MGK vs XLI: 3% overlap
Vanguard Mega Cap Growth ETF and Industrial Select Sector SPDR Fund share 2.6% 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
MGK and XLI hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in MGK | in XLI | Δ |
|---|---|---|---|
| GEV | 1.2% | 4.9% | 3.7% |
| BA | 0.7% | 2.9% | 2.2% |
| UBER | 0.4% | 2.5% | 2.1% |
| CTAS | 0.3% | 1.2% | 0.9% |
| CASH | 0.5% | 0.0% | 0.5% |
Where MGK and XLI 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 | MGK | XLI | Δ |
|---|---|---|---|
| Industrials | 2.6% | 99.9% | −97.3pp |
| Information Technology | 58.6% | 0.0% | +58.6pp |
| Communication Services | 16.2% | 0.0% | +16.2pp |
| Consumer Discretionary | 11.2% | 0.0% | +11.2pp |
| Health Care | 4.9% | 0.0% | +4.9pp |
| Financials | 4.0% | 0.0% | +4.0pp |
| Real Estate | 1.2% | 0.0% | +1.2pp |
| Cash and/or Derivatives | 0.5% | 0.0% | +0.5pp |
Δ is MGK minus XLI, 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
96.9% of MGK by weight, held in no part of XLI.
88.4% of XLI by weight, held in no part of MGK.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| MGK | XLI | |
|---|---|---|
| Top 10 holdings | 63.5% | 40.0% |
| Positions held | 57 | 83 |
| Cost per $10,000 held, per year | $5 | $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 MGK and XLI overlap?
MGK and XLI overlap 2.6% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (MGK as of 2026-06-30, XLI as of 2026-07-23).
How is the overlap between MGK and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If MGK holds a stock at 6% and XLI 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 MGK and XLI?
That depends on your goals — we state facts, not advice. At 2.6% overlap, each fund still contributes meaningfully distinct exposure.
What does MGK own that XLI doesn't?
MGK holds 57 positions and XLI holds 83; 52 of MGK's positions don't appear in XLI at all, and they are 96.9% of MGK by weight.
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Related comparisons
Sources: issuer holdings files, MGK as of 2026-06-30, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.