PBUS vs SPY: Holdings Overlap
Invesco · 537 holdings · $11.4B · 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 (PBUS: 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 PBUS and SPY?
Invesco MSCI USA ETF (PBUS, by Invesco) holds 537 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 456 holdings in common, and by portfolio weight the two funds are 92.5% identical. In practical terms the pair is essentially interchangeable, so holding both adds little diversification.
- Overlap by Weight
- 92.5%Sum of the smaller weight of each shared holding
- Shared Holdings
- 456PBUS holds 537 · SPY holds 504
- Weight in Shared Holdings
- PBUS 96%·SPY 98%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 PBUS
81 of 537 positions (3.9% of the fund) are not held by SPY. Showing the top 30 by weight.
Sector Breakdown
| Sector | PBUS | SPY |
|---|---|---|
| Information Technology | 38.0% | 37.6% |
| Financials | 11.1% | 12.3% |
| Communication Services | 10.7% | 9.7% |
| Consumer Discretionary | 9.7% | 9.3% |
| Health Care | 8.3% | 8.9% |
| Other Sectors | 21.8% | 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 |
|---|---|---|---|---|---|---|---|
| PBUS | +3.4% | +14.0% | +23.4% | +21.4% | +12.9% | — | 0.99% |
| 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 PBUS vs SPY →
Shared Holdings(456)
The top 10 shared positions account for 40% of the overlap, led by NVDA, AAPL and MSFT.
 NVDANVIDIA Corp. COM | 7.77% | 8.00% | 7.77% |
|---|---|---|---|
 AAPLApple Inc. COM | 6.94% | 6.92% | 6.92% |
 MSFTMicrosoft Corp. COM | 4.81% | 5.60% | 4.81% |
 AMZNAmazon.com, Inc. COM | 3.94% | 4.02% | 3.94% |
 GOOGLAlphabet Inc. CAP STK CL A | 3.35% | 3.16% | 3.16% |
 AVGOBroadcom Inc COM | 3.05% | 3.00% | 3.00% |
 GOOGAlphabet Inc. CAP STK CL C | 2.77% | 2.54% | 2.54% |
 METAMeta Platforms, Inc., Class A | 2.09% | 1.95% | 1.95% |
 MUMicron Technology Inc. COM | 1.65% | 1.50% | 1.50% |
 TSLATesla Inc COM | 1.86% | 1.36% | 1.36% |
 LLYEli Lilly & Co. COM | 1.34% | 1.42% | 1.34% |
 JPMJPMorgan Chase & Co. COM | 1.23% | 1.44% | 1.23% |
 AMDAdvanced Micro Devices Inc. COM | 1.27% | 1.20% | 1.20% |
 BRK-BBerkshire Hathaway, Inc., Class B | 0.99% | 1.45% | 0.99% |
 VVisa, Inc., Class A | 0.83% | 0.93% | 0.83% |
 JNJJohnson & Johnson COM | 0.82% | 0.93% | 0.82% |
 WMTWalmart Inc COM | 0.77% | 0.74% | 0.74% |
 CSCOCisco Systems, Inc. COM | 0.72% | 0.72% | 0.72% |
 INTCIntel Corporation COM | 0.78% | 0.71% | 0.71% |
 COSTCostco Wholesale Corporation COM | 0.64% | 0.63% | 0.63% |
 MAMasterCard Incorporated CL A | 0.63% | 0.70% | 0.63% |
 CATCaterpillar Inc COM | 0.62% | 0.59% | 0.59% |
 ABBVAbbVie Inc. COM | 0.58% | 0.65% | 0.58% |
 LRCXLam Research Corporation COM NEW | 0.60% | 0.58% | 0.58% |
 AMATApplied Materials Inc. COM | 0.54% | 0.63% | 0.54% |
Showing the top 250 of 456 shared holdings by overlap weight.
Frequently Asked Questions
How much do PBUS and SPY overlap?
PBUS and SPY overlap by 92.5% of portfolio weight. They share 456 holdings (PBUS holds 537 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both PBUS and SPY?
The two portfolios are 92.5% identical by weight. Owning both is largely redundant: they are close to the same portfolio, so a second position mostly duplicates the first.
What are the biggest shared holdings of PBUS and SPY?
The largest positions held by both funds are NVDA, AAPL, MSFT, AMZN and GOOGL. Together the top 10 shared positions account for 40% of the total overlap.
What does PBUS own that SPY doesn't?
81 positions (3.9% of PBUS) are unique to PBUS, led by XOM, HON and SNOW. In the other direction, 48 positions (2.2% of SPY) are unique to SPY.