SCHG vs XLV: 8% overlap
Schwab U.S. Large-Cap Growth ETF and Health Care Select Sector SPDR Fund share 7.9% 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 XLV hold 20 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHG | in XLV | Δ |
|---|---|---|---|
| LLY | 3.1% | 16.1% | 13.0% |
| UNH | 1.2% | 6.6% | 5.4% |
| TMO | 0.6% | 3.6% | 3.0% |
| ISRG | 0.5% | 2.0% | 1.5% |
| DHR | 0.4% | 2.1% | 1.7% |
| VRTX | 0.4% | 2.1% | 1.7% |
| MCK | 0.3% | 1.7% | 1.4% |
| REGN | 0.2% | 1.1% | 0.9% |
| IDXX | 0.2% | 0.7% | 0.6% |
| WAT | 0.1% | 0.6% | 0.5% |
Where SCHG 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 | SCHG | XLV | Δ |
|---|---|---|---|
| Health Care | 8.3% | 99.7% | −91.4pp |
| Information Technology | 46.1% | 0.0% | +46.1pp |
| Communication Services | 14.7% | 0.0% | +14.7pp |
| Consumer Discretionary | 12.1% | 0.0% | +12.1pp |
| Financials | 6.8% | 0.0% | +6.8pp |
| 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 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
92.1% of SCHG by weight, held in no part of XLV.
58.8% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 57.2% | 62.0% |
| Positions held | 195 | 62 |
| 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 XLV overlap?
SCHG and XLV overlap 7.9% by portfolio weight — largely distinct portfolios. They share 20 holdings. The figure comes from current issuer holdings files (SCHG as of 2026-05-31, XLV as of 2026-07-23).
How is the overlap between SCHG and XLV 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 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 SCHG and XLV?
That depends on your goals — we state facts, not advice. At 7.9% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHG own that XLV doesn't?
SCHG holds 195 positions and XLV holds 62; 174 of SCHG's positions don't appear in XLV at all, and they are 92.1% of SCHG by weight.
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Related comparisons
Sources: issuer holdings files, SCHG as of 2026-05-31, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.