IVW vs XLF: 9% overlap
iShares S&P 500 Growth ETF and Financial Select Sector SPDR Fund share 9.3% 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
IVW and XLF hold 21 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVW | in XLF | Δ |
|---|---|---|---|
| BRK-B | 2.6% | 11.4% | 8.8% |
| JPM | 1.8% | 11.9% | 10.0% |
| V | 0.9% | 7.4% | 6.5% |
| MA | 0.8% | 5.4% | 4.6% |
| GS | 0.6% | 4.0% | 3.4% |
| MS | 0.5% | 3.3% | 2.8% |
| AXP | 0.4% | 2.3% | 1.9% |
| HOOD | 0.2% | 1.0% | 0.8% |
| BNY | 0.2% | 1.4% | 1.2% |
| PGR | 0.2% | 1.5% | 1.3% |
Where IVW 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 | IVW | XLF | Δ |
|---|---|---|---|
| Financials | 9.2% | 99.9% | −90.7pp |
| Information Technology | 52.5% | 0.0% | +52.5pp |
| Communication Services | 14.7% | 0.0% | +14.7pp |
| Consumer Discretionary | 8.0% | 0.0% | +8.0pp |
| Industrials | 6.6% | 0.0% | +6.6pp |
| Health Care | 6.3% | 0.0% | +6.3pp |
| Consumer Staples | 1.2% | 0.0% | +1.2pp |
| Real Estate | 0.7% | 0.0% | +0.7pp |
Δ is IVW 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
90.7% of IVW by weight, held in no part of XLF.
43.0% of XLF by weight, held in no part of IVW.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVW | XLF | |
|---|---|---|
| Top 10 holdings | 58.2% | 57.0% |
| Positions held | 149 | 78 |
| 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 IVW and XLF overlap?
IVW and XLF overlap 9.3% by portfolio weight — largely distinct portfolios. They share 21 holdings. The figure comes from current issuer holdings files (IVW as of 2026-07-23, XLF as of 2026-07-23).
How is the overlap between IVW and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVW 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 IVW and XLF?
That depends on your goals — we state facts, not advice. At 9.3% overlap, each fund still contributes meaningfully distinct exposure.
What does IVW own that XLF doesn't?
IVW holds 149 positions and XLF holds 78; 127 of IVW's positions don't appear in XLF at all, and they are 90.7% of IVW by weight.
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Related comparisons
Sources: issuer holdings files, IVW as of 2026-07-23, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.