PRWCX vs XLF: 2% overlap
T. Rowe Price Capital Appreciation and Financial Select Sector SPDR Fund share 2.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 4 months apart — PRWCX as of 2026-03-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
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
PRWCX and XLF hold 4 of the same securities. The ten contributing most to the overlap figure:
| Holding | in PRWCX | in XLF | Δ |
|---|---|---|---|
| MA | 0.9% | 5.4% | 4.5% |
| JPM | 0.7% | 11.9% | 11.2% |
| V | 0.7% | 7.4% | 6.7% |
| SPGI | 0.1% | 1.6% | 1.5% |
Where PRWCX 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 | PRWCX | XLF | Δ |
|---|---|---|---|
| Financials | 2.4% | 99.9% | −97.5pp |
| Unclassified | 20.3% | 0.0% | +20.3pp |
| Treasuries | 18.2% | 0.0% | +18.2pp |
| Information Technology | 17.8% | 0.0% | +17.8pp |
| Health Care | 12.2% | 0.0% | +12.2pp |
| Consumer Discretionary | 7.2% | 0.0% | +7.2pp |
| Utilities | 7.1% | 0.0% | +7.1pp |
| Communication Services | 6.7% | 0.0% | +6.7pp |
Δ is PRWCX 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
92.2% of PRWCX by weight, held in no part of XLF.
73.7% of XLF by weight, held in no part of PRWCX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| PRWCX | XLF | |
|---|---|---|
| Top 10 holdings | 46.0% | 57.0% |
| Positions held | 151 | 78 |
| Cost per $10,000 held, per year | $72 | $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 PRWCX and XLF overlap?
PRWCX and XLF overlap 2.4% by portfolio weight — largely distinct portfolios. They share 4 holdings. The figure comes from current issuer holdings files (PRWCX as of 2026-03-31, XLF as of 2026-07-23).
How is the overlap between PRWCX and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If PRWCX 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 PRWCX and XLF?
That depends on your goals — we state facts, not advice. At 2.4% overlap, each fund still contributes meaningfully distinct exposure.
What does PRWCX own that XLF doesn't?
PRWCX holds 151 positions and XLF holds 78; 146 of PRWCX's positions don't appear in XLF at all, and they are 92.2% of PRWCX by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, PRWCX as of 2026-03-31, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.