RWL vs SPY: Holdings Overlap
RWLInvesco S&P 500 Revenue ETF
Invesco · 502 holdings · $9.8B · 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 (RWL: 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 RWL and SPY?
Invesco S&P 500 Revenue ETF (RWL, by Invesco) holds 502 positions; State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504. They have 494 holdings in common, and by portfolio weight the two funds are 56.4% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 56.4%Sum of the smaller weight of each shared holding
- Shared Holdings
- 494RWL holds 502 · SPY holds 504
- Weight in Shared Holdings
- RWL 98%·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 RWL
8 of 502 positions (1.9% of the fund) are not held by SPY.
Sector Breakdown
| Sector | RWL | SPY |
|---|---|---|
| Information Technology | 15.4% | 37.6% |
| Health Care | 19.3% | 8.9% |
| Financials | 15.1% | 12.3% |
| Consumer Discretionary | 12.1% | 9.3% |
| Consumer Staples | 10.1% | 4.5% |
| Other Sectors | 27.8% | 27.3% |
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 |
|---|---|---|---|---|---|---|---|
| RWL | +3.1% | +17.9% | +31.3% | +19.4% | +14.1% | +14.1% | 1.20% |
| 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 RWL vs SPY →
Shared Holdings(494)
The top 10 shared positions account for 29% of the overlap, led by AMZN, AAPL and MSFT.
 AMZNAmazon.com, Inc. COM | 4.47% | 4.02% | 4.02% |
|---|---|---|---|
 AAPLApple Inc. COM | 2.55% | 6.92% | 2.55% |
 MSFTMicrosoft Corp. COM | 1.66% | 5.60% | 1.66% |
 BRK-BBerkshire Hathaway, Inc., Class B | 1.75% | 1.45% | 1.45% |
 JPMJPMorgan Chase & Co. COM | 1.43% | 1.44% | 1.43% |
 GOOGLAlphabet Inc. CAP STK CL A | 1.22% | 3.16% | 1.22% |
 GOOGAlphabet Inc. CAP STK CL C | 1.20% | 2.54% | 1.20% |
 NVDANVIDIA Corp. COM | 1.20% | 8.00% | 1.20% |
 METAMeta Platforms, Inc., Class A | 0.95% | 1.95% | 0.95% |
 WMTWalmart Inc COM | 3.27% | 0.74% | 0.74% |
 COSTCostco Wholesale Corporation COM | 1.35% | 0.63% | 0.63% |
 BACBank of America Corp. COM | 1.02% | 0.62% | 0.62% |
 INTCIntel Corporation COM | 0.62% | 0.71% | 0.62% |
 UNHUnitedHealth Group Inc. COM | 2.92% | 0.55% | 0.55% |
 CVXChevron Corp. COM | 0.86% | 0.53% | 0.53% |
 HDHome Depot, Inc. (The) | 0.73% | 0.52% | 0.52% |
 TSLATesla Inc COM | 0.50% | 1.36% | 0.50% |
 MUMicron Technology Inc. COM | 0.48% | 1.50% | 0.48% |
 GSGoldman Sachs Group, Inc. (The) | 0.77% | 0.46% | 0.46% |
 CSCOCisco Systems, Inc. COM | 0.45% | 0.72% | 0.45% |
 AVGOBroadcom Inc COM | 0.44% | 3.00% | 0.44% |
 JNJJohnson & Johnson COM | 0.43% | 0.93% | 0.43% |
 AMDAdvanced Micro Devices Inc. COM | 0.43% | 1.20% | 0.43% |
 CATCaterpillar Inc COM | 0.41% | 0.59% | 0.41% |
 WFCWells Fargo & Co. COM | 0.61% | 0.40% | 0.40% |
Showing the top 250 of 494 shared holdings by overlap weight.
Frequently Asked Questions
How much do RWL and SPY overlap?
RWL and SPY overlap by 56.4% of portfolio weight. They share 494 holdings (RWL holds 502 positions and SPY holds 504), based on each fund's latest SEC-reported holdings.
Is it redundant to own both RWL and SPY?
The two portfolios are 56.4% 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 RWL and SPY?
The largest positions held by both funds are AMZN, AAPL, MSFT, BRK-B and JPM. Together the top 10 shared positions account for 29% of the total overlap.
What does RWL own that SPY doesn't?
8 positions (1.9% of RWL) are unique to RWL, led by XOM, HON and DD. In the other direction, 10 positions (1.7% of SPY) are unique to SPY.