0.10% | 0.10% |
 FITBFifth Third Bancorp COM | 3.78% | 0.08% | 0.08% |
 STTState Street Corp. COM | 4.53% | 0.08% | 0.08% |
 MTBM&T Bank Corporation COM | 3.73% | 0.06% | 0.06% |
 HBANHuntington Bancshares Incorporated COM | 3.65% | 0.05% | 0.05% |
 NTRSNorthern Trust Corporation COM | 3.68% | 0.05% | 0.05% |
 CFGCitizens Financial Group Inc COM | 3.17% | 0.05% | 0.05% |
 RFRegions Financial Corporation COM | 2.90% | 0.04% | 0.04% |
 KEYKeyCorp COM | 2.78% | 0.03% | 0.03% |
Frequently Asked Questions
How much do KBWB and SPY overlap?
KBWB and SPY overlap by 4.9% of portfolio weight. They share 19 holdings (KBWB holds 24 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both KBWB and SPY?
The two portfolios are 4.9% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of KBWB and SPY?
The largest positions held by both funds are JPM, BAC, GS, WFC and MS. Together the top 10 shared positions account for 89% of the total overlap.
What does KBWB own that SPY doesn't?
5 positions (7.3% of KBWB) are unique to KBWB, led by EWBC, PNFP and FHN. In the other direction, 485 positions (95.1% of SPY) are unique to SPY.