SWPPX vs XLU: 2% overlap
Schwab S&P 500 Index and Utilities Select Sector SPDR Fund share 2.4% 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 3 months apart — SWPPX as of 2026-04-30, 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
SWPPX and XLU hold 32 of the same securities. The ten contributing most to the overlap figure:
| Holding | in SWPPX | in XLU | Δ |
|---|---|---|---|
| NEE | 0.3% | 12.9% | 12.6% |
| SO | 0.2% | 7.5% | 7.4% |
| DUK | 0.2% | 7.0% | 6.8% |
| CEG | 0.2% | 6.1% | 5.9% |
| AEP | 0.1% | 5.1% | 5.0% |
| SRE | 0.1% | 4.2% | 4.1% |
| D | 0.1% | 4.3% | 4.3% |
| ETR | 0.1% | 3.7% | 3.6% |
| VST | 0.1% | 3.7% | 3.6% |
| XEL | 0.1% | 3.5% | 3.4% |
Where SWPPX and XLU 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 | SWPPX | XLU | Δ |
|---|---|---|---|
| Utilities | 2.3% | 99.7% | −97.3pp |
| Information Technology | 34.2% | 0.0% | +34.2pp |
| Financials | 11.5% | 0.0% | +11.5pp |
| Communication Services | 11.0% | 0.0% | +11.0pp |
| Consumer Discretionary | 9.7% | 0.0% | +9.7pp |
| Health Care | 8.3% | 0.0% | +8.3pp |
| Industrials | 8.1% | 0.0% | +8.1pp |
| Consumer Staples | 4.9% | 0.0% | +4.9pp |
Δ is SWPPX minus XLU, 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
97.2% of SWPPX by weight, held in no part of XLU.
0.0% of XLU by weight, held in no part of SWPPX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| SWPPX | XLU | |
|---|---|---|
| Top 10 holdings | 38.3% | 58.0% |
| Positions held | 503 | 33 |
| 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 SWPPX and XLU overlap?
SWPPX and XLU overlap 2.4% by portfolio weight — largely distinct portfolios. They share 32 holdings. The figure comes from current issuer holdings files (SWPPX as of 2026-04-30, XLU as of 2026-07-23).
How is the overlap between SWPPX and XLU calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If SWPPX holds a stock at 6% and XLU 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 SWPPX and XLU?
That depends on your goals — we state facts, not advice. At 2.4% overlap, each fund still contributes meaningfully distinct exposure.
What does SWPPX own that XLU doesn't?
SWPPX holds 503 positions and XLU holds 33; 470 of SWPPX's positions don't appear in XLU at all, and they are 97.2% of SWPPX by weight.
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Related comparisons
Sources: issuer holdings files, SWPPX as of 2026-04-30, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.