Data as of Sep 13, 2026. Both funds on the fields they both publish, from the same sources.
SPY vs XLG: how they differ
SPY and XLG hold 63% of their weight in the same names, and SPY returned more over the year.
SPDR S&P 500 ETF Trust and Invesco S&P 500 Top 50 ETF.
What they hold in common
By the books each fund has filed, SPY and XLG hold 63% of their money in the same securities at the same weight.
| Holding | SPY | XLG |
|---|---|---|
| NVIDIA CORP | 8.08% | 12.79% |
| APPLE INC | 7.33% | 11.58% |
| MICROSOFT CORP | 5.59% | 8.83% |
| AMAZON.COM INC | 3.77% | 5.95% |
| ALPHABET INC CL A | 2.98% | 4.71% |
| BROADCOM INC | 2.61% | 4.12% |
| ALPHABET INC CL C | 2.39% | 3.77% |
| META PLATFORMS INC CLASS A | 2.16% | 3.42% |
| MICRON TECHNOLOGY INC | 1.69% | 2.66% |
| TESLA INC | 1.56% | 2.47% |
| JPMORGAN CHASE + CO | 1.45% | 2.29% |
| BERKSHIRE HATHAWAY INC CL B | 1.42% | 2.25% |
| Only in SPY | Only in XLG |
|---|---|
| PALO ALTO NETWORKS INC 0.42% | Invesco Government & Agency Portfolio 0.08% |
| RTX CORP 0.41% | |
| CITIGROUP INC 0.36% | |
| THERMO FISHER SCIENTIFIC INC 0.34% | |
| CROWDSTRIKE HOLDINGS INC A 0.33% | |
| AMGEN INC 0.32% | |
| MARVELL TECHNOLOGY INC 0.30% | |
| SALESFORCE INC 0.30% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 10, 2026.
| SPY SPDR S&P 500 ETF Trust | XLG Invesco S&P 500 Top 50 ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | State Street | Invesco |
| What it is | S&P 500 | S&P 500 top 50 |
| Total return, 1 year | +17.5% | +12.2% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | 0.0 pts | −5.3 pts |
| Expense ratio | 0.09% | 0.20% |
| Already in the S&P 500 | 100.0% | 100.0% |
| Holdings | 505 | 52 |
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Sep 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.2%.
XLG in plain words
XLG is an index equity fund tracking the S&P 500 top 50. Over the year to Sep 11, 2026 it returned +12.2% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.20% a year. By its holdings filed for Sep 10, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 60.3%.
Questions people ask
- Which returned more over the last year, SPY or XLG?
- In the year to Sep 13, 2026, with distributions reinvested, SPY returned +17.5% and XLG returned +12.2%, so SPY returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, SPY or XLG?
- SPY charges 0.09% a year and XLG charges 0.20%, so SPY is cheaper. Fees come from each fund's prospectus.
- How much do SPY and XLG overlap with the S&P 500?
- By their latest filed holdings, 100% of SPY and 100% of XLG by weight is stocks the S&P 500 already holds. Between the two funds, 63% of their books are the same securities at the same weight.
Other comparisons
Where to next
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPY against XLG, data as of Sep 13, 2026. https://etfiq.com/compare/any/spy-vs-xlg Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources