SPY vs VAW: Holdings Overlap
SPYState Street® SPDR® S&P 500® ETF Trust
State Street (SPDR) · 504 holdings · $812.0B · as of 2026-08-06
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
Holdings snapshots are 67 days apart (SPY: 2026-08-06, VAW: 2026-05-31). 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 VAW?
State Street® SPDR® S&P 500® ETF Trust (SPY, by State Street (SPDR)) holds 504 positions; Vanguard Materials Index Fund (VAW, by Vanguard) holds 110. They have 25 holdings in common, and by portfolio weight the two funds are 1.8% identical. In practical terms the pair is essentially distinct, holding almost none of the same securities.
- Overlap by Weight
- 1.8%Sum of the smaller weight of each shared holding
- Shared Holdings
- 25SPY holds 504 · VAW holds 110
- Weight in Shared Holdings
- SPY 2%·VAW 75%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
479 of 504 positions (98.1% of the fund) are not held by VAW. Showing the top 30 by weight.
Sector Breakdown
| Sector | SPY | VAW |
|---|---|---|
| Materials | 1.8% | 99.5% |
| Information Technology | 37.6% | 0.0% |
| Financials | 12.3% | 0.0% |
| Communication Services | 9.7% | 0.0% |
| Consumer Discretionary | 9.3% | 0.0% |
| Other Sectors | 29.3% | 0.3% |
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% |
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
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 VAW →
Shared Holdings(25)
The top 10 shared positions account for 74% of the overlap, led by LIN, NEM and FCX.
 LINLinde PLC COM EUR0.001 | 0.34% | 14.92% | 0.34% |
|---|---|---|---|
 NEMNewmont Corporation COM | 0.17% | 7.69% | 0.17% |
 FCXFreeport-McMoRan Inc. CL B | 0.15% | 6.06% | 0.15% |
 SHWThe Sherwin-Williams Company COM | 0.13% | 4.59% | 0.13% |
 ECLEcolab Inc. COM | 0.11% | 4.19% | 0.11% |
 APDAir Products & Chemicals, Inc. COM | 0.10% | 3.81% | 0.10% |
 CRHCRH plc | 0.10% | 4.68% | 0.10% |
 NUENucor Corporation COM | 0.09% | 3.67% | 0.09% |
 CTVACorteva Inc COM | 0.08% | 3.40% | 0.08% |
 VMCVulcan Materials Company COM | 0.06% | 2.40% | 0.06% |
 STLDSteel Dynamics, Inc. COM | 0.05% | 2.32% | 0.05% |
 MLMMartin Marietta Materials Inc COM | 0.05% | 2.25% | 0.05% |
 PPGPPG Industries, Inc. COM | 0.04% | 1.63% | 0.04% |
 SWSmurfit WestRock plc COM USD0.001 | 0.04% | 1.38% | 0.04% |
 PKGPackaging Corporation of America COM | 0.03% | 1.26% | 0.03% |
 DOWDow Inc COM | 0.03% | 1.54% | 0.03% |
 IFFInternational Flavors & Fragrances Inc. COM | 0.03% | 1.25% | 0.03% |
 AMCRAmcor PLC COM NEW | 0.03% | 1.15% | 0.03% |
 IPInternational Paper Co. COM | 0.03% | 1.08% | 0.03% |
 CFCF Industries Holdings, Inc. COM | 0.03% | 1.12% | 0.03% |
 BALLBall Corporation COM | 0.03% | 0.89% | 0.03% |
 LYBLyondellBasell Industries NV COM EUR0.04 CLASS 'A' | 0.02% | 1.10% | 0.02% |
 ALBAlbemarle Corp COM | 0.02% | 1.33% | 0.02% |
 AVYAvery Dennison Corporation COM | 0.02% | 0.79% | 0.02% |
 MOSThe Mosaic Company COM | 0.01% | 0.49% | 0.01% |
Frequently Asked Questions
How much do SPY and VAW overlap?
SPY and VAW overlap by 1.8% of portfolio weight. They share 25 holdings (SPY holds 504 positions and VAW holds 110), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SPY and VAW?
The two portfolios are 1.8% identical by weight. Owning both is genuine diversification: the funds hold almost none of the same securities.
What are the biggest shared holdings of SPY and VAW?
The largest positions held by both funds are LIN, NEM, FCX, SHW and ECL. Together the top 10 shared positions account for 74% of the total overlap.
What does SPY own that VAW doesn't?
479 positions (98.1% of SPY) are unique to SPY, led by NVDA, AAPL and MSFT. In the other direction, 85 positions (24.8% of VAW) are unique to VAW.