VIMAX vs XLF: 14% overlap
Vanguard Mid-Cap Index Admiral and Financial Select Sector SPDR Fund share 13.6% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VIMAX and XLF hold 43 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VIMAX | in XLF | Δ |
|---|---|---|---|
| HOOD | 0.8% | 1.0% | 0.3% |
| ALL | 0.6% | 0.8% | 0.2% |
| AJG | 0.6% | 0.8% | 0.2% |
| AFL | 0.5% | 0.7% | 0.2% |
| FITB | 0.5% | 0.7% | 0.2% |
| MET | 0.4% | 0.6% | 0.2% |
| STT | 0.4% | 0.6% | 0.2% |
| AMP | 0.4% | 0.6% | 0.2% |
| XYZ | 0.4% | 0.5% | 0.1% |
| NDAQ | 0.4% | 0.5% | 0.1% |
Where VIMAX 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 | VIMAX | XLF | Δ |
|---|---|---|---|
| Financials | 14.0% | 99.9% | −85.9pp |
| Industrials | 19.6% | 0.0% | +19.6pp |
| Information Technology | 16.1% | 0.0% | +16.1pp |
| Consumer Discretionary | 8.9% | 0.0% | +8.9pp |
| Utilities | 8.4% | 0.0% | +8.4pp |
| Health Care | 7.8% | 0.0% | +7.8pp |
| Energy | 7.3% | 0.0% | +7.3pp |
| Real Estate | 5.1% | 0.0% | +5.1pp |
Δ is VIMAX 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
86.1% of VIMAX by weight, held in no part of XLF.
79.1% of XLF by weight, held in no part of VIMAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VIMAX | XLF | |
|---|---|---|
| Top 10 holdings | 9.5% | 57.0% |
| Positions held | 283 | 78 |
| Cost per $10,000 held, per year | $5 | $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 VIMAX and XLF overlap?
VIMAX and XLF overlap 13.6% by portfolio weight — largely distinct portfolios. They share 43 holdings. The figure comes from current issuer holdings files (VIMAX as of 2026-06-30, XLF as of 2026-07-23).
How is the overlap between VIMAX and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VIMAX 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 VIMAX and XLF?
That depends on your goals — we state facts, not advice. At 13.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VIMAX own that XLF doesn't?
VIMAX holds 283 positions and XLF holds 78; 240 of VIMAX's positions don't appear in XLF at all, and they are 86.1% of VIMAX by weight.
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Related comparisons
Sources: issuer holdings files, VIMAX as of 2026-06-30, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.