TIP vs XLV: 0% overlap
iShares TIPS Bond ETF 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.
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
TIP and XLV hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in TIP | in XLV | Δ |
|---|---|---|---|
| CASH | 0.4% | 0.1% | 0.2% |
Where TIP 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 | TIP | XLV | Δ |
|---|---|---|---|
| Health Care | 0.0% | 99.7% | −99.7pp |
| Treasuries | 99.6% | 0.0% | +99.6pp |
| Cash and/or Derivatives | 0.4% | 0.1% | +0.2pp |
| Cash & Other | 0.0% | 0.0% | −0.0pp |
| Unclassified | 0.0% | 0.0% | −0.0pp |
Δ is TIP 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
99.6% of TIP by weight, held in no part of XLV.
99.7% of XLV by weight, held in no part of TIP.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| TIP | XLV | |
|---|---|---|
| Top 10 holdings | 100.0% | 62.0% |
| Positions held | 5 | 62 |
| Cost per $10,000 held, per year | $18 | $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 TIP and XLV overlap?
TIP and XLV overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (TIP as of 2026-07-23, XLV as of 2026-07-23).
How is the overlap between TIP and XLV calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If TIP 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 TIP 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 TIP own that XLV doesn't?
TIP holds 5 positions and XLV holds 62; 3 of TIP's positions don't appear in XLV at all, and they are 99.6% of TIP by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, TIP as of 2026-07-23, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.