VUG vs XLV: 5% overlap
Vanguard Growth ETF and Health Care Select Sector SPDR Fund share 4.6% 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
VUG and XLV hold 13 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VUG | in XLV | Δ |
|---|---|---|---|
| LLY | 2.8% | 16.1% | 13.3% |
| ISRG | 0.4% | 2.0% | 1.6% |
| VRTX | 0.4% | 2.1% | 1.7% |
| SYK | 0.2% | 1.9% | 1.7% |
| IDXX | 0.1% | 0.7% | 0.6% |
| CASH | 0.3% | 0.1% | 0.2% |
| BSX | 0.1% | 1.1% | 1.0% |
| RMD | 0.1% | 0.5% | 0.4% |
| VEEV | 0.1% | 0.5% | 0.4% |
| MTD | 0.1% | 0.5% | 0.4% |
Where VUG and XLV 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 | XLV | Δ |
|---|---|---|---|
| Health Care | 4.7% | 99.7% | −95.1pp |
| 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 |
| Financials | 3.9% | 0.0% | +3.9pp |
| Consumer Staples | 1.4% | 0.0% | +1.4pp |
| Real Estate | 1.0% | 0.0% | +1.0pp |
Δ is VUG minus XLV, 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
95.2% of VUG by weight, held in no part of XLV.
72.9% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 60.3% | 62.0% |
| Positions held | 147 | 62 |
| 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 XLV overlap?
VUG and XLV overlap 4.6% by portfolio weight — largely distinct portfolios. They share 13 holdings. The figure comes from current issuer holdings files (VUG as of 2026-06-30, XLV as of 2026-07-23).
How is the overlap between VUG and XLV 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 XLV 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 XLV?
That depends on your goals — we state facts, not advice. At 4.6% overlap, each fund still contributes meaningfully distinct exposure.
What does VUG own that XLV doesn't?
VUG holds 147 positions and XLV holds 62; 134 of VUG's positions don't appear in XLV at all, and they are 95.2% of VUG by weight.
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Related comparisons
Sources: issuer holdings files, VUG as of 2026-06-30, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.