DIA vs XLV: 13% overlap
SPDR Dow Jones Industrial Average ETF and Health Care Select Sector SPDR Fund share 12.8% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and XLV hold 4 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in XLV | Δ |
|---|---|---|---|
| UNH | 4.9% | 6.6% | 1.7% |
| AMGN | 4.3% | 3.4% | 0.8% |
| JNJ | 3.0% | 10.7% | 7.7% |
| MRK | 1.5% | 5.5% | 4.0% |
Where DIA and XLV 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 | XLV | Δ |
|---|---|---|---|
| Health Care | 13.6% | 99.7% | −86.1pp |
| Financials | 28.6% | 0.0% | +28.6pp |
| Industrials | 17.5% | 0.0% | +17.5pp |
| Information Technology | 15.9% | 0.0% | +15.9pp |
| 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 XLV, 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
86.3% of DIA by weight, held in no part of XLV.
73.6% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 56.2% | 62.0% |
| Positions held | 31 | 62 |
| 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 XLV overlap?
DIA and XLV overlap 12.8% by portfolio weight — largely distinct portfolios. They share 4 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, XLV as of 2026-07-23).
How is the overlap between DIA and XLV 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 XLV 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 XLV?
That depends on your goals — we state facts, not advice. At 12.8% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that XLV doesn't?
DIA holds 31 positions and XLV holds 62; 26 of DIA's positions don't appear in XLV at all, and they are 86.3% of DIA by weight.
You probably hold more than two funds
This page compares DIA and XLV. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch DIA vs XLV
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.