TSPF vs XLE: 0% overlap
TSP F Fund — shown via aggregate-bond proxy and Energy 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
TSPF and XLE hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in TSPF | in XLE | Δ |
|---|---|---|---|
| CASH | 2.7% | 0.1% | 2.5% |
Where TSPF and XLE 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 | TSPF | XLE | Δ |
|---|---|---|---|
| Energy | 0.0% | 99.8% | −99.8pp |
| Treasuries | 46.5% | 0.0% | +46.5pp |
| MBS Pass-Through | 24.1% | 0.0% | +24.1pp |
| Corporate — industrial & other | 14.3% | 0.0% | +14.3pp |
| Financials | 8.0% | 0.0% | +8.0pp |
| Cash and/or Derivatives | 2.7% | 0.1% | +2.6pp |
| Utilities | 2.5% | 0.0% | +2.5pp |
| Cash & Other | -2.1% | 0.0% | −2.1pp |
Δ is TSPF minus XLE, 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
99.4% of TSPF by weight, held in no part of XLE.
99.8% of XLE by weight, held in no part of TSPF.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| TSPF | XLE | |
|---|---|---|
| Top 10 holdings | 75.3% | 73.1% |
| Positions held | 1,864 | 23 |
| Cost per $10,000 held, per year | $5 | $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 TSPF and XLE overlap?
TSPF and XLE overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (TSPF as of 2026-07-23, XLE as of 2026-07-23).
How is the overlap between TSPF and XLE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If TSPF holds a stock at 6% and XLE 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 TSPF and XLE?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does TSPF own that XLE doesn't?
TSPF holds 1,864 positions and XLE holds 23; 1,862 of TSPF's positions don't appear in XLE at all, and they are 99.4% of TSPF by weight.
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Related comparisons
Sources: issuer holdings files, TSPF as of 2026-07-23, XLE as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.