VV vs XLI: 9% overlap
Vanguard Large-Cap ETF and Industrial Select Sector SPDR Fund share 8.7% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VV and XLI hold 64 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VV | in XLI | Δ |
|---|---|---|---|
| CAT | 0.8% | 7.3% | 6.5% |
| GE | 0.6% | 6.4% | 5.8% |
| GEV | 0.5% | 4.9% | 4.4% |
| RTX | 0.4% | 5.0% | 4.6% |
| BA | 0.3% | 2.9% | 2.6% |
| ETN | 0.3% | 2.9% | 2.6% |
| DE | 0.3% | 2.7% | 2.5% |
| UNP | 0.3% | 3.2% | 2.9% |
| UBER | 0.2% | 2.5% | 2.2% |
| VRT | 0.2% | 2.1% | 1.9% |
Where VV and XLI 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 | VV | XLI | Δ |
|---|---|---|---|
| Industrials | 9.0% | 99.9% | −90.9pp |
| Information Technology | 38.1% | 0.0% | +38.1pp |
| Financials | 11.6% | 0.0% | +11.6pp |
| Communication Services | 10.0% | 0.0% | +10.0pp |
| Consumer Discretionary | 9.1% | 0.0% | +9.1pp |
| Health Care | 8.9% | 0.0% | +8.9pp |
| Consumer Staples | 4.5% | 0.0% | +4.5pp |
| Energy | 3.0% | 0.0% | +3.0pp |
Δ is VV minus XLI, 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
90.9% of VV by weight, held in no part of XLI.
5.0% of XLI by weight, held in no part of VV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| VV | XLI | |
|---|---|---|
| Top 10 holdings | 36.6% | 40.0% |
| Positions held | 434 | 83 |
| 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 VV and XLI overlap?
VV and XLI overlap 8.7% by portfolio weight — largely distinct portfolios. They share 64 holdings. The figure comes from current issuer holdings files (VV as of 2026-06-30, XLI as of 2026-07-23).
How is the overlap between VV and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If VV holds a stock at 6% and XLI 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 VV and XLI?
That depends on your goals — we state facts, not advice. At 8.7% overlap, each fund still contributes meaningfully distinct exposure.
What does VV own that XLI doesn't?
VV holds 434 positions and XLI holds 83; 370 of VV's positions don't appear in XLI at all, and they are 90.9% of VV by weight.
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Related comparisons
Sources: issuer holdings files, VV as of 2026-06-30, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.