# S&P 500 Growth vs. S&P 500 Value
The S&P 500 Growth and S&P 500 Value indices start from the same S&P 500 parent universe but emphasize different style characteristics.
| Dimension | Growth | Value |
|---|---|---|
| Parent universe | S&P 500 | S&P 500 |
| Growth factors | Sales growth, earnings change relative to price, momentum | - |
| Value factors | - | Book value, earnings, and sales relative to price |
| Overlap allowed | Yes | Yes |
| September 11, 2026 benchmark security count | 148 | 437 |
| Typical analytical question | Where is growth-style exposure concentrated? | Where is value-style exposure concentrated? |
Concentration
Growth is substantially more concentrated because fewer securities receive Growth exposure and the largest mega-cap companies can dominate index weight. Value is broader, although it can still have meaningful concentration in the largest partially allocated securities.
Sector mix
The current Growth benchmark is heavily tilted toward Information Technology and Communication Services. Value is more diversified across Information Technology, Financials, Health Care, Industrials, Consumer Discretionary, Consumer Staples, Energy, Utilities, Materials, Real Estate, and Communication Services.
Portfolio interpretation
Do not compare the indices only by trailing returns. Compare factor definitions, constituent count, concentration, sector exposure, overlap, turnover, and how the largest holdings drive results.
Company interpretation
The same company can have different index weights in Growth and Value because the style allocation modifies its parent-index market-cap weight. The company itself has not become two different businesses. Keep one company dossier and separate style-allocation data.