QUAL vs SPY: Holdings Overlap
QUALiShares MSCI USA Quality Factor ETF
iShares · 121 holdings · $47.8B · as of 2026-04-30
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
Holdings snapshots are 98 days apart (QUAL: 2026-04-30, 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 QUAL and SPY?
iShares MSCI USA Quality Factor ETF (QUAL, by iShares) holds 121 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 114 holdings in common, and by portfolio weight the two funds are 44.4% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 44.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 114QUAL holds 121 · SPY holds 504
- Weight in Shared Holdings
- QUAL 99%·SPY 48%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 QUAL
7 of 121 positions (1.3% of the fund) are not held by SPY.
Sector Breakdown
| Sector | QUAL | SPY |
|---|---|---|
| Information Technology | 34.4% | 37.6% |
| Financials | 11.6% | 12.3% |
| Communication Services | 11.0% | 9.7% |
| Consumer Discretionary | 9.8% | 9.3% |
| Industrials | 9.4% | 8.8% |
| Other Sectors | 23.6% | 22.3% |
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 |
|---|---|---|---|---|---|---|---|
| QUAL | +3.6% | +14.1% | +23.7% | +19.0% | +11.5% | +14.4% | 0.84% |
| 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 QUAL vs SPY →
Shared Holdings(114)
The top 10 shared positions account for 66% of the overlap, led by NVDA, AAPL and MSFT.
 NVDANVIDIA Corp. COM | 6.50% | 8.00% | 6.50% |
|---|---|---|---|
 AAPLApple Inc. COM | 6.27% | 6.92% | 6.27% |
 MSFTMicrosoft Corp. COM | 5.04% | 5.60% | 5.04% |
 GOOGLAlphabet Inc. CAP STK CL A | 2.53% | 3.16% | 2.53% |
 GOOGAlphabet Inc. CAP STK CL C | 2.11% | 2.54% | 2.11% |
 METAMeta Platforms, Inc., Class A | 3.49% | 1.95% | 1.95% |
 BRK-BBerkshire Hathaway, Inc., Class B | 2.11% | 1.45% | 1.45% |
 LLYEli Lilly & Co. COM | 2.92% | 1.42% | 1.42% |
 JNJJohnson & Johnson COM | 1.92% | 0.93% | 0.93% |
 VVisa, Inc., Class A | 3.08% | 0.93% | 0.93% |
 WMTWalmart Inc COM | 1.23% | 0.74% | 0.74% |
 MAMasterCard Incorporated CL A | 2.30% | 0.70% | 0.70% |
 COSTCostco Wholesale Corporation COM | 1.31% | 0.63% | 0.63% |
 AMATApplied Materials Inc. COM | 2.45% | 0.63% | 0.63% |
 CATCaterpillar Inc COM | 2.52% | 0.59% | 0.59% |
 LRCXLam Research Corporation COM NEW | 3.22% | 0.58% | 0.58% |
 UNHUnitedHealth Group Inc. COM | 1.02% | 0.55% | 0.55% |
 PGThe Procter & Gamble Co. COM | 0.93% | 0.52% | 0.52% |
 KOCoca-Cola Co (The) COM | 0.75% | 0.51% | 0.51% |
 MRKMerck & Co., Inc COM | 1.08% | 0.48% | 0.48% |
 NFLXNetflix, Inc. COM | 1.99% | 0.47% | 0.47% |
 KLACKLA Corp. COM NEW | 2.78% | 0.38% | 0.38% |
 LINLinde PLC COM EUR0.001 | 0.88% | 0.34% | 0.34% |
 ANETArista Networks Inc COM SHS | 1.49% | 0.30% | 0.30% |
 PEPPepsico Inc COM | 0.46% | 0.29% | 0.29% |
Frequently Asked Questions
How much do QUAL and SPY overlap?
QUAL and SPY overlap by 44.4% of portfolio weight. They share 114 holdings (QUAL holds 121 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both QUAL and SPY?
The two portfolios are 44.4% identical by weight. Owning both is defensible: they share a meaningful core, but each fund adds exposure the other lacks.
What are the biggest shared holdings of QUAL and SPY?
The largest positions held by both funds are NVDA, AAPL, MSFT, GOOGL and GOOG. Together the top 10 shared positions account for 66% of the total overlap.
What does QUAL own that SPY doesn't?
7 positions (1.3% of QUAL) are unique to QUAL, led by OKLO, EA and CSL. In the other direction, 390 positions (51.8% of SPY) are unique to SPY.