VTWAX vs XLU: 2% overlap
Vanguard Total World Stock Index Admiral and Utilities Select Sector SPDR Fund share 1.6% 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
VTWAX and XLU hold 32 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VTWAX | in XLU | Δ |
|---|---|---|---|
| CASH | 1.0% | 0.3% | 0.6% |
| NEE | 0.2% | 12.9% | 12.8% |
| DTE | 0.1% | 2.1% | 2.0% |
| SO | 0.1% | 7.5% | 7.4% |
| DUK | 0.1% | 7.0% | 6.9% |
| CEG | 0.1% | 6.1% | 6.0% |
| AEP | 0.1% | 5.1% | 5.0% |
| SRE | 0.1% | 4.2% | 4.2% |
| D | 0.1% | 4.3% | 4.3% |
| PPL | 0.0% | 1.9% | 1.8% |
Where VTWAX 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 | VTWAX | XLU | Δ |
|---|---|---|---|
| Utilities | 2.5% | 99.7% | −97.2pp |
| Information Technology | 30.1% | 0.0% | +30.1pp |
| Financials | 14.9% | 0.0% | +14.9pp |
| Industrials | 11.5% | 0.0% | +11.5pp |
| Consumer Discretionary | 8.6% | 0.0% | +8.6pp |
| Health Care | 7.7% | 0.0% | +7.7pp |
| Communication Services | 7.0% | 0.0% | +7.0pp |
| Consumer Staples | 4.6% | 0.0% | +4.6pp |
Δ is VTWAX 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
97.7% of VTWAX by weight, held in no part of XLU.
0.0% of XLU by weight, held in no part of VTWAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VTWAX | XLU | |
|---|---|---|
| Top 10 holdings | 20.5% | 58.0% |
| Positions held | 9,600 | 33 |
| Cost per $10,000 held, per year | $9 | $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 VTWAX and XLU overlap?
VTWAX and XLU overlap 1.6% by portfolio weight — largely distinct portfolios. They share 32 holdings. The figure comes from current issuer holdings files (VTWAX as of 2026-06-30, XLU as of 2026-07-23).
How is the overlap between VTWAX and XLU calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VTWAX 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 VTWAX and XLU?
That depends on your goals — we state facts, not advice. At 1.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VTWAX own that XLU doesn't?
VTWAX holds 9,600 positions and XLU holds 33; 9,568 of VTWAX's positions don't appear in XLU at all, and they are 97.7% of VTWAX by weight.
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Related comparisons
Sources: issuer holdings files, VTWAX as of 2026-06-30, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.