SMH vs XLI: 0% overlap
VanEck Semiconductor ETF and Industrial Select Sector SPDR Fund share 0.0% 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 — SMH 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
SMH and XLI hold 0 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in XLI | Δ |
|---|
Where SMH and XLI 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 | SMH | XLI | Δ |
|---|---|---|---|
| Industrials | 0.0% | 99.9% | −99.9pp |
| Information Technology | 92.8% | 0.0% | +92.8pp |
| Unclassified | 7.2% | 0.0% | +7.2pp |
| Cash and/or Derivatives | 0.0% | 0.0% | −0.0pp |
| Cash & Other | 0.0% | 0.0% | −0.0pp |
Δ is SMH minus XLI, 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
100.0% of SMH by weight, held in no part of XLI.
100.0% of XLI by weight, held in no part of SMH.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SMH | XLI | |
|---|---|---|
| Top 10 holdings | 72.2% | 40.0% |
| Positions held | 26 | 83 |
| Cost per $10,000 held, per year | $35 | $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 SMH and XLI overlap?
SMH and XLI overlap 0.0% by portfolio weight — largely distinct portfolios. They share 0 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, XLI as of 2026-07-23).
How is the overlap between SMH and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SMH holds a stock at 6% and XLI 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 SMH and XLI?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that XLI doesn't?
SMH holds 26 positions and XLI holds 83; 26 of SMH's positions don't appear in XLI at all, and they are 100.0% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.