SWAGX vs XLV: 0% overlap
Schwab U.S. Aggregate Bond Index and Health Care Select Sector SPDR Fund share 0.1% 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 5 months apart — SWAGX as of 2026-02-28, 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
SWAGX and XLV hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWAGX | in XLV | Δ |
|---|---|---|---|
| CASH | 2.1% | 0.1% | 2.0% |
Where SWAGX 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 | SWAGX | XLV | Δ |
|---|---|---|---|
| Health Care | 0.0% | 99.7% | −99.7pp |
| Treasuries | 45.7% | 0.0% | +45.7pp |
| MBS Pass-Through | 19.2% | 0.0% | +19.2pp |
| Corporate — industrial & other | 13.3% | 0.0% | +13.3pp |
| Financials | 7.5% | 0.0% | +7.5pp |
| Unclassified | 6.5% | 0.0% | +6.5pp |
| Utilities | 2.3% | 0.0% | +2.3pp |
| Cash and/or Derivatives | 2.1% | 0.1% | +2.0pp |
Δ is SWAGX 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
98.9% of SWAGX by weight, held in no part of XLV.
99.7% of XLV by weight, held in no part of SWAGX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SWAGX | XLV | |
|---|---|---|
| Top 10 holdings | 71.4% | 62.0% |
| Positions held | 1,604 | 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 SWAGX and XLV overlap?
SWAGX and XLV overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (SWAGX as of 2026-02-28, XLV as of 2026-07-23).
How is the overlap between SWAGX and XLV calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SWAGX 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 SWAGX and XLV?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does SWAGX own that XLV doesn't?
SWAGX holds 1,604 positions and XLV holds 62; 1,603 of SWAGX's positions don't appear in XLV at all, and they are 98.9% of SWAGX by weight.
You probably hold more than two funds
This page compares SWAGX and XLV. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch SWAGX vs XLV
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, SWAGX as of 2026-02-28, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.