VBIAX vs XLV: 1% overlap
Vanguard Balanced Index Admiral and Health Care Select Sector SPDR Fund share 1.2% 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 4 months apart — VBIAX as of 2026-03-31, 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
VBIAX and XLV hold 7 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBIAX | in XLV | Δ |
|---|---|---|---|
| LLY | 0.7% | 16.1% | 15.3% |
| TMO | 0.2% | 3.6% | 3.5% |
| CASH | 1.8% | 0.1% | 1.7% |
| MCK | 0.1% | 1.7% | 1.6% |
| ZTS | 0.0% | 0.5% | 0.5% |
| VTRS | 0.0% | 0.3% | 0.3% |
| SOLV | 0.0% | 0.2% | 0.2% |
Where VBIAX 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 | VBIAX | XLV | Δ |
|---|---|---|---|
| Health Care | 1.2% | 99.7% | −98.6pp |
| Unclassified | 55.1% | 0.0% | +55.1pp |
| Treasuries | 19.1% | 0.0% | +19.1pp |
| MBS Pass-Through | 8.1% | 0.0% | +8.1pp |
| Corporate — industrial & other | 5.8% | 0.0% | +5.8pp |
| Financials | 3.6% | 0.0% | +3.6pp |
| Cash and/or Derivatives | 1.8% | 0.1% | +1.7pp |
| Utilities | 1.2% | 0.0% | +1.2pp |
Δ is VBIAX 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
98.0% of VBIAX by weight, held in no part of XLV.
77.2% of XLV by weight, held in no part of VBIAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VBIAX | XLV | |
|---|---|---|
| Top 10 holdings | 45.2% | 62.0% |
| Positions held | 5,119 | 62 |
| Cost per $10,000 held, per year | $7 | $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 VBIAX and XLV overlap?
VBIAX and XLV overlap 1.2% by portfolio weight — largely distinct portfolios. They share 7 holdings. The figure comes from current issuer holdings files (VBIAX as of 2026-03-31, XLV as of 2026-07-23).
How is the overlap between VBIAX and XLV calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VBIAX 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 VBIAX and XLV?
That depends on your goals — we state facts, not advice. At 1.2% overlap, each fund still contributes meaningfully distinct exposure.
What does VBIAX own that XLV doesn't?
VBIAX holds 5,119 positions and XLV holds 62; 5,111 of VBIAX's positions don't appear in XLV at all, and they are 98.0% of VBIAX by weight.
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Related comparisons
Sources: issuer holdings files, VBIAX as of 2026-03-31, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.