VTV vs XLB: 3% overlap
Vanguard Value ETF and Materials Select Sector SPDR Fund share 3.2% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VTV and XLB hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTV | in XLB | Δ |
|---|---|---|---|
| LIN | 0.9% | 13.9% | 13.0% |
| NEM | 0.4% | 6.0% | 5.6% |
| FCX | 0.3% | 5.4% | 5.1% |
| CRH | 0.3% | 4.3% | 4.1% |
| APD | 0.2% | 4.7% | 4.4% |
| CTVA | 0.2% | 5.3% | 5.0% |
| NUE | 0.2% | 4.2% | 4.1% |
| SHW | 0.2% | 4.5% | 4.4% |
| CASH | 0.4% | 0.1% | 0.3% |
| PPG | 0.1% | 3.4% | 3.3% |
Where VTV and XLB 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 | VTV | XLB | Δ |
|---|---|---|---|
| Materials | 3.1% | 99.8% | −96.7pp |
| Financials | 22.1% | 0.0% | +22.1pp |
| Health Care | 15.1% | 0.0% | +15.1pp |
| Industrials | 15.0% | 0.0% | +15.0pp |
| Information Technology | 14.1% | 0.0% | +14.1pp |
| Consumer Staples | 8.7% | 0.0% | +8.7pp |
| Energy | 6.8% | 0.0% | +6.8pp |
| Utilities | 4.8% | 0.0% | +4.8pp |
Δ is VTV minus XLB, 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
96.4% of VTV by weight, held in no part of XLB.
26.6% of XLB by weight, held in no part of VTV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTV | XLB | |
|---|---|---|
| Top 10 holdings | 23.6% | 57.4% |
| Positions held | 309 | 28 |
| 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 VTV and XLB overlap?
VTV and XLB overlap 3.2% by portfolio weight — largely distinct portfolios. They share 17 holdings. The figure comes from current issuer holdings files (VTV as of 2026-06-30, XLB as of 2026-07-23).
How is the overlap between VTV and XLB calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTV holds a stock at 6% and XLB 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 VTV and XLB?
That depends on your goals — we state facts, not advice. At 3.2% overlap, each fund still contributes meaningfully distinct exposure.
What does VTV own that XLB doesn't?
VTV holds 309 positions and XLB holds 28; 292 of VTV's positions don't appear in XLB at all, and they are 96.4% of VTV by weight.
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Related comparisons
Sources: issuer holdings files, VTV as of 2026-06-30, XLB as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.