S&P 500 or Nasdaq 100?
The two indices share 53.8 % of their weight across 83 companies, and their daily returns correlate at 0.95. Holding both means buying much of the same thing twice — little is gained in spread, the weights simply shift.
Side by side
| S&P 500 | Nasdaq 100 | |
|---|---|---|
| Holdings covered | 468 | 99 |
| Volatility | 16.9 % | 22.4 % |
| Max drawdown | -19.0 % | -22.9 % |
| Cheapest ETF we cover | SPYL · 0.03 % | EXXT · 0.30 % |
The largest shared positions
| Company | S&P 500 | Nasdaq 100 |
|---|---|---|
| NVIDIA Corporation | 8.00 % | 8.48 % |
| Apple Inc. | 6.92 % | 7.34 % |
| Microsoft Corporation | 5.60 % | 5.94 % |
| Amazon.com Inc. | 4.02 % | 4.68 % |
| Alphabet Inc. Class A | 3.16 % | 3.33 % |
| Broadcom Inc. | 3.00 % | 3.19 % |
| Alphabet Inc. Class C | 2.54 % | 3.11 % |
| META Platforms Inc. Class A | 1.96 % | 2.79 % |
| Micron Technology Inc. | 1.50 % | 4.39 % |
| Tesla Inc. | 1.36 % | 2.55 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (SPYL and EXXT); of those we could attribute 97.4 % and 98.6 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 520 shared trading days.