SPYM vs XLB: 2% overlap
State Street SPDR Portfolio S&P 500 ETF and Materials Select Sector SPDR Fund share 1.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
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
SPYM and XLB hold 27 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SPYM | in XLB | Δ |
|---|---|---|---|
| LIN | 0.4% | 13.9% | 13.5% |
| NEM | 0.2% | 6.0% | 5.8% |
| FCX | 0.1% | 5.4% | 5.3% |
| SHW | 0.1% | 4.5% | 4.4% |
| ECL | 0.1% | 4.5% | 4.4% |
| APD | 0.1% | 4.7% | 4.6% |
| CRH | 0.1% | 4.3% | 4.2% |
| CTVA | 0.1% | 5.3% | 5.2% |
| NUE | 0.1% | 4.2% | 4.2% |
| VMC | 0.1% | 4.4% | 4.4% |
Where SPYM and XLB 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 | SPYM | XLB | Δ |
|---|---|---|---|
| Materials | 1.8% | 99.8% | −98.0pp |
| Information Technology | 37.5% | 0.0% | +37.5pp |
| Financials | 12.4% | 0.0% | +12.4pp |
| Communication Services | 9.3% | 0.0% | +9.3pp |
| Health Care | 9.1% | 0.0% | +9.1pp |
| Industrials | 8.9% | 0.0% | +8.9pp |
| Consumer Discretionary | 8.7% | 0.0% | +8.7pp |
| Consumer Staples | 4.6% | 0.0% | +4.6pp |
Δ is SPYM minus XLB, 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
98.1% of SPYM by weight, held in no part of XLB.
0.0% of XLB by weight, held in no part of SPYM.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SPYM | XLB | |
|---|---|---|
| Top 10 holdings | 36.9% | 57.4% |
| Positions held | 507 | 28 |
| Cost per $10,000 held, per year | $2 | $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 SPYM and XLB overlap?
SPYM and XLB overlap 1.9% by portfolio weight — largely distinct portfolios. They share 27 holdings. The figure comes from current issuer holdings files (SPYM as of 2026-07-23, XLB as of 2026-07-23).
How is the overlap between SPYM and XLB calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SPYM holds a stock at 6% and XLB 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 SPYM and XLB?
That depends on your goals — we state facts, not advice. At 1.9% overlap, each fund still contributes meaningfully distinct exposure.
What does SPYM own that XLB doesn't?
SPYM holds 507 positions and XLB holds 28; 479 of SPYM's positions don't appear in XLB at all, and they are 98.1% of SPYM by weight.
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Related comparisons
Sources: issuer holdings files, SPYM as of 2026-07-23, XLB as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.