IWF vs XLP: 1% overlap
iShares Russell 1000 Growth ETF and Consumer Staples Select Sector SPDR Fund share 1.4% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWF and XLP hold 12 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in XLP | Δ |
|---|---|---|---|
| COST | 0.6% | 8.9% | 8.4% |
| CASH | 0.1% | 0.2% | 0.0% |
| WMT | 0.1% | 10.3% | 10.2% |
| KO | 0.1% | 6.8% | 6.7% |
| CL | 0.1% | 4.6% | 4.5% |
| MNST | 0.1% | 4.3% | 4.2% |
| CASY | 0.1% | 2.1% | 2.0% |
| PEP | 0.1% | 4.3% | 4.2% |
| SYY | 0.1% | 2.5% | 2.5% |
| KMB | 0.0% | 2.3% | 2.3% |
Where IWF and XLP 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 | IWF | XLP | Δ |
|---|---|---|---|
| Consumer Staples | 1.3% | 99.7% | −98.4pp |
| Information Technology | 55.0% | 0.0% | +55.0pp |
| Communication Services | 15.7% | 0.0% | +15.7pp |
| Industrials | 8.5% | 0.0% | +8.5pp |
| Consumer Discretionary | 7.5% | 0.0% | +7.5pp |
| Health Care | 5.6% | 0.0% | +5.6pp |
| Financials | 4.7% | 0.0% | +4.7pp |
| Energy | 0.5% | 0.0% | +0.5pp |
Δ is IWF minus XLP, 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
98.6% of IWF by weight, held in no part of XLP.
50.4% of XLP by weight, held in no part of IWF.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWF | XLP | |
|---|---|---|
| Top 10 holdings | 56.1% | 62.1% |
| Positions held | 370 | 37 |
| Cost per $10,000 held, per year | $19 | $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 IWF and XLP overlap?
IWF and XLP overlap 1.4% by portfolio weight — largely distinct portfolios. They share 12 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, XLP as of 2026-07-23).
How is the overlap between IWF and XLP calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWF holds a stock at 6% and XLP 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 IWF and XLP?
That depends on your goals — we state facts, not advice. At 1.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that XLP doesn't?
IWF holds 370 positions and XLP holds 37; 357 of IWF's positions don't appear in XLP at all, and they are 98.6% of IWF by weight.
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, XLP as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.