VCSH vs XLE: 0% overlap
Vanguard Short-Term Corporate Bond ETF 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.
Different holding dates. These holdings were published 27 days apart — VCSH 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
VCSH and XLE hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VCSH | in XLE | Δ |
|---|---|---|---|
| CASH | 1.1% | 0.1% | 0.9% |
Where VCSH 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 | VCSH | XLE | Δ |
|---|---|---|---|
| Energy | 0.0% | 99.8% | −99.8pp |
| Corporate — industrial & other | 50.5% | 0.0% | +50.5pp |
| Financials | 40.5% | 0.0% | +40.5pp |
| Utilities | 7.3% | 0.0% | +7.3pp |
| Cash and/or Derivatives | 1.1% | 0.1% | +0.9pp |
| Treasuries | 0.4% | 0.0% | +0.4pp |
| Unclassified | 0.3% | 0.0% | +0.3pp |
| Cash & Other | 0.0% | 0.0% | −0.0pp |
Δ is VCSH 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
98.9% of VCSH by weight, held in no part of XLE.
99.8% of XLE by weight, held in no part of VCSH.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VCSH | XLE | |
|---|---|---|
| Top 10 holdings | 14.7% | 73.4% |
| Positions held | 933 | 23 |
| 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 VCSH and XLE overlap?
VCSH and XLE overlap 0.1% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (VCSH as of 2026-06-30, XLE as of 2026-07-27).
How is the overlap between VCSH and XLE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VCSH 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 VCSH 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 VCSH own that XLE doesn't?
VCSH holds 933 positions and XLE holds 23; 932 of VCSH's positions don't appear in XLE at all, and they are 98.9% of VCSH by weight.
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Related comparisons
Sources: issuer holdings files, VCSH as of 2026-06-30, XLE as of 2026-07-27. Weights are fractions of each fund. Diagnostics, not advice.