XLB vs XLI: 0% overlap
Materials Select Sector SPDR Fund and Industrial Select Sector SPDR Fund share 0.0% 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
XLB and XLI hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in XLB | in XLI | Δ |
|---|---|---|---|
| CASH | 0.1% | 0.0% | 0.1% |
Where XLB 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 | XLB | XLI | Δ |
|---|---|---|---|
| Industrials | 0.0% | 99.9% | −99.9pp |
| Materials | 99.8% | 0.0% | +99.8pp |
| Cash and/or Derivatives | 0.1% | 0.0% | +0.1pp |
| Cash & Other | 0.0% | 0.0% | +0.0pp |
Δ is XLB 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
99.8% of XLB by weight, held in no part of XLI.
99.9% of XLI by weight, held in no part of XLB.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| XLB | XLI | |
|---|---|---|
| Top 10 holdings | 57.4% | 40.0% |
| Positions held | 28 | 83 |
| Cost per $10,000 held, per year | $8 | $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 XLB and XLI overlap?
XLB and XLI overlap 0.0% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (XLB as of 2026-07-23, XLI as of 2026-07-23).
How is the overlap between XLB and XLI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If XLB 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 XLB and XLI?
That depends on your goals — we state facts, not advice. At 0.0% overlap, each fund still contributes meaningfully distinct exposure.
What does XLB own that XLI doesn't?
XLB holds 28 positions and XLI holds 83; 26 of XLB's positions don't appear in XLI at all, and they are 99.8% of XLB by weight.
You probably hold more than two funds
This page compares XLB and XLI. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch XLB vs XLI
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, XLB as of 2026-07-23, XLI as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.