VFMO vs XLE: 3% overlap
Vanguard U.S. Momentum Factor ETF and Energy Select Sector SPDR Fund share 2.6% 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 — VFMO as of 2026-03-31, 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
VFMO and XLE hold 9 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFMO | in XLE | Δ |
|---|---|---|---|
| SLB | 0.6% | 4.6% | 4.0% |
| XOM | 0.5% | 20.9% | 20.4% |
| MPC | 0.5% | 5.0% | 4.5% |
| WMB | 0.3% | 3.9% | 3.6% |
| VLO | 0.2% | 4.7% | 4.6% |
| HAL | 0.2% | 1.7% | 1.5% |
| CASH | 1.4% | 0.1% | 1.2% |
| BKR | 0.1% | 3.8% | 3.7% |
| APA | 0.1% | 0.8% | 0.7% |
Where VFMO 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 | VFMO | XLE | Δ |
|---|---|---|---|
| Energy | 7.7% | 99.8% | −92.1pp |
| Industrials | 24.4% | 0.0% | +24.4pp |
| Health Care | 22.3% | 0.0% | +22.3pp |
| Information Technology | 17.0% | 0.0% | +17.0pp |
| Consumer Discretionary | 7.8% | 0.0% | +7.8pp |
| Financials | 6.3% | 0.0% | +6.3pp |
| Materials | 6.2% | 0.0% | +6.2pp |
| Communication Services | 3.4% | 0.0% | +3.4pp |
Δ is VFMO 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
96.2% of VFMO by weight, held in no part of XLE.
54.4% of XLE by weight, held in no part of VFMO.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VFMO | XLE | |
|---|---|---|
| Top 10 holdings | 10.2% | 73.4% |
| Positions held | 672 | 23 |
| Cost per $10,000 held, per year | $13 | $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 VFMO and XLE overlap?
VFMO and XLE overlap 2.6% by portfolio weight — largely distinct portfolios. They share 9 holdings. The figure comes from current issuer holdings files (VFMO as of 2026-03-31, XLE as of 2026-07-27).
How is the overlap between VFMO and XLE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VFMO 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 VFMO and XLE?
That depends on your goals — we state facts, not advice. At 2.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VFMO own that XLE doesn't?
VFMO holds 672 positions and XLE holds 23; 663 of VFMO's positions don't appear in XLE at all, and they are 96.2% of VFMO by weight.
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Related comparisons
Sources: issuer holdings files, VFMO as of 2026-03-31, XLE as of 2026-07-27. Weights are fractions of each fund. Diagnostics, not advice.