VV vs XLV: 9% overlap
Vanguard Large-Cap ETF and Health Care Select Sector SPDR Fund share 8.9% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
VV and XLV hold 46 of the same securities. The ten contributing most to the overlap figure:
| Holding | in VV | in XLV | Δ |
|---|---|---|---|
| LLY | 1.6% | 16.1% | 14.5% |
| JNJ | 1.0% | 10.7% | 9.7% |
| ABBV | 0.7% | 7.8% | 7.1% |
| UNH | 0.6% | 6.6% | 6.0% |
| MRK | 0.5% | 5.5% | 5.0% |
| AMGN | 0.3% | 3.4% | 3.1% |
| TMO | 0.3% | 3.6% | 3.4% |
| ABT | 0.2% | 3.0% | 2.8% |
| GILD | 0.2% | 2.8% | 2.5% |
| ISRG | 0.2% | 2.0% | 1.8% |
Where VV 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 | VV | XLV | Δ |
|---|---|---|---|
| Health Care | 8.9% | 99.7% | −90.8pp |
| 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 |
| Industrials | 9.0% | 0.0% | +9.0pp |
| Consumer Staples | 4.5% | 0.0% | +4.5pp |
| Energy | 3.0% | 0.0% | +3.0pp |
Δ is VV 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
90.7% of VV by weight, held in no part of XLV.
3.0% of XLV 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 | XLV | |
|---|---|---|
| Top 10 holdings | 36.6% | 62.0% |
| Positions held | 434 | 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 VV and XLV overlap?
VV and XLV overlap 8.9% by portfolio weight — largely distinct portfolios. They share 46 holdings. The figure comes from current issuer holdings files (VV as of 2026-06-30, XLV as of 2026-07-23).
How is the overlap between VV and XLV 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 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 VV and XLV?
That depends on your goals — we state facts, not advice. At 8.9% overlap, each fund still contributes meaningfully distinct exposure.
What does VV own that XLV doesn't?
VV holds 434 positions and XLV holds 62; 388 of VV's positions don't appear in XLV at all, and they are 90.7% of VV by weight.
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Related comparisons
Sources: issuer holdings files, VV as of 2026-06-30, XLV as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.