VOOV vs XLI: 11% overlap
Vanguard S&P 500 Value ETF and Industrial Select Sector SPDR Fund share 11.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 27 days apart — VOOV as of 2026-06-30, the rest through 2026-07-27. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
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
VOOV and XLI hold 71 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VOOV | in XLI | Δ |
|---|---|---|---|
| GE | 0.6% | 6.6% | 6.0% |
| ETN | 0.6% | 2.7% | 2.1% |
| UNP | 0.6% | 3.1% | 2.6% |
| DE | 0.5% | 2.8% | 2.2% |
| LMT | 0.4% | 2.1% | 1.7% |
| BA | 0.3% | 2.9% | 2.6% |
| ADP | 0.3% | 1.8% | 1.5% |
| CSX | 0.3% | 1.7% | 1.4% |
| MMM | 0.3% | 1.6% | 1.3% |
| WM | 0.3% | 1.5% | 1.3% |
Where VOOV 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 | VOOV | XLI | Δ |
|---|---|---|---|
| Industrials | 11.4% | 99.9% | −88.6pp |
| Information Technology | 20.5% | 0.0% | +20.5pp |
| Financials | 15.3% | 0.0% | +15.3pp |
| Health Care | 12.2% | 0.0% | +12.2pp |
| Consumer Discretionary | 10.3% | 0.0% | +10.3pp |
| Consumer Staples | 8.8% | 0.0% | +8.8pp |
| Energy | 6.6% | 0.0% | +6.6pp |
| Utilities | 4.4% | 0.0% | +4.4pp |
Δ is VOOV 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
88.2% of VOOV by weight, held in no part of XLI.
28.1% of XLI by weight, held in no part of VOOV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VOOV | XLI | |
|---|---|---|
| Top 10 holdings | 23.8% | 39.7% |
| Positions held | 438 | 83 |
| Cost per $10,000 held, per year | $7 | $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 VOOV and XLI overlap?
VOOV and XLI overlap 11.4% by portfolio weight — largely distinct portfolios. They share 71 holdings. The figure comes from current issuer holdings files (VOOV as of 2026-06-30, XLI as of 2026-07-27).
How is the overlap between VOOV and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VOOV 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 VOOV and XLI?
That depends on your goals — we state facts, not advice. At 11.4% overlap, each fund still contributes meaningfully distinct exposure.
What does VOOV own that XLI doesn't?
VOOV holds 438 positions and XLI holds 83; 367 of VOOV's positions don't appear in XLI at all, and they are 88.2% of VOOV by weight.
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Related comparisons
Sources: issuer holdings files, VOOV as of 2026-06-30, XLI as of 2026-07-27. Weights are fractions of each fund. Diagnostics, not advice.