SPY vs USMV overlap - what they share and where they differ
SPY and USMV share 30.5% of their weight across 144 common positions, read from what each fund reported to the SEC.
Each week Ploutos reads the reported positions of the largest US equity ETFs and measures, pair by pair, the weight they share: for every stock both funds hold, the smaller of the two weights counts. Two funds tracking the same index land near 100%. A sector fund inside a broad index fund lands at roughly that sector's weight.
SPY and USMV
30.5%
144 shared positions
SPY
SPY
Reported positions cover 100% of the fund, 499 positions · Jun 30, 2026
Top 10: 37.9%·Holdings of SPY
USMV
iShares MSCI USA Min Vol Factor ETF
Reported positions cover 100% of the fund, 170 positions · Apr 30, 2026
Top 10: 15.6%·Holdings of USMV
Reported positions cover SPY 100%, USMV 100% of each fund. An overlap cannot exceed the smaller coverage, so a low figure can mean little overlap or thin reporting.
USMV vs SPY side by side
SPY
499
stock positions reported to the SEC
35.2% of its weight is in 355 names USMV does not hold
USMViShares MSCI USA Min Vol Factor ETF
170
stock positions reported to the SEC
12.9% of its weight is in 26 names SPY does not hold
Where each fund's weight sits
Largest sectors for both funds
The widest gap is Technology: SPY has 21.7 points more of it.
The figures side by side
| SPY | USMV | |
|---|---|---|
| Filing date | Jun 30, 2026 | Apr 30, 2026 |
| Stock positions reported | 499 | 170 |
| Weight of the ten largest | 37.9% | 15.6% |
| Largest position | NVDA 7.5% | CSCO 1.8% |
| Held alone | 355 positions, 35.2% | 26 positions, 12.9% |
| Covered by stock positions | 100% | 100% |
Holdings they share
| Stock | In SPY | In USMV | Counted |
|---|---|---|---|
| NVDANVIDIA Corp | 7.52% | 1.63% | 1.63% |
| MSFTMicrosoft Corp | 4.30% | 1.56% | 1.56% |
| BRK.ABerkshire Hathaway Inc | 1.42% | 1.41% | 1.41% |
| JNJJohnson & Johnson | 0.95% | 1.43% | 0.95% |
| VVisa Inc | 0.88% | 0.94% | 0.88% |
| AAPLApple Inc | 6.59% | 0.82% | 0.82% |
| WMTWalmart Inc | 0.77% | 0.87% | 0.77% |
| CSCOCisco Systems Inc | 0.72% | 1.80% | 0.72% |
| LLYEli Lilly & Co | 1.47% | 0.66% | 0.66% |
| MAMastercard Inc | 0.64% | 1.15% | 0.64% |
What each holds alone
The heaviest positions one fund reports and the other does not.
Only in SPY
Only in USMV
Questions people ask
Is SPY the same as USMV?
30.5% of their weight sits in the same 144 holdings. SPY also reports TSLA, JPMORGAN CHASE & CO, INTC, which the other does not. USMV also reports EXXON MOBIL CORPORATION, WCN, TJX, which the other does not.
How is the overlap between SPY and USMV measured?
For every stock both funds report, the smaller of the two weights counts, and the sum is the overlap. The reported positions cover 100% of SPY and 100% of USMV, so the number cannot exceed the smaller coverage.
Which holds more, USMV or SPY?
SPY reports 499 stock positions and USMV reports 170. 35.2% of SPY's weight sits in names USMV does not hold, and 12.9% of USMV's weight in names SPY does not hold. The ten largest positions are 37.9% of SPY and 15.6% of USMV.
How do SPY and USMV differ by sector?
The widest gap is Technology: SPY has 21.7 points more of it. Sectors come from each holding's SIC code in its SEC record, summed by the weight the fund reports.
Where do the numbers come from?
From each fund's own N-PORT filing to the SEC, which lists every position and its weight. The comparison uses every equity position the fund reports; cash, futures and bonds are not counted, which is why a coverage figure sits next to every result. Holdings change between filings.
Other pairs with these funds
SPY against other funds in the table
Add a third fund in the tool·All fund pairs
Descriptive data from public SEC filings. Nothing on this page is a recommendation to buy, sell or hold any fund or stock, and holdings change between filings.