IVW vs XLV: 6% overlap
iShares S&P 500 Growth ETF and Health Care Select Sector SPDR Fund share 6.4% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IVW and XLV hold 19 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVW | in XLV | Δ |
|---|---|---|---|
| LLY | 2.7% | 16.1% | 13.4% |
| JNJ | 1.1% | 10.7% | 9.6% |
| ABBV | 0.6% | 7.8% | 7.2% |
| AMGN | 0.4% | 3.4% | 3.0% |
| ISRG | 0.3% | 2.0% | 1.7% |
| GILD | 0.3% | 2.8% | 2.5% |
| HCA | 0.2% | 1.0% | 0.8% |
| SYK | 0.1% | 1.9% | 1.8% |
| BSX | 0.1% | 1.1% | 1.0% |
| IDXX | 0.1% | 0.7% | 0.6% |
Where IVW 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 | IVW | XLV | Δ |
|---|---|---|---|
| Health Care | 6.3% | 99.7% | −93.4pp |
| Information Technology | 52.5% | 0.0% | +52.5pp |
| Communication Services | 14.7% | 0.0% | +14.7pp |
| Financials | 9.2% | 0.0% | +9.2pp |
| Consumer Discretionary | 8.0% | 0.0% | +8.0pp |
| Industrials | 6.6% | 0.0% | +6.6pp |
| Consumer Staples | 1.2% | 0.0% | +1.2pp |
| Real Estate | 0.7% | 0.0% | +0.7pp |
Δ is IVW 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
93.6% of IVW by weight, held in no part of XLV.
48.6% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 58.2% | 62.0% |
| Positions held | 149 | 62 |
| 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 XLV overlap?
IVW and XLV overlap 6.4% by portfolio weight — largely distinct portfolios. They share 19 holdings. The figure comes from current issuer holdings files (IVW as of 2026-07-23, XLV as of 2026-07-23).
How is the overlap between IVW and XLV 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 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 IVW and XLV?
That depends on your goals — we state facts, not advice. At 6.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IVW own that XLV doesn't?
IVW holds 149 positions and XLV holds 62; 129 of IVW's positions don't appear in XLV at all, and they are 93.6% of IVW by weight.
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Related comparisons
Sources: issuer holdings files, IVW as of 2026-07-23, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.