QQQ vs SMH ETF holdings comparison
Invesco QQQ Trust (QQQ) · VanEck Semiconductor ETF (SMH)
QQQ and SMH overlap by 26.7% by portfolio weight. The remaining 73.3 percentage points are not counted as shared holdings weight by this calculation. They share 19 stocks; the largest shared position is NVIDIA Corp. (NVDA), contributing 8.68% to the overlap.
The holdings dates differ. This can slightly understate overlap for funds tracking similar indexes.
What this means
QQQ and SMH share a smaller portion of their portfolio weight in the same underlying stocks. OverlapCheck labels this "low holdings overlap" using house ranges of 70% or more, 30% to under 70%, and under 30%. These descriptive ranges are not industry standards or investment guidance. Holdings overlap does not measure correlation, volatility, geographic or factor exposure, fees, or suitability.
Overlap by weight sums the smaller of the two funds' weights for every stock they both hold. It answers "how much of my money is in the same stocks either way?" See methodology.
This comparison covers normalized equity positions represented in the dataset. Cash, derivatives, options, structured notes, and other non-equity assets are not included, so the result is not a complete comparison of every asset or risk in either fund.
Top shared holdings
| Company | Ticker | in QQQ | in SMH |
|---|---|---|---|
| NVIDIA Corp. | NVDA | 8.68% | 17.55% |
| Broadcom Inc. | AVGO | 3.01% | 5.28% |
| Micron Technology, Inc. | MU | 2.15% | 5.67% |
| Advanced Micro Devices, Inc. | AMD | 1.88% | 5.63% |
| Applied Materials, Inc. | AMAT | 1.53% | 5.74% |
| Lam Research Corp. | LRCX | 1.51% | 5.31% |
| Intel Corp. | INTC | 1.25% | 5.15% |
| KLA Corp. | KLAC | 1.09% | 5.57% |
| Texas Instruments Inc. | TXN | 1.00% | 4.17% |
| Analog Devices, Inc. | ADI | 0.88% | 4.00% |
Holdings only in QQQ or SMH
QQQ has 82 fund-only positions representing approximately 73.2 percentage points of reported exposure; SMH has 6 fund-only positions representing approximately 14.1 percentage points of reported exposure. These are positions whose normalized security identifiers appear in one issuer file but not the other.
Largest positions only in QQQ
| Company | Ticker | Weight |
|---|---|---|
| Apple Inc. | AAPL | 7.63% |
| Microsoft Corp. | MSFT | 5.63% |
| Amazon.com, Inc. | AMZN | 4.58% |
| Tesla, Inc. | TSLA | 3.80% |
| Meta Platforms, Inc. | META | 3.46% |
| Walmart Inc. | WMT | 3.43% |
| Alphabet Inc. | GOOGL | 3.43% |
| Alphabet Inc. | GOOG | 3.20% |
| Costco Wholesale Corp. | COST | 2.50% |
| Netflix, Inc. | NFLX | 2.30% |
Largest positions only in SMH
| Company | Ticker | Weight |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | TSM | 9.29% |
| Teradyne Inc | TER | 1.50% |
| Astera Labs Inc | ALAB | 1.27% |
| STMicroelectronics NV | STM | 1.26% |
| ON Semiconductor Corp | ON | 0.58% |
| Skyworks Solutions Inc | SWKS | 0.16% |
FAQ
How much do QQQ and SMH overlap?
QQQ and SMH have 26.7% overlap by weight, sharing 19 equity positions (out of 101 in QQQ and 25 in SMH). The official holdings files used are dated 2026-03-31 for QQQ and 2026-06-30 for SMH.
What does 26.7% overlap mean?
QQQ and SMH share a smaller portion of their portfolio weight in the same underlying stocks. OverlapCheck labels this "low holdings overlap" using house ranges of 70% or more, 30% to under 70%, and under 30%. These descriptive ranges are not industry standards or investment guidance. Holdings overlap does not measure correlation, volatility, geographic or factor exposure, fees, or suitability.
Which stocks do QQQ and SMH both hold?
The largest shared positions are NVIDIA Corp., Broadcom Inc., Micron Technology, Inc., Advanced Micro Devices, Inc., Applied Materials, Inc.. The top shared holdings with weights in each fund are shown on this page.
What holdings are different between QQQ and SMH?
QQQ has 82 positions not found in SMH, while SMH has 6 positions not found in QQQ. The largest fund-only positions and their weights are shown on this page.