SCHD vs XLE: 14% overlap
Schwab U.S. Dividend Equity ETF and Energy Select Sector SPDR Fund share 14.2% 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 2 months apart — SCHD as of 2026-05-31, 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHD and XLE hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHD | in XLE | Δ |
|---|---|---|---|
| CVX | 3.8% | 15.1% | 11.3% |
| COP | 3.5% | 6.1% | 2.6% |
| SLB | 2.1% | 4.1% | 2.1% |
| EOG | 1.8% | 4.5% | 2.6% |
| OKE | 1.3% | 3.7% | 2.3% |
| DVN | 1.3% | 3.3% | 2.0% |
| APA | 0.3% | 0.8% | 0.5% |
| CASH | 0.0% | 0.1% | 0.1% |
Where SCHD and XLE 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 | SCHD | XLE | Δ |
|---|---|---|---|
| Energy | 14.6% | 99.8% | −85.3pp |
| Consumer Staples | 18.4% | 0.0% | +18.4pp |
| Health Care | 18.3% | 0.0% | +18.3pp |
| Information Technology | 12.9% | 0.0% | +12.9pp |
| Industrials | 10.8% | 0.0% | +10.8pp |
| Financials | 8.8% | 0.0% | +8.8pp |
| Consumer Discretionary | 6.8% | 0.0% | +6.8pp |
| Communication Services | 6.0% | 0.0% | +6.0pp |
Δ is SCHD minus XLE, 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
85.6% of SCHD by weight, held in no part of XLE.
62.3% of XLE by weight, held in no part of SCHD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHD | XLE | |
|---|---|---|
| Top 10 holdings | 43.6% | 73.1% |
| Positions held | 101 | 23 |
| Cost per $10,000 held, per year | $6 | $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 SCHD and XLE overlap?
SCHD and XLE overlap 14.2% by portfolio weight — largely distinct portfolios. They share 8 holdings. The figure comes from current issuer holdings files (SCHD as of 2026-05-31, XLE as of 2026-07-23).
How is the overlap between SCHD and XLE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHD holds a stock at 6% and XLE 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 SCHD and XLE?
That depends on your goals — we state facts, not advice. At 14.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHD own that XLE doesn't?
SCHD holds 101 positions and XLE holds 23; 92 of SCHD's positions don't appear in XLE at all, and they are 85.6% of SCHD by weight.
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Related comparisons
Sources: issuer holdings files, SCHD as of 2026-05-31, XLE as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.