VO vs XLI: 17% overlap
Vanguard Mid-Cap ETF and Industrial Select Sector SPDR Fund share 17.4% 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
VO and XLI hold 41 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VO | in XLI | Δ |
|---|---|---|---|
| VRT | 1.2% | 2.1% | 0.8% |
| PWR | 1.0% | 1.7% | 0.7% |
| HWM | 1.0% | 2.0% | 1.0% |
| CMI | 1.0% | 1.6% | 0.7% |
| TDG | 0.7% | 1.2% | 0.5% |
| URI | 0.7% | 1.3% | 0.6% |
| FIX | 0.7% | 1.1% | 0.5% |
| PCAR | 0.6% | 1.2% | 0.6% |
| GWW | 0.6% | 1.0% | 0.5% |
| DAL | 0.6% | 0.9% | 0.4% |
Where VO and XLI 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 | VO | XLI | Δ |
|---|---|---|---|
| Industrials | 19.6% | 99.9% | −80.4pp |
| Information Technology | 16.1% | 0.0% | +16.1pp |
| Financials | 14.0% | 0.0% | +14.0pp |
| 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 VO minus XLI, 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
82.1% of VO by weight, held in no part of XLI.
65.1% of XLI by weight, held in no part of VO.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VO | XLI | |
|---|---|---|
| Top 10 holdings | 9.5% | 40.0% |
| Positions held | 283 | 83 |
| Cost per $10,000 held, per year | $3 | $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 VO and XLI overlap?
VO and XLI overlap 17.4% by portfolio weight — moderate overlap. They share 41 holdings. The figure comes from current issuer holdings files (VO as of 2026-06-30, XLI as of 2026-07-23).
How is the overlap between VO and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VO holds a stock at 6% and XLI 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 VO and XLI?
That depends on your goals — we state facts, not advice. At 17.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VO own that XLI doesn't?
VO holds 283 positions and XLI holds 83; 242 of VO's positions don't appear in XLI at all, and they are 82.1% of VO by weight.
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Related comparisons
Sources: issuer holdings files, VO as of 2026-06-30, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.