VBR vs XLU: 3% overlap
Vanguard Small-Cap Value ETF and Utilities Select Sector SPDR Fund share 2.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 27 days apart — VBR as of 2026-06-30, the rest through 2026-07-27. 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
VBR and XLU hold 8 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VBR | in XLU | Δ |
|---|---|---|---|
| NRG | 0.7% | 2.0% | 1.4% |
| ATO | 0.6% | 2.1% | 1.5% |
| EVRG | 0.4% | 1.4% | 1.0% |
| CASH | 0.8% | 0.3% | 0.5% |
| PNW | 0.3% | 0.9% | 0.6% |
| NI | 0.2% | 1.5% | 1.3% |
| AES | 0.2% | 0.7% | 0.5% |
| LNT | 0.2% | 1.3% | 1.1% |
Where VBR 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 | VBR | XLU | Δ |
|---|---|---|---|
| Utilities | 5.2% | 99.7% | −94.4pp |
| Industrials | 18.8% | 0.0% | +18.8pp |
| Financials | 18.3% | 0.0% | +18.3pp |
| Consumer Discretionary | 11.4% | 0.0% | +11.4pp |
| Real Estate | 9.8% | 0.0% | +9.8pp |
| Information Technology | 9.4% | 0.0% | +9.4pp |
| Health Care | 8.0% | 0.0% | +8.0pp |
| Materials | 7.2% | 0.0% | +7.2pp |
Δ is VBR 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
96.6% of VBR by weight, held in no part of XLU.
89.7% of XLU by weight, held in no part of VBR.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VBR | XLU | |
|---|---|---|
| Top 10 holdings | 6.2% | 57.8% |
| Positions held | 839 | 33 |
| 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 VBR and XLU overlap?
VBR and XLU overlap 2.9% by portfolio weight — largely distinct portfolios. They share 8 holdings. The figure comes from current issuer holdings files (VBR as of 2026-06-30, XLU as of 2026-07-27).
How is the overlap between VBR and XLU calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VBR 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 VBR and XLU?
That depends on your goals — we state facts, not advice. At 2.9% overlap, each fund still contributes meaningfully distinct exposure.
What does VBR own that XLU doesn't?
VBR holds 839 positions and XLU holds 33; 831 of VBR's positions don't appear in XLU at all, and they are 96.6% of VBR by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, VBR as of 2026-06-30, XLU as of 2026-07-27. Weights are fractions of each fund. Diagnostics, not advice.