No. That is the honest answer, and I wish more articles led with it. Same S&P 500 twice, with part of it costing three times the rest.
- SPY 0.09% versus VOO 0.03%, identical portfolios, no diversification gained - It happens by accident: bought SPY, read VOO is cheaper, never cleaned up - In an IRA, consolidate in one trade and move on; in taxable, mind the gains first - Want a second fund? Buy something that actually differs: small caps, international, bonds - One index, one fund; that is the whole rule, everywhere
Overlap ($4.99 one-time) flags this exact duplication from your holdings before it costs you another year.