VEA vs XLI: 0% overlap
Vanguard FTSE Developed Markets ETF and Industrial 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
VEA and XLI hold 7 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VEA | in XLI | Δ |
|---|---|---|---|
| CASH | 1.4% | 0.0% | 1.3% |
| ADP | 0.0% | 1.7% | 1.7% |
| EFX | 0.0% | 0.4% | 0.3% |
| EMR | 0.0% | 1.4% | 1.4% |
| RSG | 0.0% | 0.8% | 0.8% |
| PNR | 0.0% | 0.2% | 0.2% |
| CAT | 0.0% | 7.3% | 7.3% |
Where VEA and XLI 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 | VEA | XLI | Δ |
|---|---|---|---|
| Industrials | 16.9% | 99.9% | −83.1pp |
| Financials | 20.7% | 0.0% | +20.7pp |
| Information Technology | 17.1% | 0.0% | +17.1pp |
| Unclassified | 8.9% | 0.0% | +8.9pp |
| Consumer Discretionary | 7.3% | 0.0% | +7.3pp |
| Health Care | 6.2% | 0.0% | +6.2pp |
| Consumer Staples | 5.6% | 0.0% | +5.6pp |
| Materials | 5.1% | 0.0% | +5.1pp |
Δ is VEA minus XLI, 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
98.6% of VEA by weight, held in no part of XLI.
88.2% of XLI by weight, held in no part of VEA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VEA | XLI | |
|---|---|---|
| Top 10 holdings | 15.2% | 40.0% |
| Positions held | 3,792 | 83 |
| 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 VEA and XLI overlap?
VEA and XLI overlap 0.1% by portfolio weight — largely distinct portfolios. They share 7 holdings. The figure comes from current issuer holdings files (VEA as of 2026-06-30, XLI as of 2026-07-23).
How is the overlap between VEA and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VEA holds a stock at 6% and XLI 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 VEA and XLI?
That depends on your goals — we state facts, not advice. At 0.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VEA own that XLI doesn't?
VEA holds 3,792 positions and XLI holds 83; 3,785 of VEA's positions don't appear in XLI at all, and they are 98.6% of VEA by weight.
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Related comparisons
Sources: issuer holdings files, VEA as of 2026-06-30, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.