VUG vs XLF: 4% overlap
Vanguard Growth ETF and Financial Select Sector SPDR Fund share 3.9% 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
VUG and XLF hold 12 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VUG | in XLF | Δ |
|---|---|---|---|
| V | 1.5% | 7.4% | 5.9% |
| MA | 1.1% | 5.4% | 4.3% |
| HOOD | 0.2% | 1.0% | 0.8% |
| MCO | 0.2% | 0.9% | 0.7% |
| BX | 0.1% | 1.2% | 1.0% |
| XYZ | 0.1% | 0.5% | 0.4% |
| MSCI | 0.1% | 0.5% | 0.4% |
| CASH | 0.3% | 0.1% | 0.2% |
| COIN | 0.1% | 0.5% | 0.4% |
| APO | 0.1% | 0.7% | 0.6% |
Where VUG 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 | VUG | XLF | Δ |
|---|---|---|---|
| Financials | 3.9% | 99.9% | −95.9pp |
| Information Technology | 56.0% | 0.0% | +56.0pp |
| Communication Services | 15.3% | 0.0% | +15.3pp |
| Consumer Discretionary | 11.4% | 0.0% | +11.4pp |
| Industrials | 5.0% | 0.0% | +5.0pp |
| Health Care | 4.7% | 0.0% | +4.7pp |
| Consumer Staples | 1.4% | 0.0% | +1.4pp |
| Real Estate | 1.0% | 0.0% | +1.0pp |
Δ is VUG 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
95.9% of VUG by weight, held in no part of XLF.
80.9% of XLF by weight, held in no part of VUG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VUG | XLF | |
|---|---|---|
| Top 10 holdings | 60.3% | 57.0% |
| Positions held | 147 | 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 VUG and XLF overlap?
VUG and XLF overlap 3.9% by portfolio weight — largely distinct portfolios. They share 12 holdings. The figure comes from current issuer holdings files (VUG as of 2026-06-30, XLF as of 2026-07-23).
How is the overlap between VUG and XLF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VUG 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 VUG and XLF?
That depends on your goals — we state facts, not advice. At 3.9% overlap, each fund still contributes meaningfully distinct exposure.
What does VUG own that XLF doesn't?
VUG holds 147 positions and XLF holds 78; 135 of VUG's positions don't appear in XLF at all, and they are 95.9% of VUG by weight.
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Related comparisons
Sources: issuer holdings files, VUG as of 2026-06-30, XLF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.