VO vs XLU: 9% overlap
Vanguard Mid-Cap ETF and Utilities Select Sector SPDR Fund share 8.7% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VO and XLU hold 24 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VO | in XLU | Δ |
|---|---|---|---|
| CEG | 0.8% | 6.1% | 5.3% |
| SRE | 0.6% | 4.2% | 3.6% |
| D | 0.6% | 4.3% | 3.8% |
| ETR | 0.5% | 3.7% | 3.1% |
| VST | 0.5% | 3.7% | 3.2% |
| XEL | 0.5% | 3.5% | 3.0% |
| EXC | 0.5% | 3.3% | 2.9% |
| ED | 0.4% | 2.9% | 2.5% |
| PEG | 0.4% | 2.7% | 2.4% |
| WEC | 0.4% | 2.6% | 2.2% |
Where VO and XLU 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 | XLU | Δ |
|---|---|---|---|
| Utilities | 8.4% | 99.7% | −91.3pp |
| Industrials | 19.6% | 0.0% | +19.6pp |
| Information Technology | 16.1% | 0.0% | +16.1pp |
| Financials | 14.0% | 0.0% | +14.0pp |
| Consumer Discretionary | 8.9% | 0.0% | +8.9pp |
| 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 XLU, 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
91.2% of VO by weight, held in no part of XLU.
34.6% of XLU 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 | XLU | |
|---|---|---|
| Top 10 holdings | 9.5% | 58.0% |
| Positions held | 283 | 33 |
| 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 XLU overlap?
VO and XLU overlap 8.7% by portfolio weight — largely distinct portfolios. They share 24 holdings. The figure comes from current issuer holdings files (VO as of 2026-06-30, XLU as of 2026-07-23).
How is the overlap between VO and XLU 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 XLU 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 XLU?
That depends on your goals — we state facts, not advice. At 8.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VO own that XLU doesn't?
VO holds 283 positions and XLU holds 33; 259 of VO's positions don't appear in XLU at all, and they are 91.2% of VO by weight.
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Related comparisons
Sources: issuer holdings files, VO as of 2026-06-30, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.