SPY vs USMV: Holdings Overlap
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
USMViShares MSCI USA Min Vol Factor ETF
iShares · 170 holdings · $24.1B · as of 2026-04-30
Holdings snapshots are 98 days apart (SPY: 2026-08-06, USMV: 2026-04-30). 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 SPY and USMV?
State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504 positions; iShares MSCI USA Min Vol Factor ETF (USMV, by iShares) holds 170. They have 152 holdings in common, and by portfolio weight the two funds are 31.9% identical. In practical terms the pair is moderately overlapping; they share a meaningful core, but each fund adds distinct exposure.
- Overlap by Weight
- 31.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 152SPY holds 504 · USMV holds 170
- Weight in Shared Holdings
- SPY 65%·USMV 92%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 SPY
352 of 504 positions (35.4% of the fund) are not held by USMV. Showing the top 30 by weight.
Sector Breakdown
| Sector | SPY | USMV |
|---|---|---|
| Information Technology | 37.6% | 29.2% |
| Financials | 12.3% | 13.7% |
| Health Care | 8.9% | 12.7% |
| Consumer Staples | 4.5% | 9.9% |
| Communication Services | 9.7% | 5.9% |
| Other Sectors | 26.8% | 28.3% |
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 |
|---|---|---|---|---|---|---|---|
| SPY | +3.4% | +14.0% | +23.7% | +21.2% | +13.3% | +15.3% | 0.97% |
| USMV | +2.3% | +7.6% | +10.3% | +12.2% | +7.4% | +9.9% | 1.44% |
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 SPY vs USMV →
Shared Holdings(152)
The top 10 shared positions account for 32% of the overlap, led by NVDA, MSFT and BRK-B.
 NVDANVIDIA Corp. COM | 8.00% | 1.63% | 1.63% |
|---|---|---|---|
 MSFTMicrosoft Corp. COM | 5.60% | 1.56% | 1.56% |
 BRK-BBerkshire Hathaway, Inc., Class B | 1.45% | 1.41% | 1.41% |
 JNJJohnson & Johnson COM | 0.93% | 1.43% | 0.93% |
 VVisa, Inc., Class A | 0.93% | 0.94% | 0.93% |
 AAPLApple Inc. COM | 6.92% | 0.82% | 0.82% |
 WMTWalmart Inc COM | 0.74% | 0.87% | 0.74% |
 CSCOCisco Systems, Inc. COM | 0.72% | 1.80% | 0.72% |
 MAMasterCard Incorporated CL A | 0.70% | 1.15% | 0.70% |
 LLYEli Lilly & Co. COM | 1.42% | 0.66% | 0.66% |
 ABBVAbbVie Inc. COM | 0.65% | 0.63% | 0.63% |
 AMDAdvanced Micro Devices Inc. COM | 1.20% | 0.53% | 0.53% |
 PGThe Procter & Gamble Co. COM | 0.52% | 1.10% | 0.52% |
 KOCoca-Cola Co (The) COM | 0.51% | 1.19% | 0.51% |
 AVGOBroadcom Inc COM | 3.00% | 0.50% | 0.50% |
 PLTRPalantir Technologies, Inc., Class A | 0.54% | 0.49% | 0.49% |
 MRKMerck & Co., Inc COM | 0.48% | 1.17% | 0.48% |
 GOOGAlphabet Inc. CAP STK CL C | 2.54% | 0.45% | 0.45% |
 PMPhilip Morris International Inc. COM | 0.44% | 0.52% | 0.44% |
 PANWPalo Alto Networks Inc COM | 0.44% | 0.53% | 0.44% |
 MUMicron Technology Inc. COM | 1.50% | 0.42% | 0.42% |
 CVXChevron Corp. COM | 0.53% | 0.41% | 0.41% |
 UNHUnitedHealth Group Inc. COM | 0.55% | 0.39% | 0.39% |
 TXNTexas Instruments Inc. COM | 0.38% | 0.77% | 0.38% |
 LINLinde PLC COM EUR0.001 | 0.34% | 0.69% | 0.34% |
Frequently Asked Questions
How much do SPY and USMV overlap?
SPY and USMV overlap by 31.9% of portfolio weight. They share 152 holdings (SPY holds 504 positions and USMV holds 170), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPY and USMV?
The two portfolios are 31.9% 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 SPY and USMV?
The largest positions held by both funds are NVDA, MSFT, BRK-B, JNJ and V. Together the top 10 shared positions account for 32% of the total overlap.
What does SPY own that USMV doesn't?
352 positions (35.4% of SPY) are unique to SPY, led by GOOGL, JPM and TSLA. In the other direction, 18 positions (7.6% of USMV) are unique to USMV.