Is SPY the same fund as IVV?

Every company we can see inside them is held by both, at the same weight to the decimal — one basket under two names. Their daily closing prices still differ a little: the two listings are quoted at different moments, in different volumes.

Do SPY and IVV fall together?

Measured from 2000-05-19 to 2026-09-23, the worst fall on record was 55% for SPY and 55% for IVV. Held half and half, the worst fall was 55%. Over the same window, essentially all of the movement travels in one shared direction.

What changes if both are held?

A half-and-half mix had volatility 19% over this window, against 19% for SPY and 19% for IVV, and its worst fall was 55%. Inside that mix, SPY carries 50% of the risk for half of the money.

How are these figures measured?

From daily closing prices supplied by Yahoo Finance, over 2000-05-19 to 2026-09-23 — 6,624 trading days, in USD — by the same engine that serves the app. Every figure describes what has already happened: nothing here forecasts returns or losses, and nothing here is advice.

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SPY vs IVV overlap: how much of them is the same

Measured over 26 years of daily prices: the same holdings, in the same proportions, under two names.

Measured on 2026-09-23

Every company we can see inside them is held by both, at the same weight to the decimal: one basket, not two.

The companies both of them hold

Company	Share of a half-and-half mix	Through
NVDA	8.1%	SPY 4.0% · IVV 4.0%
AAPL	7.0%	SPY 3.5% · IVV 3.5%
MSFT	5.7%	SPY 2.8% · IVV 2.8%
GOOGL	5.4%	SPY 2.7% · IVV 2.7%
AMZN	3.8%	SPY 1.9% · IVV 1.9%
AVGO	2.6%	SPY 1.3% · IVV 1.3%
META	1.9%	SPY 0.9% · IVV 0.9%
MU	1.6%	SPY 0.8% · IVV 0.8%

A fund publishes only its largest positions, so this measurement reaches 38% of the money. The share above is what is shared within that part: it is a floor, never the total overlap.

Their daily closing prices do not match exactly (99% of daily moves in step, 100% weekly). That is the two listings being quoted at different moments and in different volumes, not the funds holding different things.

The worst falls on record

Holding	Worst fall	Volatility
SPY	55%	19%
IVV	55%	19%
Both, half and half	55%	19%

Measured on the same window for all three rows, so they can be read against each other. A fall is peak to trough on daily closes.

Where the risk sits in a half-and-half mix

Holding	Money	Risk	Ratio
SPY	50%	50%	1.00
IVV	50%	50%	1.00

The reading, in full

PORTFOLIO: SPY + IVV
2000-05-19 to 2026-09-23 · 6,624 trading days · USD

2 holdings.
Essentially all of it is one shared direction, led by SPY, IVV.

SPY carries 50% of the risk on its own.
Volatility 19% · worst fall on record 55%.
Risk 19% → 13% over the last year, mostly because the holdings themselves got quieter.

Descriptive. No forecast, no advice. Every figure above is measured over the window named at the top.
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Questions people ask about this pair

Is SPY the same fund as IVV?: Every company we can see inside them is held by both, at the same weight to the decimal — one basket under two names. Their daily closing prices still differ a little: the two listings are quoted at different moments, in different volumes.
Do SPY and IVV fall together?: Measured from 2000-05-19 to 2026-09-23, the worst fall on record was 55% for SPY and 55% for IVV. Held half and half, the worst fall was 55%. Over the same window, essentially all of the movement travels in one shared direction.
What changes if both are held?: A half-and-half mix had volatility 19% over this window, against 19% for SPY and 19% for IVV, and its worst fall was 55%. Inside that mix, SPY carries 50% of the risk for half of the money.
How are these figures measured?: From daily closing prices supplied by Yahoo Finance, over 2000-05-19 to 2026-09-23 — 6,624 trading days, in USD — by the same engine that serves the app. Every figure describes what has already happened: nothing here forecasts returns or losses, and nothing here is advice.

What this does not say

Every figure is measured on past daily prices over the window below. It is not a forecast of returns or losses.
The window starts when the younger fund began trading, so older crises may lie outside it.
The overlap is measured through published holdings only, and is a floor: the real figure is at least this, and cannot be smaller.
Which of two funds to hold depends on things not measured here — what you already own, costs at your broker, and your own tax position.

Measure it with what you actually hold

Change the split, add the rest of your portfolio, see what the pair does inside it: same engine, nothing saved on our side.

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Measured 2000-05-19 to 2026-09-23 over 6,624 trading days, in USD, from Yahoo Finance prices. Descriptive: this page reports what these two funds have done and how much of them is the same holding. It does not forecast returns or losses, it does not say which to hold, and it is not advice. How every figure is measured. Terms and privacy: /terms. If a figure looks wrong: [email protected].