VFORX vs XLF: 5% overlap
Vanguard Target Retirement 2040 and Financial Select Sector SPDR Fund share 4.7% 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 — VFORX 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
VFORX and XLF hold 77 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VFORX | in XLF | Δ |
|---|---|---|---|
| BRK-B | 0.5% | 11.4% | 10.9% |
| JPM | 0.5% | 11.9% | 11.4% |
| V | 0.3% | 7.4% | 7.1% |
| MA | 0.2% | 5.4% | 5.2% |
| BAC | 0.2% | 5.1% | 4.8% |
| GS | 0.2% | 4.0% | 3.8% |
| MS | 0.2% | 3.3% | 3.1% |
| WFC | 0.2% | 3.3% | 3.2% |
| C | 0.1% | 2.9% | 2.7% |
| CASH | 1.8% | 0.1% | 1.7% |
Where VFORX and XLF 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 | VFORX | XLF | Δ |
|---|---|---|---|
| Financials | 12.7% | 99.9% | −87.2pp |
| Information Technology | 21.6% | 0.0% | +21.6pp |
| Unclassified | 9.7% | 0.0% | +9.7pp |
| Treasuries | 8.7% | 0.0% | +8.7pp |
| Industrials | 8.7% | 0.0% | +8.7pp |
| Consumer Discretionary | 6.3% | 0.0% | +6.3pp |
| Health Care | 5.8% | 0.0% | +5.8pp |
| Communication Services | 4.9% | 0.0% | +4.9pp |
Δ is VFORX minus XLF, 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
93.5% of VFORX by weight, held in no part of XLF.
0.0% of XLF by weight, held in no part of VFORX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VFORX | XLF | |
|---|---|---|
| Top 10 holdings | 23.9% | 57.0% |
| Positions held | 6 | 78 |
| Cost per $10,000 held, per year | $8 | $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 VFORX and XLF overlap?
VFORX and XLF overlap 4.7% by portfolio weight — largely distinct portfolios. They share 77 holdings. The figure comes from current issuer holdings files (VFORX as of 2026-03-31, XLF as of 2026-07-23).
How is the overlap between VFORX and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VFORX holds a stock at 6% and XLF 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 VFORX and XLF?
That depends on your goals — we state facts, not advice. At 4.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VFORX own that XLF doesn't?
VFORX holds 6 positions and XLF holds 78; 16,605 of VFORX's positions don't appear in XLF at all, and they are 93.5% of VFORX by weight.
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Related comparisons
Sources: issuer holdings files, VFORX as of 2026-03-31, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.