The ten biggest companies in SPY hold 37.9% of it as of Jun 2026 — up from 22.8% in Sep 2019. The top five hold 27.9%, and NVIDIA Corp alone holds 7.5%. Weights are from SPY's quarterly SEC filings, so they reconcile with the holdings list.
Each band is a rank slot, not a fixed company — band 1 is whoever is biggest in that filing. Hover a band to see who holds that slot today; switch between the top 1, 3, 5 and 10.
Largestcompanies vs the rest
25%50%75%
Jun 2026
#1NVDA7.52%
#2AAPL6.59%
#3GOOGL5.84%
#4MSFT4.30%
#5AMZN3.62%
#6AVGO2.77%
#7MU2.02%
#8META1.92%
#9TSLA1.84%
#10LLY1.47%
Top 10 37.90%The rest 62.10%
Share of S&P 500 by weight in its tracking fund, as the fund filed it each quarter.
The effective number of stocks — one over the sum of squared weights — is how many equally weighted stocks would be exactly as concentrated. The S&P 500 has 498 members and behaves like 47 at the Jun 2026 filing, against 106 in Sep 2019.
Quarterly: each bar is one quarter, the index's total return from one of the fund's quarterly filings to the next, rebuilt from its members' own total returns and filed weights — split into what the ten largest at the start of the quarter added and what everyone else added. Bars are labelled by the month the quarter ends; point at one for its figures.
Top 10 at the start of each quarterEveryone else·white tick = the index
Since Sep 2019 the index returned +180.8% (total return, from its members): the ten largest at each filing added +76.5% of it and everyone else +104.3%.
The cap-weighted S&P 500 fund (SPY) against the equal-weighted one (RSP), total return, month-ends, rebased to 1 at 2003-05: rising means the largest companies pulled ahead of the average one, falling means the average one won. It stands at 1.06.
Each calendar year's total return of SPY minus RSP. Above zero, the cap-weighted fund won the year — its largest companies beat the average one; below, the equal-weighted fund won.
Cap-weighted (SPY) won the yearEqual-weighted (RSP) won
Cap-weighted won 12 of 22 full calendar years. Total return (dividends reinvested), each fund's last close of the year; "part" marks RSP's first year, measured from its first month-end.
Cap-weighted minus equal-weighted, over rolling windows#
The same gap measured over the trailing 1, 3, 5 and 10 years at every month-end, so a run of years in which one side kept winning shows as a long stretch above or below zero.
Percentage points: SPY's trailing total return minus RSP's, at every month-end. The 3-, 5- and 10-year lines compare the two funds' CAGRs (the annual rate each compounded at); the 1-year line is the plain one-year gap. Above zero, cap-weighted was ahead over that window.
Share of weight vs share of revenue, profit and cash#
The ten largest members' share of SPY's weight, dashed, against their share of its members' combined trailing-twelve-month revenue, net income, operating cash flow and free cash flow — at every filing. At the Jun 2026 filing they hold 38% of the weight and produce 15% of the revenue and 38% of the net income. Weight above the other lines means the market values each dollar they earn above the rest of the fund's.
Each company's share of SPY's weight and of its members' combined trailing-twelve-month revenue, net income, operating cash flow (OCF) and free cash flow (FCF), at the Jun 2026 filing. Hover a figure for the dollars behind it.
The twenty largest members at the Jun 2026 filing, market cap against trailing-twelve-month net income. The line's slope is the index's own price-to-earnings ratio (25.4×): a company above it is priced richer per dollar of earnings than the index, below it cheaper. It is the members' aggregate, not the S&P 500's published P/E.
Net income, trailing twelve months →Market cap →
Index P/E 25.4×NVDA
NVDA · NVIDIA Corporation
Market cap $4.8T
P/S 16.0×— above the index's 3.5×
P/E 25.1×— below the index's 25.4×
Revenue $303B · net income $193B (trailing 12 months)
AAPL
AAPL · Apple Inc.
Market cap $4.2T
P/S 9.0×— above the index's 3.5×
P/E 32.8×— above the index's 25.4×
Revenue $467B · net income $129B (trailing 12 months)
GOOGL
GOOGL · Alphabet Inc. Class A
Market cap $4.3T
P/S 9.8×— above the index's 3.5×
P/E 17.8×— below the index's 25.4×
Revenue $446B · net income $244B (trailing 12 months)
MSFT
MSFT · Microsoft Corporation
Market cap $2.8T
P/S 8.3×— above the index's 3.5×
P/E 20.7×— below the index's 25.4×
Revenue $332B · net income $134B (trailing 12 months)
AMZN
AMZN · Amazon.com Inc.
Market cap $2.6T
P/S 3.3×— below the index's 3.5×
P/E 19.0×— below the index's 25.4×
Revenue $776B · net income $135B (trailing 12 months)
AVGO
AVGO · Broadcom Inc.
Market cap $1.8T
P/S 23.8×— above the index's 3.5×
P/E 61.3×— above the index's 25.4×
Revenue $75B · net income $29B (trailing 12 months)
MU
MU · Micron Technology Inc.
Market cap $1.3T
P/S 14.4×— above the index's 3.5×
P/E 25.8×— above the index's 25.4×
Revenue $90B · net income $50B (trailing 12 months)
META
META · Meta Platforms Inc.
Market cap $1.4T
P/S 6.3×— above the index's 3.5×
P/E 21.1×— below the index's 25.4×
Revenue $228B · net income $68B (trailing 12 months)
TSLA
TSLA · Tesla Inc.
Market cap $1.7T
P/S 16.0×— above the index's 3.5×
P/E 436.7×— above the index's 25.4×
Revenue $104B · net income $4B (trailing 12 months)
LLY
LLY · Eli Lilly and Company
Market cap $1.1T
P/S 13.4×— above the index's 3.5×
P/E 40.0×— above the index's 25.4×
Revenue $80B · net income $27B (trailing 12 months)
AMD · Advanced Micro Devices Inc.
Market cap $948B
P/S 23.0×— above the index's 3.5×
P/E 147.4×— above the index's 25.4×
Revenue $41B · net income $6B (trailing 12 months)
BRK-B · Berkshire Hathaway Inc.
Market cap $1.1T
P/S 2.8×— below the index's 3.5×
P/E 12.5×— below the index's 25.4×
Revenue $385B · net income $86B (trailing 12 months)
JPM · JPMorgan Chase & Co.
Market cap $870B
P/S 4.4×— above the index's 3.5×
P/E 13.4×— below the index's 25.4×
Revenue $199B · net income $65B (trailing 12 months)
JNJ · Johnson & Johnson
Market cap $612B
P/S 6.2×— above the index's 3.5×
P/E 29.1×— above the index's 25.4×
Revenue $98B · net income $21B (trailing 12 months)
AMAT · Applied Materials Inc.
Market cap $574B
P/S 18.6×— above the index's 3.5×
P/E 61.9×— above the index's 25.4×
Revenue $31B · net income $9B (trailing 12 months)
V · Visa Inc.
Market cap $641B
P/S 14.4×— above the index's 3.5×
P/E 28.4×— above the index's 25.4×
Revenue $44B · net income $23B (trailing 12 months)
XOM · Exxon Mobil Corporation
Market cap $562B
P/S 1.5×— below the index's 3.5×
P/E 17.2×— below the index's 25.4×
Revenue $369B · net income $33B (trailing 12 months)
LRCX · Lam Research Corporation
Market cap $542B
P/S 23.3×— above the index's 3.5×
P/E 74.6×— above the index's 25.4×
Revenue $23B · net income $7B (trailing 12 months)
WMT · Walmart Inc.
Market cap $901B
P/S 1.2×— below the index's 3.5×
P/E 40.8×— above the index's 25.4×
Revenue $736B · net income $22B (trailing 12 months)
$1.0T$2.0T$3.0T$4.0T$5.0T$50B$100B$150B$200B$250B
The line is the index's own P/E — all members' market value over all their net income — so a company on it is priced like the index per dollar of earnings; above it, richer; below, cheaper. The ten largest are labelled. Point at a company for its market cap, P/S and P/E against the index's. Left off for a trailing loss: INTC.
The twenty largest members at the Jun 2026 filing, market cap against trailing-twelve-month revenue. The line's slope is the index's own price-to-sales ratio (3.5×): a company above it is priced richer per dollar of sales than the index, below it cheaper.
Revenue, trailing twelve months →Market cap →
Index P/S 3.5×NVDA
NVDA · NVIDIA Corporation
Market cap $4.8T
P/S 16.0×— above the index's 3.5×
P/E 25.1×— below the index's 25.4×
Revenue $303B · net income $193B (trailing 12 months)
AAPL
AAPL · Apple Inc.
Market cap $4.2T
P/S 9.0×— above the index's 3.5×
P/E 32.8×— above the index's 25.4×
Revenue $467B · net income $129B (trailing 12 months)
GOOGL
GOOGL · Alphabet Inc. Class A
Market cap $4.3T
P/S 9.8×— above the index's 3.5×
P/E 17.8×— below the index's 25.4×
Revenue $446B · net income $244B (trailing 12 months)
MSFT
MSFT · Microsoft Corporation
Market cap $2.8T
P/S 8.3×— above the index's 3.5×
P/E 20.7×— below the index's 25.4×
Revenue $332B · net income $134B (trailing 12 months)
AMZN
AMZN · Amazon.com Inc.
Market cap $2.6T
P/S 3.3×— below the index's 3.5×
P/E 19.0×— below the index's 25.4×
Revenue $776B · net income $135B (trailing 12 months)
AVGO
AVGO · Broadcom Inc.
Market cap $1.8T
P/S 23.8×— above the index's 3.5×
P/E 61.3×— above the index's 25.4×
Revenue $75B · net income $29B (trailing 12 months)
MU
MU · Micron Technology Inc.
Market cap $1.3T
P/S 14.4×— above the index's 3.5×
P/E 25.8×— above the index's 25.4×
Revenue $90B · net income $50B (trailing 12 months)
META
META · Meta Platforms Inc.
Market cap $1.4T
P/S 6.3×— above the index's 3.5×
P/E 21.1×— below the index's 25.4×
Revenue $228B · net income $68B (trailing 12 months)
TSLA
TSLA · Tesla Inc.
Market cap $1.7T
P/S 16.0×— above the index's 3.5×
P/E 436.7×— above the index's 25.4×
Revenue $104B · net income $4B (trailing 12 months)
LLY
LLY · Eli Lilly and Company
Market cap $1.1T
P/S 13.4×— above the index's 3.5×
P/E 40.0×— above the index's 25.4×
Revenue $80B · net income $27B (trailing 12 months)
AMD · Advanced Micro Devices Inc.
Market cap $948B
P/S 23.0×— above the index's 3.5×
P/E 147.4×— above the index's 25.4×
Revenue $41B · net income $6B (trailing 12 months)
BRK-B · Berkshire Hathaway Inc.
Market cap $1.1T
P/S 2.8×— below the index's 3.5×
P/E 12.5×— below the index's 25.4×
Revenue $385B · net income $86B (trailing 12 months)
JPM · JPMorgan Chase & Co.
Market cap $870B
P/S 4.4×— above the index's 3.5×
P/E 13.4×— below the index's 25.4×
Revenue $199B · net income $65B (trailing 12 months)
INTC · Intel Corporation
Market cap $704B
P/S 12.3×— above the index's 3.5×
P/E n/m (earnings a loss)
Revenue $57B · net income −$11B (trailing 12 months)
JNJ · Johnson & Johnson
Market cap $612B
P/S 6.2×— above the index's 3.5×
P/E 29.1×— above the index's 25.4×
Revenue $98B · net income $21B (trailing 12 months)
AMAT · Applied Materials Inc.
Market cap $574B
P/S 18.6×— above the index's 3.5×
P/E 61.9×— above the index's 25.4×
Revenue $31B · net income $9B (trailing 12 months)
V · Visa Inc.
Market cap $641B
P/S 14.4×— above the index's 3.5×
P/E 28.4×— above the index's 25.4×
Revenue $44B · net income $23B (trailing 12 months)
XOM · Exxon Mobil Corporation
Market cap $562B
P/S 1.5×— below the index's 3.5×
P/E 17.2×— below the index's 25.4×
Revenue $369B · net income $33B (trailing 12 months)
LRCX · Lam Research Corporation
Market cap $542B
P/S 23.3×— above the index's 3.5×
P/E 74.6×— above the index's 25.4×
Revenue $23B · net income $7B (trailing 12 months)
WMT · Walmart Inc.
Market cap $901B
P/S 1.2×— below the index's 3.5×
P/E 40.8×— above the index's 25.4×
Revenue $736B · net income $22B (trailing 12 months)
$1.0T$2.0T$3.0T$4.0T$5.0T$200B$400B$600B$800B
The line is the index's own P/S — all members' market value over all their revenue — so a company on it is priced like the index per dollar of sales; above it, richer; below, cheaper. The ten largest are labelled. Point at a company for its market cap, P/S and P/E against the index's.
The members' combined trailing-twelve-month figures at each filing, the top ten (colored) stacked on everyone else (gray) — so each bar is the index total and the colored part is what ten companies produce.
Revenue
Top 10The rest
20212223242526
Revenue · Sep 2019
trailing twelve months
Top 10$1.7T13.7%
The rest$10.5T86.3%
Index total $12.2T
Revenue · Dec 2019
trailing twelve months
Top 10$1.5T11.9%
The rest$10.8T88.1%
Index total $12.2T
Revenue · Mar 2020
trailing twelve months
Top 10$1.5T12.1%
The rest$10.8T87.9%
Index total $12.3T
Revenue · Jun 2020
trailing twelve months
Top 10$1.5T12.7%
The rest$10.5T87.3%
Index total $12.0T
Revenue · Sep 2020
trailing twelve months
Top 10$1.5T12.2%
The rest$10.5T87.8%
Index total $11.9T
Revenue · Dec 2020
trailing twelve months
Top 10$1.6T13.4%
The rest$10.4T86.6%
Index total $12.0T
Revenue · Mar 2021
trailing twelve months
Top 10$1.7T13.9%
The rest$10.6T86.1%
Index total $12.3T
Revenue · Jun 2021
trailing twelve months
Top 10$1.8T14.0%
The rest$11.2T86.0%
Index total $13.0T
Revenue · Sep 2021
trailing twelve months
Top 10$1.9T14.0%
The rest$11.7T86.0%
Index total $13.6T
Revenue · Dec 2021
trailing twelve months
Top 10$2.2T15.5%
The rest$11.8T84.5%
Index total $14.0T
Revenue · Mar 2022
trailing twelve months
Top 10$2.2T15.2%
The rest$12.3T84.8%
Index total $14.5T
Revenue · Jun 2022
trailing twelve months
Top 10$2.2T15.0%
The rest$12.7T85.0%
Index total $15.0T
Revenue · Sep 2022
trailing twelve months
Top 10$2.7T17.4%
The rest$12.7T82.6%
Index total $15.4T
Revenue · Dec 2022
trailing twelve months
Top 10$2.7T17.2%
The rest$12.9T82.8%
Index total $15.5T
Revenue · Mar 2023
trailing twelve months
Top 10$2.7T17.0%
The rest$13.1T83.0%
Index total $15.8T
Revenue · Jun 2023
trailing twelve months
Top 10$2.6T16.7%
The rest$13.1T83.3%
Index total $15.8T
Revenue · Sep 2023
trailing twelve months
Top 10$2.6T16.6%
The rest$13.1T83.4%
Index total $15.7T
Revenue · Dec 2023
trailing twelve months
Top 10$2.3T14.6%
The rest$13.7T85.4%
Index total $16.1T
Revenue · Mar 2024
trailing twelve months
Top 10$2.4T14.9%
The rest$13.9T85.1%
Index total $16.3T
Revenue · Jun 2024
trailing twelve months
Top 10$2.6T15.6%
The rest$14.1T84.4%
Index total $16.7T
Revenue · Sep 2024
trailing twelve months
Top 10$2.7T15.8%
The rest$14.4T84.2%
Index total $17.1T
Revenue · Dec 2024
trailing twelve months
Top 10$2.6T15.5%
The rest$14.4T84.5%
Index total $17.1T
Revenue · Mar 2025
trailing twelve months
Top 10$2.7T15.7%
The rest$14.6T84.3%
Index total $17.3T
Revenue · Jun 2025
trailing twelve months
Top 10$2.8T15.8%
The rest$14.8T84.2%
Index total $17.5T
Revenue · Sep 2025
trailing twelve months
Top 10$2.9T16.1%
The rest$14.9T83.9%
Index total $17.8T
Revenue · Dec 2025
trailing twelve months
Top 10$3.0T16.4%
The rest$15.2T83.6%
Index total $18.2T
Revenue · Mar 2026
trailing twelve months
Top 10$3.1T16.8%
The rest$15.5T83.2%
Index total $18.6T
Revenue · Jun 2026
trailing twelve months
Top 10$2.9T15.0%
The rest$16.5T85.0%
Index total $19.4T
$0$5.0T$10.0T$15.0T
Net income
Top 10The rest
20212223242526
Net income · Sep 2019
trailing twelve months
Top 10$253B21.1%
The rest$949B78.9%
Index total $1.2T
Net income · Dec 2019
trailing twelve months
Top 10$316B25.0%
The rest$950B75.0%
Index total $1.3T
Net income · Mar 2020
trailing twelve months
Top 10$244B23.0%
The rest$819B77.0%
Index total $1.1T
Net income · Jun 2020
trailing twelve months
Top 10$258B28.1%
The rest$661B71.9%
Index total $919B
Net income · Sep 2020
trailing twelve months
Top 10$265B29.0%
The rest$646B71.0%
Index total $911B
Net income · Dec 2020
trailing twelve months
Top 10$304B34.7%
The rest$572B65.3%
Index total $875B
Net income · Mar 2021
trailing twelve months
Top 10$416B35.6%
The rest$754B64.4%
Index total $1.2T
Net income · Jun 2021
trailing twelve months
Top 10$458B31.3%
The rest$1.0T68.7%
Index total $1.5T
Net income · Sep 2021
trailing twelve months
Top 10$465B28.6%
The rest$1.2T71.4%
Index total $1.6T
Net income · Dec 2021
trailing twelve months
Top 10$491B26.7%
The rest$1.3T73.3%
Index total $1.8T
Net income · Mar 2022
trailing twelve months
Top 10$447B24.3%
The rest$1.4T75.7%
Index total $1.8T
Net income · Jun 2022
trailing twelve months
Top 10$356B20.2%
The rest$1.4T79.8%
Index total $1.8T
Net income · Sep 2022
trailing twelve months
Top 10$377B22.1%
The rest$1.3T77.9%
Index total $1.7T
Net income · Dec 2022
trailing twelve months
Top 10$333B21.3%
The rest$1.2T78.7%
Index total $1.6T
Net income · Mar 2023
trailing twelve months
Top 10$354B22.3%
The rest$1.2T77.7%
Index total $1.6T
Net income · Jun 2023
trailing twelve months
Top 10$446B27.0%
The rest$1.2T73.0%
Index total $1.7T
Net income · Sep 2023
trailing twelve months
Top 10$460B27.0%
The rest$1.2T73.0%
Index total $1.7T
Net income · Dec 2023
trailing twelve months
Top 10$531B29.9%
The rest$1.2T70.1%
Index total $1.8T
Net income · Mar 2024
trailing twelve months
Top 10$537B30.3%
The rest$1.2T69.7%
Index total $1.8T
Net income · Jun 2024
trailing twelve months
Top 10$566B31.3%
The rest$1.2T68.7%
Index total $1.8T
Net income · Sep 2024
trailing twelve months
Top 10$580B31.7%
The rest$1.3T68.3%
Index total $1.8T
Net income · Dec 2024
trailing twelve months
Top 10$644B33.6%
The rest$1.3T66.4%
Index total $1.9T
Net income · Mar 2025
trailing twelve months
Top 10$671B34.0%
The rest$1.3T66.0%
Index total $2.0T
Net income · Jun 2025
trailing twelve months
Top 10$684B33.8%
The rest$1.3T66.2%
Index total $2.0T
Net income · Sep 2025
trailing twelve months
Top 10$725B33.9%
The rest$1.4T66.1%
Index total $2.1T
Net income · Dec 2025
trailing twelve months
Top 10$778B35.5%
The rest$1.4T64.5%
Index total $2.2T
Net income · Mar 2026
trailing twelve months
Top 10$889B37.6%
The rest$1.5T62.4%
Index total $2.4T
Net income · Jun 2026
trailing twelve months
Top 10$1.0T37.8%
The rest$1.7T62.2%
Index total $2.7T
$0$500B$1.0T$1.5T$2.0T$2.5T
Operating cash flow
Top 10The rest
20212223242526
Operating cash flow · Sep 2019
trailing twelve months
Top 10$316B19.2%
The rest$1.3T80.8%
Index total $1.6T
Operating cash flow · Dec 2019
trailing twelve months
Top 10$296B18.0%
The rest$1.4T82.0%
Index total $1.6T
Operating cash flow · Mar 2020
trailing twelve months
Top 10$305B18.6%
The rest$1.3T81.4%
Index total $1.6T
Operating cash flow · Jun 2020
trailing twelve months
Top 10$319B19.4%
The rest$1.3T80.6%
Index total $1.6T
Operating cash flow · Sep 2020
trailing twelve months
Top 10$338B20.3%
The rest$1.3T79.7%
Index total $1.7T
Operating cash flow · Dec 2020
trailing twelve months
Top 10$356B21.2%
The rest$1.3T78.8%
Index total $1.7T
Operating cash flow · Mar 2021
trailing twelve months
Top 10$385B22.0%
The rest$1.4T78.0%
Index total $1.8T
Operating cash flow · Jun 2021
trailing twelve months
Top 10$413B22.5%
The rest$1.4T77.5%
Index total $1.8T
Operating cash flow · Sep 2021
trailing twelve months
Top 10$428B22.2%
The rest$1.5T77.8%
Index total $1.9T
Operating cash flow · Dec 2021
trailing twelve months
Top 10$435B21.8%
The rest$1.6T78.2%
Index total $2.0T
Operating cash flow · Mar 2022
trailing twelve months
Top 10$468B23.3%
The rest$1.5T76.7%
Index total $2.0T
Operating cash flow · Jun 2022
trailing twelve months
Top 10$465B23.1%
The rest$1.5T76.9%
Index total $2.0T
Operating cash flow · Sep 2022
trailing twelve months
Top 10$544B26.4%
The rest$1.5T73.6%
Index total $2.1T
Operating cash flow · Dec 2022
trailing twelve months
Top 10$462B22.5%
The rest$1.6T77.5%
Index total $2.1T
Operating cash flow · Mar 2023
trailing twelve months
Top 10$523B24.8%
The rest$1.6T75.2%
Index total $2.1T
Operating cash flow · Jun 2023
trailing twelve months
Top 10$552B25.5%
The rest$1.6T74.5%
Index total $2.2T
Operating cash flow · Sep 2023
trailing twelve months
Top 10$570B25.8%
The rest$1.6T74.2%
Index total $2.2T
Operating cash flow · Dec 2023
trailing twelve months
Top 10$536B23.7%
The rest$1.7T76.3%
Index total $2.3T
Operating cash flow · Mar 2024
trailing twelve months
Top 10$566B25.0%
The rest$1.7T75.0%
Index total $2.3T
Operating cash flow · Jun 2024
trailing twelve months
Top 10$595B26.2%
The rest$1.7T73.8%
Index total $2.3T
Operating cash flow · Sep 2024
trailing twelve months
Top 10$640B27.6%
The rest$1.7T72.4%
Index total $2.3T
Operating cash flow · Dec 2024
trailing twelve months
Top 10$665B28.0%
The rest$1.7T72.0%
Index total $2.4T
Operating cash flow · Mar 2025
trailing twelve months
Top 10$697B28.6%
The rest$1.7T71.4%
Index total $2.4T
Operating cash flow · Jun 2025
trailing twelve months
Top 10$718B28.9%
The rest$1.8T71.1%
Index total $2.5T
Operating cash flow · Sep 2025
trailing twelve months
Top 10$773B29.6%
The rest$1.8T70.4%
Index total $2.6T
Operating cash flow · Dec 2025
trailing twelve months
Top 10$861B31.1%
The rest$1.9T68.9%
Index total $2.8T
Operating cash flow · Mar 2026
trailing twelve months
Top 10$929B32.2%
The rest$2.0T67.8%
Index total $2.9T
Operating cash flow · Jun 2026
trailing twelve months
Top 10$1.1T34.1%
The rest$2.1T65.9%
Index total $3.1T
$0$500B$1.0T$1.5T$2.0T$2.5T$3.0T
Free cash flow
Top 10The rest
20212223242526
Free cash flow · Sep 2019
trailing twelve months
Top 10$206B21.1%
The rest$770B78.9%
Index total $976B
Free cash flow · Dec 2019
trailing twelve months
Top 10$211B21.6%
The rest$765B78.4%
Index total $976B
Free cash flow · Mar 2020
trailing twelve months
Top 10$215B22.3%
The rest$747B77.7%
Index total $962B
Free cash flow · Jun 2020
trailing twelve months
Top 10$226B22.8%
The rest$764B77.2%
Index total $990B
Free cash flow · Sep 2020
trailing twelve months
Top 10$238B23.2%
The rest$790B76.8%
Index total $1.0T
Free cash flow · Dec 2020
trailing twelve months
Top 10$246B23.1%
The rest$818B76.9%
Index total $1.1T
Free cash flow · Mar 2021
trailing twelve months
Top 10$266B23.4%
The rest$872B76.6%
Index total $1.1T
Free cash flow · Jun 2021
trailing twelve months
Top 10$281B23.4%
The rest$918B76.6%
Index total $1.2T
Free cash flow · Sep 2021
trailing twelve months
Top 10$286B22.6%
The rest$979B77.4%
Index total $1.3T
Free cash flow · Dec 2021
trailing twelve months
Top 10$287B22.3%
The rest$1.0T77.7%
Index total $1.3T
Free cash flow · Mar 2022
trailing twelve months
Top 10$308B24.2%
The rest$966B75.8%
Index total $1.3T
Free cash flow · Jun 2022
trailing twelve months
Top 10$297B24.0%
The rest$941B76.0%
Index total $1.2T
Free cash flow · Sep 2022
trailing twelve months
Top 10$355B28.7%
The rest$883B71.3%
Index total $1.2T
Free cash flow · Dec 2022
trailing twelve months
Top 10$303B25.4%
The rest$890B74.6%
Index total $1.2T
Free cash flow · Mar 2023
trailing twelve months
Top 10$329B26.9%
The rest$897B73.1%
Index total $1.2T
Free cash flow · Jun 2023
trailing twelve months
Top 10$360B28.4%
The rest$907B71.6%
Index total $1.3T
Free cash flow · Sep 2023
trailing twelve months
Top 10$380B29.1%
The rest$928B70.9%
Index total $1.3T
Free cash flow · Dec 2023
trailing twelve months
Top 10$369B27.2%
The rest$990B72.8%
Index total $1.4T
Free cash flow · Mar 2024
trailing twelve months
Top 10$395B29.4%
The rest$950B70.6%
Index total $1.3T
Free cash flow · Jun 2024
trailing twelve months
Top 10$403B30.4%
The rest$921B69.6%
Index total $1.3T
Free cash flow · Sep 2024
trailing twelve months
Top 10$413B30.9%
The rest$924B69.1%
Index total $1.3T
Free cash flow · Dec 2024
trailing twelve months
Top 10$412B30.5%
The rest$937B69.5%
Index total $1.3T
Free cash flow · Mar 2025
trailing twelve months
Top 10$415B30.3%
The rest$957B69.7%
Index total $1.4T
Free cash flow · Jun 2025
trailing twelve months
Top 10$398B29.1%
The rest$970B70.9%
Index total $1.4T
Free cash flow · Sep 2025
trailing twelve months
Top 10$415B28.9%
The rest$1.0T71.1%
Index total $1.4T
Free cash flow · Dec 2025
trailing twelve months
Top 10$458B30.1%
The rest$1.1T69.9%
Index total $1.5T
Free cash flow · Mar 2026
trailing twelve months
Top 10$467B30.2%
The rest$1.1T69.8%
Index total $1.5T
Free cash flow · Jun 2026
trailing twelve months
Top 10$496B29.3%
The rest$1.2T70.7%
Index total $1.7T
$0$500B$1.0T$1.5T
Members, ranks and weights are the fund's own filings, so these are the same ten companies the weight chart ranks (share classes combined), and a total moves with membership as well as with business — a company joining the index adds its whole trailing year to the bar. Each company's figures are the trailing twelve months it had filed for the quarter the index counts at that date, as reported to the SEC. Operating and free cash flow (operating cash flow less capex) leave financials out of both the top ten and the total: a bank's operating cash flow swings with its trading book and it reports no capex. A company with no figure is left out of both sides; members with figures hold at least 99.8% of the weight at every filing for revenue and 98.7% (of non-financial weight) for free cash flow, and a filing below 95% would be left blank.
The ten largest against the rest: margins, growth and capex#
The ten largest members combined against everyone else combined, at every filing. Each ratio is summed over the members that carry both of its inputs.
Net margin · net income ÷ revenue
10%20%30%
2020202120222023202420252026
Top 1035%Rest10%
Jun 2026
Top 1035%
Rest10%
Revenue growth · trailing twelve months vs a year earlier
What the market pays for the ten largest members combined against everyone else combined: total market value over total trailing-twelve-month revenue (P/S) or net income (P/E), at every filing — and the top ten's multiple divided by the rest's. These are aggregates of each group, not the S&P 500's own P/E.
Into the top ten since Sep 2019: NVIDIA Corp, Broadcom Inc, Micron Technology Inc, Tesla Inc, Eli Lilly & Co. Out of it: Berkshire Hathaway Inc, JPMorgan Chase & Co, Johnson & Johnson, Procter & Gamble Co/The, Exxon Mobil Corp. The largest member has changed too — Microsoft Corp then, NVIDIA Corp now. Arrivals and departures are matched by ticker, so a company that renamed or re-listed in between (Facebook to Meta) can show up on both lists.
The ten largest companies hold 37.9% of SPY as of Jun 2026, and the largest alone (NVIDIA Corp) holds 7.5%. In Sep 2019 the top ten held 22.8%, so the index has become markedly more top-heavy over that span.
When was S&P 500 most concentrated?
On the filings we hold, the top ten peaked at 40.7% in Dec 2025, against 37.9% now. Our weights run from Sep 2019 onward.
How many stocks does the S&P 500 really behave like?
By its weights, about 47 equally weighted stocks as of the Jun 2026 filing, against 106 in Sep 2019. That "effective number" is one over the sum of squared weights: the count of equal-weight stocks that would be exactly as concentrated as the index is, whatever its member count.
Do the largest S&P 500 companies earn as much as their weight?
As of the Jun 2026 filing, the ten largest hold 38% of the fund's weight but produce 15% of its members' combined revenue, 38% of their net income and 29% of their free cash flow (financials excluded from the cash figures). Where the weight runs ahead of the earnings share, the market is paying more for each dollar those companies earn than for the rest of the fund's.
Does concentration make the index riskier?
It makes it less diversified than the member count suggests: when ten names are a third of the fund, its return is largely their return, and a sector shock that hits them hits everything. It is not a market-timing signal — concentration has risen for long stretches while the index compounded — but it does mean a cap-weighted position is a much more concentrated bet than "500 companies" sounds.
Weights are as filed by the tracking fund on Form N-PORT each quarter — the index's own weights, not a market-cap approximation — and a company's share classes are combined into one row, so “top ten” means ten companies. Our filings begin Sep 2019. See also the sector mix — the other way an index can be less diversified than its member count suggests. Not investment advice.
ChartRow is not affiliated with, sponsored by, or endorsed by S&P Dow Jones Indices LLC, S&P Global, Nasdaq, Inc., FTSE Russell, MSCI Inc., Robert Shiller, RSBB-I, LLC, or Yale University. "S&P 500®" and "S&P®" are registered trademarks of Standard & Poor's Financial Services LLC and "Dow Jones®" of Dow Jones Trademark Holdings LLC, both licensed to S&P Dow Jones Indices LLC; "Nasdaq-100®" is a registered trademark of Nasdaq, Inc.; "GICS®" is a trademark of MSCI Inc. and S&P Global; "CAPE®" is a registered trademark of RSBB-I, LLC; all other index names are trademarks of their owners. They are used here only to identify the index a fund tracks. ChartRow receives no data from, and holds no licence from, any index provider: the constituents and weights shown are the tracking fund's own holdings as reported in its public SEC filings, rolled forward by ChartRow from daily prices; returns are the fund's own market prices; long-run S&P 500 history comes from public research datasets, Robert Shiller's and Aswath Damodaran's, credited where used; and a current index level is ChartRow's estimate from the fund's price. These figures are ChartRow's own estimates and computations from public filings, prices and research records, provided for information only and without warranty of accuracy; they are not the fund's or any index provider's official figures and may differ from them.
