VIG vs XLE: 3% overlap
Vanguard Dividend Appreciation ETF and Energy Select Sector SPDR Fund share 3.0% 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
VIG and XLE hold 4 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VIG | in XLE | Δ |
|---|---|---|---|
| XOM | 2.5% | 20.8% | 18.4% |
| PSX | 0.3% | 4.8% | 4.5% |
| CASH | 0.6% | 0.1% | 0.5% |
| TPL | 0.1% | 1.5% | 1.4% |
Where VIG 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 | VIG | XLE | Δ |
|---|---|---|---|
| Energy | 3.0% | 99.8% | −96.9pp |
| Information Technology | 26.3% | 0.0% | +26.3pp |
| Financials | 20.2% | 0.0% | +20.2pp |
| Health Care | 17.7% | 0.0% | +17.7pp |
| Industrials | 12.2% | 0.0% | +12.2pp |
| Consumer Staples | 9.3% | 0.0% | +9.3pp |
| Consumer Discretionary | 4.3% | 0.0% | +4.3pp |
| Materials | 3.4% | 0.0% | +3.4pp |
Δ is VIG 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
96.5% of VIG by weight, held in no part of XLE.
72.6% of XLE by weight, held in no part of VIG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VIG | XLE | |
|---|---|---|
| Top 10 holdings | 31.9% | 73.1% |
| Positions held | 333 | 23 |
| Cost per $10,000 held, per year | $4 | $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 VIG and XLE overlap?
VIG and XLE overlap 3.0% by portfolio weight — largely distinct portfolios. They share 4 holdings. The figure comes from current issuer holdings files (VIG as of 2026-06-30, XLE as of 2026-07-23).
How is the overlap between VIG and XLE calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VIG 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 VIG and XLE?
That depends on your goals — we state facts, not advice. At 3.0% overlap, each fund still contributes meaningfully distinct exposure.
What does VIG own that XLE doesn't?
VIG holds 333 positions and XLE holds 23; 329 of VIG's positions don't appear in XLE at all, and they are 96.5% of VIG by weight.
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Related comparisons
Sources: issuer holdings files, VIG as of 2026-06-30, XLE as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.