What Are the Top 25 Holdings of VOO by Weight?
If you invest in VOO, you are investing in the S&P 500. But the S&P 500 is not equal — it is market-cap weighted, which means some companies carry far more influence over your returns than others. Knowing the top 25 holdings of VOO by weight tells you exactly where the power lies inside this fund.
As of May 2026, VOO holds over 500 U.S. companies. But the top 25 holdings alone account for well over half of the fund’s total value. The rest — hundreds of smaller companies — barely move the needle. This ranking gives you a clear picture of what is actually driving VOO’s performance, which sectors dominate, and what risks and opportunities come with owning the world’s most popular ETF.
Top 25 VOO Holdings Ranked by Weight (May 2026)
The table below ranks all 25 top holdings from largest to smallest portfolio weight, based on data as of March 31, 2026.
| Rank | Company | Ticker | Weight (%) | Why It Matters |
|---|---|---|---|---|
| 1 | NVIDIA | NVDA | 7.58% | The AI darling. NVDA’s chips power data centers worldwide — its dominance is the biggest driver of VOO’s recent performance. |
| 2 | Apple | AAPL | 6.67% | Consumer tech king. iPhone, services, and ecosystem lock-in make AAPL a consistent revenue machine. |
| 3 | Microsoft | MSFT | 4.92% | Cloud + AI powerhouse. Azure and Copilot AI integration make MSFT a critical holding in any U.S. portfolio. |
| 4 | Amazon | AMZN | 3.64% | E-commerce meets cloud. AWS remains the gold standard of cloud infrastructure, driving massive margins. |
| 5 | Alphabet | GOOGL | 3.00% | Google’s parent. Advertising dominance, YouTube, and AI investments (Gemini) make GOOGL a stalwart. |
| 6 | Broadcom | AVGO | 2.63% | Semiconductor backbone. AVGO supplies chips for networking and AI infrastructure — quietly powering everything. |
| 7 | Alphabet (C) | GOOG | 2.40% | The non-voting class of Alphabet shares. Same business exposure, slightly different shareholder rights. |
| 8 | Meta Platforms | META | 2.24% | Social media and AI. Meta’s ad platform and Reality Labs bet give it a dual role in the digital economy. |
| 9 | Tesla | TSLA | 1.87% | EVs plus energy. Love it or hate it, Tesla’s brand and energy storage business remain globally disruptive. |
| 10 | Berkshire Hathaway | BRK.B | 1.57% | The conglomerate. Buffett’s holding company gives VOO exposure to insurance, railroads, and dozens of businesses. |
| 11 | JPMorgan Chase | JPM | 1.34% | America’s biggest bank. JPM anchors the financials sector with consistent earnings and dividends. |
| 12 | Eli Lilly | LLY | 1.30% | GLP-1 drug boom. LLY’s obesity and diabetes drugs (Mounjaro, Zepbound) are reshaping healthcare. |
| 13 | Exxon Mobil | XOM | 1.27% | Energy sector giant. XOM provides commodity exposure and a reliable dividend yield within VOO. |
| 14 | Johnson & Johnson | JNJ | 1.05% | Diversified healthcare. Pharma and medtech divisions give JNJ stability across economic cycles. |
| 15 | Walmart | WMT | 0.97% | Retail resilience. WMT’s e-commerce growth and international expansion make it more than just a grocery store. |
| 16 | Visa | V | 0.89% | Digital payments king. Every swipe of a Visa card sends a micro-fee back to V — a brilliant business model. |
| 17 | Costco Wholesale | COST | 0.79% | Membership moat. COST’s loyal member base and high renewal rates make it a predictable cash flow machine. |
| 18 | Mastercard | MA | 0.73% | Global payment network. Similar to Visa — MA profits as the world moves away from cash toward digital payments. |
| 19 | Netflix | NFLX | 0.73% | Streaming leader. After years of growth pains, NFLX is now profitable with a growing ad-supported tier. |
| 20 | Chevron | CVX | 0.69% | Second energy name. CVX offers portfolio balance and dividend income alongside XOM in the energy sector. |
| 21 | AbbVie | ABBV | 0.69% | Pharma dividend grower. Known for Humira and its successor drugs, ABBV is a reliable income-generating stock. |
| 22 | Micron Technology | MU | 0.68% | Memory chip play. MU makes DRAM and NAND flash chips critical to AI servers and consumer electronics. |
| 23 | Procter & Gamble | PG | 0.60% | Consumer staples fortress. Tide, Gillette, Pampers — PG sells things people need regardless of the economy. |
| 24 | Palantir Technologies | PLTR | 0.60% | AI analytics disruptor. PLTR’s government and commercial AI platforms have seen explosive revenue growth. |
| 25 | AMD | AMD | 0.59% | NVIDIA’s biggest rival. AMD’s GPU and CPU lineup challenges NVDA in data centers and gaming. |
Source: Vanguard. Holdings data as of March 31, 2026.
Key Insights From VOO’s Weight Breakdown
The Top 10 Holdings Control Over 36% of the Fund
The most important thing to understand about VOO’s structure is concentration at the top. The top 10 holdings — NVIDIA, Apple, Microsoft, Amazon, both Alphabet share classes, Broadcom, Meta, Tesla, and Berkshire Hathaway — collectively represent over 36% of the entire ETF. That means more than a third of your VOO investment is determined by just 10 companies.
This is not a design flaw. It is a direct reflection of how the S&P 500 works. Larger companies earn larger weights. And right now, the largest companies in America are overwhelmingly technology and AI-driven businesses.
NVIDIA at #1 — The AI Chip That Runs the World
NVIDIA’s position at the top of the VOO holdings list is the clearest signal of what is driving the U.S. economy in 2026. At 7.58% weight, NVDA alone accounts for a larger share of VOO than the entire energy sector. This reflects NVIDIA’s extraordinary growth as the primary provider of GPU chips for artificial intelligence infrastructure.
Every major AI model — from OpenAI’s GPT series to Google’s Gemini to Meta’s Llama — runs on NVIDIA hardware. As enterprises and governments race to build AI capabilities, demand for NVIDIA chips remains structurally high. Owning VOO means you are, by default, making a significant bet on NVIDIA’s continued dominance.
The Semiconductor Cluster: NVDA, AVGO, MU, AMD
One of the most striking features of VOO’s 2026 composition is the clustering of semiconductor companies within the top 25. NVIDIA (#1), Broadcom (#6), Micron (#22), and AMD (#25) represent a combined weight that reflects how central chip manufacturing has become to the modern economy. AI, cloud computing, autonomous vehicles, smartphones, and data centers all run on semiconductors. VOO’s composition makes this bet implicitly and automatically.
Beyond Tech: VOO’s Genuine Diversification
Despite the tech dominance, VOO includes sectors that QQQ entirely excludes. JPMorgan Chase (#11) anchors the financials sector. Eli Lilly (#12) represents the explosive GLP-1 drug category reshaping healthcare and obesity treatment. Exxon Mobil (#13) and Chevron (#20) provide energy exposure. Procter & Gamble (#23) gives the fund a defensive consumer staples anchor that holds up during economic downturns.
This breadth is VOO’s structural advantage over QQQ and the reason most long-term investors use it as their core holding rather than a satellite position.
VOO Sector Breakdown by Weight
Here is how VOO allocates its portfolio weight across major sectors as of May 2026:
| Sector | Approx. Weight | Key Holdings in VOO |
|---|---|---|
| Information Technology | ~30% | NVDA, AAPL, MSFT, AVGO, MU, AMD |
| Financials | ~13% | JPM, BRK.B, V, MA |
| Healthcare | ~12% | LLY, JNJ, ABBV |
| Consumer Discretionary | ~10% | AMZN, TSLA, COST |
| Communication Services | ~9% | GOOGL, GOOG, META, NFLX |
| Energy | ~4% | XOM, CVX |
| Consumer Staples | ~6% | WMT, PG |
| Other Sectors | ~16% | Industrials, Materials, Real Estate, Utilities |
Information Technology dominates at roughly 30%, but the presence of 7 additional sectors means VOO is genuinely more diversified than a pure tech ETF. When technology experiences a correction, financials, healthcare, and consumer staples provide partial insulation.
New to the S&P 500? Read our full explainer: What Is the S&P 500?
VOO vs QQQ: How the Holdings Compare
The most common question among ETF investors is whether VOO or QQQ is the better choice. The answer depends entirely on what you want from your portfolio. Here is a direct comparison:
| Feature | VOO (S&P 500 ETF) | QQQ (Nasdaq-100 ETF) |
|---|---|---|
| Index Tracked | S&P 500 | Nasdaq-100 |
| Number of Holdings | ~500 companies | ~100 companies |
| Sector Exposure | Broad (tech, finance, healthcare, energy, consumer) | Heavy tech & growth concentration |
| Risk Profile | Moderate — diversified | Higher — less diversified |
| Best For | Core portfolio holding | Aggressive growth tilt |
| Top Sector | Technology (~30%) | Technology (~60%+) |
| Includes Financials? | Yes | No |
| Includes Energy? | Yes | No |
VOO is the core. QQQ is the tilt. Many investors hold both — using VOO as their primary position and QQQ as an additional bet on continued technology and AI growth. But if you can only own one, VOO’s sector breadth makes it the more resilient long-term choice.
| Pro Tip: If you want to compare VOO holdings to QQQ’s top positions side by side, the differences in sector exposure and concentration are stark. QQQ has no energy companies, no banks, and no consumer staples — making it more volatile but potentially more rewarding in tech bull markets. |
See how VOO’s holdings compare: Top 25 Holdings of QQQ by Weight
The AI Revolution Is Embedded in VOO’s Weight Distribution
Perhaps the most compelling story inside VOO’s holdings breakdown is how many of the top positions are direct or indirect AI plays. You do not need to pick individual AI stocks to benefit from the artificial intelligence boom. Owning VOO does it automatically, proportionally, and without the single-stock risk of betting on one company.
NVIDIA (#1) builds the chips that train AI. Microsoft (#3) powers AI through Azure and its Copilot suite. Alphabet (#5 and #7) competes aggressively with Google Gemini. Meta (#8) integrates AI across its advertising and social media platforms. Amazon (#4) deploys AI throughout AWS and its logistics network. Broadcom (#6) designs custom AI chips for hyperscaler data centers. Palantir (#24) has become one of the fastest-growing AI analytics platforms in both government and enterprise markets.
That is seven of the top 25 VOO holdings with direct, material AI exposure. For a passively managed ETF, this is a remarkable concentration of transformative technology — and it happens without any active management decisions.
Who Should Own VOO Based on Its Holdings?
VOO Is Well-Suited For:
- Long-term investors who want broad U.S. market exposure without stock-picking
- Investors who want automatic AI and technology sector participation
- Anyone building a core portfolio position around the S&P 500
- Investors who want genuine sector diversification beyond just technology
- Those who prefer low-cost, passively managed funds with minimal fees
VOO May Not Be Enough If:
- You want more aggressive technology exposure (consider adding QQQ)
- You are seeking high dividend income (VOO’s yield is modest at ~1.2–1.5%)
- You want to outperform the market through individual stock selection
- You want international market exposure beyond U.S. equities
Frequently Asked Questions About VOO Holdings by Weight
What are the top 25 holdings of VOO by weight in May 2026?
The top 25 holdings of VOO by weight as of May 2026 are led by NVIDIA at 7.58%, followed by Apple at 6.67%, Microsoft at 4.92%, Amazon at 3.64%, and Alphabet at 3.00%. The full ranking includes Broadcom, both Alphabet share classes, Meta Platforms, Tesla, Berkshire Hathaway, JPMorgan Chase, Eli Lilly, Exxon Mobil, Johnson & Johnson, Walmart, Visa, Costco, Mastercard, Netflix, Chevron, AbbVie, Micron, Procter & Gamble, Palantir, and AMD.
Why is NVIDIA the largest holding in VOO?
NVIDIA holds the top position in VOO because the S&P 500 is market-cap weighted, and NVIDIA’s market capitalization has grown enormously due to the AI chip boom. As the dominant supplier of GPU chips for training and running large AI models, NVIDIA’s revenue and stock price surged dramatically, pushing its market cap — and therefore its S&P 500 weight — to the top of the index.
How often does VOO’s weight distribution change?
VOO’s holdings and weights shift continuously as stock prices move throughout each trading day. Vanguard publishes official holdings data monthly, and the S&P 500 Index itself undergoes formal quarterly reconstitutions where companies can be added or removed based on eligibility criteria. Major market moves — especially in mega-cap tech stocks — can cause noticeable weight shifts even between quarterly updates.
Do the top 25 holdings make up most of VOO?
Yes. The top 25 holdings of VOO by weight represent a disproportionately large share of the fund’s total value relative to their count. While these 25 companies represent only 5% of VOO’s 500+ holdings by number, they account for well over 50% of the fund’s total weight. This is the nature of market-cap weighting — bigger companies receive bigger allocations.
Is VOO more diversified than QQQ?
Yes, significantly. VOO holds approximately 500 companies across all major U.S. sectors including technology, financials, healthcare, energy, consumer staples, and industrials. QQQ tracks the Nasdaq-100 and holds only 100 companies, with no financial sector exposure and a much heavier concentration in technology and growth stocks. VOO’s sector breadth makes it the more traditionally diversified of the two ETFs.
What sectors are most represented in VOO’s top 25 holdings?
Information Technology is the dominant sector in VOO’s top 25 holdings, represented by companies including NVIDIA, Apple, Microsoft, Broadcom, Micron, and AMD. Communication Services is the second-most prominent sector, covering Alphabet, Meta, and Netflix. Financials appear through JPMorgan Chase, Visa, Mastercard, and Berkshire Hathaway. Healthcare is represented by Eli Lilly, Johnson & Johnson, and AbbVie. Energy rounds out the top 25 through Exxon Mobil and Chevron.
How does VOO’s weight distribution affect my investment returns?
Because VOO is market-cap weighted, the performance of your investment is heavily influenced by its largest holdings. When NVIDIA, Apple, and Microsoft perform well, VOO tends to outperform. When these mega-cap tech companies sell off, VOO feels the impact more than an equal-weighted index fund would. Understanding the weight distribution helps you assess your real risk exposure and whether you need to rebalance with other asset classes.
What is VOO’s expense ratio?
VOO carries an expense ratio of just 0.03% per year, making it one of the cheapest ETFs available globally. For every $10,000 invested, you pay only $3 in annual management fees. This near-zero cost structure is a core advantage of Vanguard’s index fund philosophy and is a major reason why VOO is the preferred S&P 500 ETF for long-term investors.
Does VOO pay dividends?
Yes, VOO distributes quarterly dividends derived from the dividend payments made by the companies within the fund. The annual dividend yield typically falls in the 1.2% to 1.5% range, which is modest compared to dedicated dividend ETFs. VOO is primarily a total return instrument — most of its long-term gains come from capital appreciation rather than dividend income.
How does VOO compare to the overall S&P 500 performance?
VOO tracks the S&P 500 Index with near-perfect fidelity. Its returns are essentially identical to the index itself, minus the 0.03% annual expense ratio. This means VOO has historically delivered strong long-term returns consistent with the S&P 500’s historical average of roughly 10% per year — though past performance is not a guarantee of future results.
Looking to invest in individual S&P 500 components beyond ETFs? See our ranking: Top 30 S&P 500 Stocks to Buy
Final Thoughts: Understanding VOO Holdings by Weight Is Essential for Every Investor
The top 25 holdings of VOO by weight in May 2026 tell a clear story: the United States economy is being increasingly driven by artificial intelligence, semiconductors, cloud computing, and a small group of technology mega-caps. Owning VOO gives you automatic, diversified exposure to this reality — along with genuine sector balance through financials, healthcare, energy, and consumer staples.
What separates savvy VOO investors from passive ones is understanding the weight distribution. Knowing that NVIDIA alone commands 7.58% of your portfolio — more than all energy stocks combined — changes how you think about your overall asset allocation. It tells you whether you need to add defensive positions, international exposure, or dividend-focused assets to balance out your risk.
VOO remains one of the smartest, simplest, and most cost-effective ways to build long-term wealth through U.S. equities. But it is not a black box. The 25 companies ranked above are the engine. Now you know exactly how it runs.