VTV vs XLF: 22% overlap
Vanguard Value ETF and Financial Select Sector SPDR Fund share 22.1% 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
VTV and XLF hold 61 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTV | in XLF | Δ |
|---|---|---|---|
| JPM | 3.1% | 11.9% | 8.8% |
| BRK-B | 2.9% | 11.4% | 8.5% |
| BAC | 1.4% | 5.1% | 3.7% |
| GS | 1.1% | 4.0% | 3.0% |
| WFC | 0.9% | 3.3% | 2.4% |
| MS | 0.9% | 3.3% | 2.3% |
| C | 0.8% | 2.9% | 2.0% |
| AXP | 0.7% | 2.3% | 1.6% |
| SCHW | 0.6% | 2.1% | 1.5% |
| BLK | 0.5% | 1.9% | 1.4% |
Where VTV and XLF 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 | XLF | Δ |
|---|---|---|---|
| Financials | 22.1% | 99.9% | −77.8pp |
| 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 |
| Consumer Discretionary | 3.9% | 0.0% | +3.9pp |
Δ is VTV minus XLF, 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
77.6% of VTV by weight, held in no part of XLF.
17.7% of XLF 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 | XLF | |
|---|---|---|
| Top 10 holdings | 23.6% | 57.0% |
| Positions held | 309 | 78 |
| 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 XLF overlap?
VTV and XLF overlap 22.1% by portfolio weight — moderate overlap. They share 61 holdings. The figure comes from current issuer holdings files (VTV as of 2026-06-30, XLF as of 2026-07-23).
How is the overlap between VTV and XLF 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 XLF 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 XLF?
That depends on your goals — we state facts, not advice. At 22.1% overlap, each fund still contributes meaningfully distinct exposure.
What does VTV own that XLF doesn't?
VTV holds 309 positions and XLF holds 78; 248 of VTV's positions don't appear in XLF at all, and they are 77.6% of VTV by weight.
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Related comparisons
Sources: issuer holdings files, VTV as of 2026-06-30, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.