VIG vs XLV: 18% overlap
Vanguard Dividend Appreciation ETF and Health Care Select Sector SPDR Fund share 17.7% 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VIG and XLV hold 23 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VIG | in XLV | Δ |
|---|---|---|---|
| LLY | 4.1% | 16.1% | 11.9% |
| JNJ | 2.7% | 10.7% | 8.0% |
| ABBV | 1.9% | 7.8% | 5.8% |
| UNH | 1.6% | 6.6% | 4.9% |
| MRK | 1.4% | 5.5% | 4.1% |
| AMGN | 0.9% | 3.4% | 2.6% |
| ABT | 0.7% | 3.0% | 2.3% |
| GILD | 0.7% | 2.8% | 2.1% |
| DHR | 0.5% | 2.1% | 1.6% |
| SYK | 0.5% | 1.9% | 1.4% |
Where VIG and XLV 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 | XLV | Δ |
|---|---|---|---|
| Health Care | 17.7% | 99.7% | −82.0pp |
| Information Technology | 26.3% | 0.0% | +26.3pp |
| Financials | 20.2% | 0.0% | +20.2pp |
| 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 |
| Utilities | 3.0% | 0.0% | +3.0pp |
Δ is VIG minus XLV, 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
81.8% of VIG by weight, held in no part of XLV.
29.4% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 31.9% | 62.0% |
| Positions held | 333 | 62 |
| 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 XLV overlap?
VIG and XLV overlap 17.7% by portfolio weight — moderate overlap. They share 23 holdings. The figure comes from current issuer holdings files (VIG as of 2026-06-30, XLV as of 2026-07-23).
How is the overlap between VIG and XLV 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 XLV 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 XLV?
That depends on your goals — we state facts, not advice. At 17.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VIG own that XLV doesn't?
VIG holds 333 positions and XLV holds 62; 310 of VIG's positions don't appear in XLV at all, and they are 81.8% of VIG by weight.
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Related comparisons
Sources: issuer holdings files, VIG as of 2026-06-30, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.