SCHG vs XLF: 6% overlap
Schwab U.S. Large-Cap Growth ETF and Financial Select Sector SPDR Fund share 6.3% 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 — SCHG 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
SCHG and XLF hold 15 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHG | in XLF | Δ |
|---|---|---|---|
| V | 1.9% | 7.4% | 5.5% |
| MA | 1.4% | 5.4% | 4.0% |
| BLK | 0.5% | 1.9% | 1.4% |
| SPGI | 0.5% | 1.6% | 1.2% |
| PGR | 0.4% | 1.5% | 1.1% |
| HOOD | 0.3% | 1.0% | 0.8% |
| MCO | 0.2% | 0.9% | 0.7% |
| KKR | 0.2% | 0.8% | 0.6% |
| APO | 0.2% | 0.7% | 0.5% |
| MSCI | 0.2% | 0.5% | 0.3% |
Where SCHG 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 | SCHG | XLF | Δ |
|---|---|---|---|
| Financials | 6.8% | 99.9% | −93.1pp |
| Information Technology | 46.1% | 0.0% | +46.1pp |
| Communication Services | 14.7% | 0.0% | +14.7pp |
| Consumer Discretionary | 12.1% | 0.0% | +12.1pp |
| Health Care | 8.3% | 0.0% | +8.3pp |
| Industrials | 6.0% | 0.0% | +6.0pp |
| Unclassified | 1.9% | 0.0% | +1.9pp |
| Consumer Staples | 1.7% | 0.0% | +1.7pp |
Δ is SCHG 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
93.7% of SCHG by weight, held in no part of XLF.
76.4% of XLF by weight, held in no part of SCHG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHG | XLF | |
|---|---|---|
| Top 10 holdings | 57.2% | 57.0% |
| Positions held | 195 | 78 |
| Cost per $10,000 held, per year | $4 | $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 SCHG and XLF overlap?
SCHG and XLF overlap 6.3% by portfolio weight — largely distinct portfolios. They share 15 holdings. The figure comes from current issuer holdings files (SCHG as of 2026-05-31, XLF as of 2026-07-23).
How is the overlap between SCHG and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHG 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 SCHG and XLF?
That depends on your goals — we state facts, not advice. At 6.3% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHG own that XLF doesn't?
SCHG holds 195 positions and XLF holds 78; 179 of SCHG's positions don't appear in XLF at all, and they are 93.7% of SCHG by weight.
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Related comparisons
Sources: issuer holdings files, SCHG as of 2026-05-31, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.