SCHX vs XLK: 36% overlap
Schwab U.S. Large-Cap ETF and Technology Select Sector SPDR Fund share 35.8% 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 — SCHX 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 1.6. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SCHX and XLK hold 68 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SCHX | in XLK | Δ |
|---|---|---|---|
| NVDA | 7.5% | 14.1% | 6.6% |
| AAPL | 6.7% | 13.2% | 6.5% |
| MSFT | 4.9% | 7.9% | 3.0% |
| AVGO | 3.1% | 5.2% | 2.1% |
| MU | 1.6% | 4.3% | 2.7% |
| AMD | 1.2% | 4.7% | 3.4% |
| INTC | 0.8% | 3.2% | 2.4% |
| CSCO | 0.7% | 3.0% | 2.3% |
| LRCX | 0.6% | 2.7% | 2.1% |
| ORCL | 0.6% | 1.4% | 0.8% |
Where SCHX and XLK 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 | SCHX | XLK | Δ |
|---|---|---|---|
| Information Technology | 36.8% | 99.9% | −63.2pp |
| Financials | 10.9% | 0.0% | +10.9pp |
| Communication Services | 10.1% | 0.0% | +10.1pp |
| Consumer Discretionary | 9.4% | 0.0% | +9.4pp |
| Industrials | 8.2% | 0.0% | +8.2pp |
| Health Care | 8.1% | 0.0% | +8.1pp |
| Consumer Staples | 4.4% | 0.0% | +4.4pp |
| Unclassified | 3.4% | 0.0% | +3.4pp |
Δ is SCHX minus XLK, 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
64.1% of SCHX by weight, held in no part of XLK.
5.2% of XLK by weight, held in no part of SCHX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SCHX | XLK | |
|---|---|---|
| Top 10 holdings | 37.3% | 61.3% |
| Positions held | 750 | 76 |
| Cost per $10,000 held, per year | $3 | $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 SCHX and XLK overlap?
SCHX and XLK overlap 35.8% by portfolio weight — moderate overlap. They share 68 holdings. The figure comes from current issuer holdings files (SCHX as of 2026-05-31, XLK as of 2026-07-23).
How is the overlap between SCHX and XLK calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SCHX holds a stock at 6% and XLK 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 SCHX and XLK?
That depends on your goals — we state facts, not advice. At 35.8% overlap, each fund still contributes meaningfully distinct exposure.
What does SCHX own that XLK doesn't?
SCHX holds 750 positions and XLK holds 76; 681 of SCHX's positions don't appear in XLK at all, and they are 64.1% of SCHX by weight.
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Related comparisons
Sources: issuer holdings files, SCHX as of 2026-05-31, XLK as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.