VB vs XLV: 3% overlap
Vanguard Small-Cap ETF and Health Care Select Sector SPDR Fund share 2.5% 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
VB and XLV hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VB | in XLV | Δ |
|---|---|---|---|
| MRNA | 0.3% | 0.3% | 0.0% |
| INCY | 0.2% | 0.3% | 0.1% |
| VTRS | 0.2% | 0.3% | 0.1% |
| CNC | 0.2% | 0.5% | 0.3% |
| COO | 0.2% | 0.2% | 0.1% |
| RVTY | 0.1% | 0.2% | 0.1% |
| ALGN | 0.1% | 0.2% | 0.1% |
| SOLV | 0.1% | 0.2% | 0.1% |
| TECH | 0.1% | 0.2% | 0.1% |
| BAX | 0.1% | 0.2% | 0.1% |
Where VB 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 | VB | XLV | Δ |
|---|---|---|---|
| Health Care | 11.9% | 99.7% | −87.8pp |
| Industrials | 21.0% | 0.0% | +21.0pp |
| Information Technology | 16.1% | 0.0% | +16.1pp |
| Financials | 12.7% | 0.0% | +12.7pp |
| Consumer Discretionary | 9.9% | 0.0% | +9.9pp |
| Real Estate | 7.1% | 0.0% | +7.1pp |
| Materials | 5.3% | 0.0% | +5.3pp |
| Energy | 3.7% | 0.0% | +3.7pp |
Δ is VB 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
95.9% of VB by weight, held in no part of XLV.
95.9% of XLV by weight, held in no part of VB.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VB | XLV | |
|---|---|---|
| Top 10 holdings | 5.6% | 62.0% |
| Positions held | 1,308 | 62 |
| Cost per $10,000 held, per year | $3 | $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 VB and XLV overlap?
VB and XLV overlap 2.5% by portfolio weight — largely distinct portfolios. They share 17 holdings. The figure comes from current issuer holdings files (VB as of 2026-06-30, XLV as of 2026-07-23).
How is the overlap between VB and XLV calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VB 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 VB and XLV?
That depends on your goals — we state facts, not advice. At 2.5% overlap, each fund still contributes meaningfully distinct exposure.
What does VB own that XLV doesn't?
VB holds 1,308 positions and XLV holds 62; 1,291 of VB's positions don't appear in XLV at all, and they are 95.9% of VB by weight.
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Related comparisons
Sources: issuer holdings files, VB as of 2026-06-30, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.