SMH vs XLK: 47% overlap
VanEck Semiconductor ETF and Technology Select Sector SPDR Fund share 47.2% 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 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
SMH and XLK hold 19 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SMH | in XLK | Δ |
|---|---|---|---|
| NVDA | 19.6% | 14.1% | 5.5% |
| AVGO | 7.8% | 5.2% | 2.6% |
| AMD | 4.7% | 4.7% | 0.0% |
| MU | 4.2% | 4.3% | 0.1% |
| INTC | 4.3% | 3.2% | 1.1% |
| AMAT | 4.6% | 3.0% | 1.5% |
| LRCX | 4.6% | 2.7% | 1.9% |
| KLAC | 4.7% | 1.9% | 2.8% |
| TXN | 4.6% | 1.8% | 2.8% |
| ADI | 4.7% | 1.3% | 3.4% |
Where SMH 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 | SMH | XLK | Δ |
|---|---|---|---|
| Unclassified | 7.2% | 0.0% | +7.2pp |
| Information Technology | 92.8% | 99.9% | −7.1pp |
| Cash and/or Derivatives | 0.0% | 0.1% | −0.1pp |
| Cash & Other | 0.0% | 0.0% | −0.0pp |
Δ is SMH 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
20.2% of SMH by weight, held in no part of XLK.
52.7% of XLK 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 | XLK | |
|---|---|---|
| Top 10 holdings | 72.2% | 61.3% |
| Positions held | 26 | 76 |
| 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 XLK overlap?
SMH and XLK overlap 47.2% by portfolio weight — moderate overlap. They share 19 holdings. The figure comes from current issuer holdings files (SMH as of 2026-03-31, XLK as of 2026-07-23).
How is the overlap between SMH and XLK 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 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 SMH and XLK?
That depends on your goals — we state facts, not advice. At 47.2% overlap, each fund still contributes meaningfully distinct exposure.
What does SMH own that XLK doesn't?
SMH holds 26 positions and XLK holds 76; 7 of SMH's positions don't appear in XLK at all, and they are 20.2% of SMH by weight.
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Related comparisons
Sources: issuer holdings files, SMH as of 2026-03-31, XLK as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.