IEFA vs XLV: 0% overlap
iShares Core MSCI EAFE ETF and Health Care Select Sector SPDR Fund share 0.1% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEFA and XLV hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEFA | in XLV | Δ |
|---|---|---|---|
| MRK | 0.1% | 5.5% | 5.4% |
| CASH | 0.0% | 0.1% | 0.1% |
| CRL | 0.0% | 0.2% | 0.2% |
| ELV | 0.0% | 1.4% | 1.4% |
| COR | 0.0% | 1.0% | 1.0% |
Where IEFA 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 | IEFA | XLV | Δ |
|---|---|---|---|
| Health Care | 7.6% | 99.7% | −92.1pp |
| Financials | 24.2% | 0.0% | +24.2pp |
| Industrials | 19.6% | 0.0% | +19.6pp |
| Information Technology | 11.9% | 0.0% | +11.9pp |
| Consumer Discretionary | 8.8% | 0.0% | +8.8pp |
| Consumer Staples | 6.7% | 0.0% | +6.7pp |
| Materials | 6.4% | 0.0% | +6.4pp |
| Utilities | 4.2% | 0.0% | +4.2pp |
Δ is IEFA 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
99.4% of IEFA by weight, held in no part of XLV.
91.6% of XLV by weight, held in no part of IEFA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IEFA | XLV | |
|---|---|---|
| Top 10 holdings | 12.5% | 62.0% |
| Positions held | 2,567 | 62 |
| Cost per $10,000 held, per year | $7 | $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 IEFA and XLV overlap?
IEFA and XLV overlap 0.1% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (IEFA as of 2026-07-23, XLV as of 2026-07-23).
How is the overlap between IEFA and XLV calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IEFA 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 IEFA and XLV?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IEFA own that XLV doesn't?
IEFA holds 2,567 positions and XLV holds 62; 2,561 of IEFA's positions don't appear in XLV at all, and they are 99.4% of IEFA by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, IEFA as of 2026-07-23, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.