VO vs XLV: 7% overlap
Vanguard Mid-Cap ETF and Health Care Select Sector SPDR Fund share 7.3% 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 XLV hold 24 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VO | in XLV | Δ |
|---|---|---|---|
| CAH | 0.5% | 0.9% | 0.4% |
| COR | 0.5% | 1.0% | 0.5% |
| EW | 0.5% | 0.8% | 0.3% |
| HUM | 0.5% | 0.8% | 0.4% |
| BDX | 0.4% | 0.7% | 0.3% |
| IDXX | 0.4% | 0.7% | 0.3% |
| A | 0.4% | 0.7% | 0.3% |
| WAT | 0.4% | 0.6% | 0.3% |
| IQV | 0.3% | 0.6% | 0.3% |
| REGN | 0.3% | 1.1% | 0.8% |
Where VO 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 | VO | XLV | Δ |
|---|---|---|---|
| Health Care | 7.8% | 99.7% | −91.9pp |
| 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 |
| Utilities | 8.4% | 0.0% | +8.4pp |
| Energy | 7.3% | 0.0% | +7.3pp |
| Real Estate | 5.1% | 0.0% | +5.1pp |
Δ is VO 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
92.4% of VO by weight, held in no part of XLV.
85.8% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 9.5% | 62.0% |
| Positions held | 283 | 62 |
| 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 XLV overlap?
VO and XLV overlap 7.3% by portfolio weight — largely distinct portfolios. They share 24 holdings. The figure comes from current issuer holdings files (VO as of 2026-06-30, XLV as of 2026-07-23).
How is the overlap between VO and XLV 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 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 VO and XLV?
That depends on your goals — we state facts, not advice. At 7.3% overlap, each fund still contributes meaningfully distinct exposure.
What does VO own that XLV doesn't?
VO holds 283 positions and XLV holds 62; 259 of VO's positions don't appear in XLV at all, and they are 92.4% of VO by weight.
You probably hold more than two funds
This page compares VO and XLV. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch VO vs XLV
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, VO as of 2026-06-30, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.