DIA vs XLF: 15% overlap
SPDR Dow Jones Industrial Average ETF and Financial Select Sector SPDR Fund share 15.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and XLF hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in XLF | Δ |
|---|---|---|---|
| V | 4.0% | 7.4% | 3.4% |
| JPM | 4.0% | 11.9% | 7.9% |
| GS | 12.3% | 4.0% | 8.3% |
| AXP | 3.9% | 2.3% | 1.6% |
| TRV | 4.3% | 1.0% | 3.3% |
Where DIA and XLF differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | DIA | XLF | Δ |
|---|---|---|---|
| Financials | 28.6% | 99.9% | −71.2pp |
| Industrials | 17.5% | 0.0% | +17.5pp |
| Information Technology | 15.9% | 0.0% | +15.9pp |
| Health Care | 13.6% | 0.0% | +13.6pp |
| Consumer Discretionary | 9.9% | 0.0% | +9.9pp |
| Communication Services | 4.7% | 0.0% | +4.7pp |
| Consumer Staples | 3.9% | 0.0% | +3.9pp |
| Materials | 3.6% | 0.0% | +3.6pp |
Δ is DIA minus XLF, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
71.3% of DIA by weight, held in no part of XLF.
73.4% of XLF by weight, held in no part of DIA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| DIA | XLF | |
|---|---|---|
| Top 10 holdings | 56.2% | 57.0% |
| Positions held | 31 | 78 |
| Cost per $10,000 held, per year | $16 | $8 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do DIA and XLF overlap?
DIA and XLF overlap 15.4% by portfolio weight — moderate overlap. They share 5 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, XLF as of 2026-07-23).
How is the overlap between DIA and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If DIA holds a stock at 6% and XLF holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both DIA and XLF?
That depends on your goals — we state facts, not advice. At 15.4% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that XLF doesn't?
DIA holds 31 positions and XLF holds 78; 25 of DIA's positions don't appear in XLF at all, and they are 71.3% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.