IWF vs XLV: 5% overlap
iShares Russell 1000 Growth ETF and Health Care Select Sector SPDR Fund share 4.8% 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 XLV hold 14 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in XLV | Δ |
|---|---|---|---|
| LLY | 2.9% | 16.1% | 13.1% |
| AMGN | 0.4% | 3.4% | 3.0% |
| ISRG | 0.4% | 2.0% | 1.7% |
| MCK | 0.3% | 1.7% | 1.4% |
| COR | 0.2% | 1.0% | 0.8% |
| ABBV | 0.1% | 7.8% | 7.7% |
| IDXX | 0.1% | 0.7% | 0.6% |
| CASH | 0.1% | 0.1% | 0.0% |
| DXCM | 0.1% | 0.5% | 0.4% |
| ZTS | 0.1% | 0.5% | 0.5% |
Where IWF 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 | IWF | XLV | Δ |
|---|---|---|---|
| Health Care | 5.6% | 99.7% | −94.1pp |
| 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 |
| Financials | 4.7% | 0.0% | +4.7pp |
| Consumer Staples | 1.3% | 0.0% | +1.3pp |
| Energy | 0.5% | 0.0% | +0.5pp |
Δ is IWF 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
95.1% of IWF by weight, held in no part of XLV.
64.2% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 56.1% | 62.0% |
| Positions held | 370 | 62 |
| 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 XLV overlap?
IWF and XLV overlap 4.8% by portfolio weight — largely distinct portfolios. They share 14 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, XLV as of 2026-07-23).
How is the overlap between IWF and XLV 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 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 IWF and XLV?
That depends on your goals — we state facts, not advice. At 4.8% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that XLV doesn't?
IWF holds 370 positions and XLV holds 62; 355 of IWF's positions don't appear in XLV at all, and they are 95.1% of IWF by weight.
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.