IVE vs XLU: 5% overlap
iShares S&P 500 Value ETF and Utilities Select Sector SPDR Fund share 4.7% 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
IVE and XLU hold 31 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVE | in XLU | Δ |
|---|---|---|---|
| NEE | 0.6% | 12.9% | 12.3% |
| SO | 0.4% | 7.5% | 7.2% |
| DUK | 0.3% | 7.0% | 6.6% |
| AEP | 0.3% | 5.1% | 4.8% |
| CASH | 0.2% | 0.3% | 0.1% |
| D | 0.2% | 4.3% | 4.1% |
| SRE | 0.2% | 4.2% | 4.0% |
| ETR | 0.2% | 3.7% | 3.5% |
| XEL | 0.2% | 3.5% | 3.3% |
| EXC | 0.2% | 3.3% | 3.2% |
Where IVE and XLU 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 | IVE | XLU | Δ |
|---|---|---|---|
| Utilities | 4.5% | 99.7% | −95.2pp |
| Information Technology | 19.8% | 0.0% | +19.8pp |
| Financials | 16.1% | 0.0% | +16.1pp |
| Health Care | 12.5% | 0.0% | +12.5pp |
| Industrials | 11.5% | 0.0% | +11.5pp |
| Consumer Discretionary | 9.6% | 0.0% | +9.6pp |
| Consumer Staples | 8.7% | 0.0% | +8.7pp |
| Energy | 7.4% | 0.0% | +7.4pp |
Δ is IVE minus XLU, 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
95.4% of IVE by weight, held in no part of XLU.
3.7% of XLU by weight, held in no part of IVE.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVE | XLU | |
|---|---|---|
| Top 10 holdings | 23.7% | 58.0% |
| Positions held | 440 | 33 |
| Cost per $10,000 held, per year | $18 | $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 IVE and XLU overlap?
IVE and XLU overlap 4.7% by portfolio weight — largely distinct portfolios. They share 31 holdings. The figure comes from current issuer holdings files (IVE as of 2026-07-23, XLU as of 2026-07-23).
How is the overlap between IVE and XLU calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVE holds a stock at 6% and XLU 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 IVE and XLU?
That depends on your goals — we state facts, not advice. At 4.7% overlap, each fund still contributes meaningfully distinct exposure.
What does IVE own that XLU doesn't?
IVE holds 440 positions and XLU holds 33; 408 of IVE's positions don't appear in XLU at all, and they are 95.4% of IVE by weight.
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Related comparisons
Sources: issuer holdings files, IVE as of 2026-07-23, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.